Just like with car or home insurance, you can buy your life insurance by simply contacting a provider and starting off with a quote.
You can either go through your existing super fund or opt to sign up with a new fund that offers life insurance. Keep in mind: if you have life cover in your super, you could lose any existing terms or benefits if you switch to another fund.
Contact a professional who will help you to assess your financial situation and identify your insurance goals. Often referred to as retail life insurance.
Your workplace may offer a standardised insurance plan at a discounted rate. This works similar to insurance through super and is also referred to as group life insurance.
| Maximum cover | Maximum Age Entry | Terminal Illness benefit | Funeral Benefit | ||
|---|---|---|---|---|---|
 | No set limit | 74 | $25,000 | Get quote | |
 | $1,500,000 | 69 | $15,000 | ||
 | No limit | 74 | More info | ||
 | $1,000,000 | 65 | $15,000 | More info | |
 | $20,000,000 | 75 | $25,000 | More info | |
 | $1,000,000 | 65 | $15,000 | More info | |
 | No limit | 73 | $30,000 | More info | |
 | No limit | 70 | $20,000 | More info | |
 | $5,000,000 | 75 | $25,000 | More info | |
 | No set limit | 75 | $25,000 | More info |
| Provider | Death Cover | Total & Permanent Disability Cover | Income Protection Maximum Monthly Cover | Other Eligibility Requirements |
|---|---|---|---|---|
| Bendigo Bank | $5,000,000 | $5,000,000 | The lesser of:
|
|
| Suncorp | $5,000,000 | $3,000,000 | $25,000 |
|
| AustralianSuper | $1,000,000 | $1,000,000 | Up to $20,000 a month or 85% of your salary (whichever is lower) |
|
| ClearView | $20,000,000 | $5,000,000 | $30,000 |
|
| MLC | No general maximum, but special terms may apply for benefits greater than $15 million | $5,000,000 | $50,000 |
|
| TAL | $2,000,000 | $2,000,000 | $12,000 |
|
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.
Direct life insurance is cover you take out directly via a comparison site or on an insurer's website. You can make the purchase without having to go through a broker or adviser with little to no medical underwriting needed.
If you've got a super fund, chances are, you've already got some level of life insurance. These group policies can be easy to attain but don't always provide as much cover as you need.
When you hire a financial adviser or insurance broker, they deal directly with insurers, take care of the legwork and advocate on your behalf. Retail life insurance is essentially a policy that's bought with the help of an adviser.
| Direct life insurance | Superannuation insurance | Advisor-led insurance | |
|---|---|---|---|
| How do you buy a policy? | Contact online or over the phone directly | Cover is often included automatically in a super account | Policy is set up by your advisor |
| The application process | Automatic acceptance is likely but you may need to do a medical as part of the underwriting process | Acceptance is guaranteed based on shared terms | You'll need to go through a detailed medical and lifestyle questionnaire |
| Level of cover | Decided by you | Automatically set by the group policy | Decided by you and your advisor |
| Cost | Costs vary widely and buying direct doesn't always mean the lowest price | Often a cheaper option as policies are bought in bulk | Not necessarily cheaper but you may get access to exclusive deals |
| How are premiums paid? | Paid by you directly | Payments are taken from your super balance | Paid by you directly |
| Choosing your beneficiaries | You nominate your beneficiaries with the insurer when you take out a policy | You'll have to get in contact with your super fund to add or edit your preferred beneficiary | You decide on and nominate your beneficiaries, usually after a detailed assessment with your advisor |
| Tax treatment | Premiums are not tax-deductible but claims are tax-free (excluding income protection) | Some tax benefits and concessions apply depending on type of fund | Premiums are not tax-deductible but claims are tax-free (excluding income protection) |
| Response | |
|---|---|
| No - I don't have any life insurance | 44.05% |
| No - I only have life insurance in super | 40.09% |
| Yes | 15.86% |
You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
You save time. We spend 100s of hours researching life insurance so you can sort the gold from the junk faster.
You can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.
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