All grown up: Millennials lead the pack in life insurance

Posted: 5 November 2020 4:21 pm

Young couple relaxing with their new born baby

Data suggests 30-34 year olds are most likely to have a life insurance policy in Australia.

Millennials might get some stick in the media for being financially irresponsible but it seems the majority are actually pretty savvy when it comes to protecting their family and preparing for a serious illness, critical injury or even sudden death.

In fact, multiple sources suggest Aussies in their early 30s are the most likely to have an existing life insurance policy or be actively looking to buy one.

Firstly, independent research published in NobleOak's 2020 Life Insurance Whitepaper found that more than half (54%) of 30-34 year olds have a life insurance policy. That's the highest percentage of any age bracket.

Not only that, but Google Analytics data shows that 25-34 year olds were the most likely to visit Finder's pages on life insurance and income protection insurance.

For those that didn't have a life insurance policy, perceived cost was a major factor. In the NobleOak Life study, some 30% of respondents said price was the main reason they didn't have cover. However, the cost of life insurance might not be as high as you think.

Finder crunched the numbers, looking at eight different insurance brands across Australia. For a non-smoking 30 year old with no pre-existing medical conditions, the average price of a life insurance policy worth $500,000 was just $7.38 a week. For a 40-year-old, the average price rises to just $9.45 a week.

For income protection insurance, the average weekly cost was just $8.48 for a 35-year-old office worker to protect 75% of their $4,000 monthly income. Again, that's assuming they don't smoke and have no pre-existing medical conditions.

Of course, those prices can vary significantly depending on a few different factors, including your job, smoking habits, pre-existing health conditions, and the payout you'd like to receive - but for many people, it's surprisingly affordable to get decent cover.

Get a quote for life insurance

Request a quote from one of Finder's life insurance partners by using the table below.

Name Product Maximum Cover Maximum Entry Age Fully Underwritten? Terminal Illness Benefit Optional Extras
NobleOak Life Insurance
TPD cover, Trauma cover
Medibank Life Insurance
TPD cover, Trauma cover
Medibank health members save 10% on premiums every year. T&Cs apply.
Zurich Ezicover Life Insurance
No optional
Get the first month free and a 10% discount if you take out a second life insurance policy (discount applies to second policy). T&C’s apply.
Real Family Life Cover
TPD cover, Trauma cover
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ .
ahm Life Insurance
TPD cover, Trauma cover
Insuranceline Life Cover
Trauma cover
Get a $100 bonus gift after 2 months. Offer ends 30 September 2021. Plus get 12 months cover for the price of 11 if you pay for life insurance annually. T&Cs apply.

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