Finder makes money from featured partners, but editorial opinions are our own.

Death Insurance

Death insurance, also called life insurance, pays a lump sum (for example, $1 million) if you pass away during the policy's term. It means your loved ones can meet ongoing expenses, such as the mortgage.

1 - 8 of 8
Name Product Minimum Cover Maximum Cover Funeral Benefit Maximum Entry Age Terminal Illness Benefit
NobleOak Life Insurance
No minimum
$25,000,000
$15,000
74
$25,000,000
Our verdict: Finder Life Insurance Award winner for the last 5 years in a row. Good value for money, simple application process and a high claims acceptance rate.
Medibank Life Insurance
$50,000
$2,500,000
$15,000
70
$2,500,000
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Get a 10% discount if you're already a Medibank Health Insurance member.
TAL Accelerated Protection Life Insurance
Not stated
No set limit
$25,000
73
Not stated
Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).

⭐ Current offer: Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. Offer T&Cs on insurer website apply.
ahm Life Insurance
$50,000
$1,500,000
$15,000
55
$1,500,000
Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests needed.
RACWA Life Insurance
No minimum
$25,000,000
$15,000
74
$25,000,000
Our verdict: RAC’s maximum death cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance. RAC is also WA-based but services all of Australia.
AAMI Life Insurance
$100,000
$1,500,000
$10,000
65
$1,500,000
Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.

⭐ Current offer: Take out a new AAMI Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Suncorp Life Insurance
Not stated
$1,500,000
$10,000
65
$1,500,000
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Take out a new Suncorp Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Real Family Life Cover
$100,000
$1,000,000
$10,000
64
$1,000,000
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.
loading

Why compare life insurance with Finder?

  • You pay the same price as buying directly from the life insurer.

  • We're not owned by an insurer (unlike other comparison sites).

  • We've done 100+ hours of policy research to help you understand what you're comparing.

What is death insurance cover?

Death insurance cover, sometimes called life insurance, pays a lump sum to your beneficiary (or beneficiaries) if you pass away.

Death cover can bring peace of mind for you and your family. It can help secure your family's future and ensure they don't need to face the burden of financial uncertainty while simultaneously coping with grief.

  • Lump sum payments in the event of death or terminal illness
  • Advance payments to help cover the immediate costs
  • Financial planning and counselling benefits for your family
  • Benefit payments available in the event of serious injury or illness

Top picks for death cover in Australia

Top pick:
Winner
NobleOak Life Insurance
Finder Award
  • $25 million sum insured
  • 1st place in Finder Awards: 8.45 final score
  • Fully underwritten policy
  • Cheapest average policy price
Top pick:
Finalist
TAL Accelerated Protection Life Insurance
Finder AwardBonus
  • Pays up to $5 million in TPD
  • 2nd place in Finder Awards
  • Interim accident cover
  • $25,000 funeral advancement
Top pick:
Finalist
RACWA Life Insurance
  • Pays up to $25 million
  • 3rd place in Finder Awards
  • TPD and trauma options
  • $15,000 funeral advancement
Washing machine on fire
Did you know?
A recent Finder survey revealed that a third (34%) of Australians have no financial safeguards in place for their loved ones if they were to pass away suddenly.

What type of expenses am I covered for?

Some of the expenses that death cover can provide relief for, include:
  • Rent or mortgage repayments
  • Children’s education expenses
  • Daily living expenses and needs, such as food and clothing
  • Costs to hire housekeeper or nanny
  • Home maintenance costs
  • Funeral expenses
  • Legal expenses
  • Estate settlement costs

How do I determine my life insurance needs?

There isn't one death cover that is ideal for everyone, which is why it is important to assess and compare different policies to determine which plan would be most suitable for you and your family's needs. Here are a few things to consider when calculating the right amount you need:

  • You current annual income. Replacing your lost income for the years required
  • Short-term and long-term debts. This often includes mortgage, credit card debts, personal loan, and car loan
  • Your immediate expenses. This includes food, clothing and shelter (rent payments, if you don't own your home)
  • Your children's education expenses. Consider the number of children you have and their respective ages to determine the total amount of expenses
  • Emergency funds. Work out how much of your expenses such as a funeral arrangement, medical treatments, legal fees and estate settlement costs can be covered by your savings.

You can use a life cover calculator to give you an indication on how much you may need for a death cover. If you want further guidance, an experienced death cover agent can help you in determining an ideal amount that will match your needs situation, as well as providing tailored advice on life policies that suit what you require.

What forms of death cover are available?

The two main types of life insurance are term life insurance and funeral cover, both of which can pay out the full sum insured on death. If you are not eligible to obtain term life insurance (such as due to medical conditions or age), a funeral plan may be a good option.

TypeDetails
Term life insurance
  • Helps provide for one's partner or family in years to come. Can be adjusted over the years as you enter different life stages and your financial needs and obligations change.
  • Generally a more flexible and detailed type of cover than funeral insurance.
  • Choose from a wider range of benefits and payout conditions that suit your needs.
  • Often significantly higher maximum benefits than funeral insurance.
Funeral plans
  • You can take out a specific amount of cover, such as $8,000, which is paid to your beneficiary when you die and can be spent at their discretion.
  • Can cover administrative costs and mortuary fees, and the funeral itself.
  • You can generally have two people on the same funeral plan, and should either one pass away, the other can receive the benefits.

Death cover for different life stages

Can death cover pay for accidents and injuries?

In the event of a fatal accident or injury, death cover of both types, funeral plans and term life insurance, can pay out, while some benefits may also be available for survivable accidents or injuries, although these are generally only available with term life insurance policies.

What is funeral cover?

Funeral cover is an insurance product that gives your family a lump sum when you die so they can pay for your funeral without worrying about the hefty costs.

If you are in the older age group and have little debt, you may want to consider a funeral plan that will take care of your funeral costs.

Why you can trust Finder's life insurance experts

free

We're free

You pay the same as buying directly from the life insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
expert advice

We're experts

Our team of life insurance experts have researched and rated dozens of policies as part of our Finder Awards and published 250+ guides to make it easier for you to compare.
independent

We're independent

Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of life insurance brands, making it easier for you to find a good deal.
help

We're here to help

Since 2016, we've helped 270,000+ people find life insurance by explaining your cover options, simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

Frequently asked questions

More guides on Finder

Go to site