⚡️⚡️⚡️
With energy prices rising, switch to a cheaper plan
💡
Compare Prices Now
⚡️⚡️⚡️

All grown up: Millennials lead the pack in life insurance

Posted: 5 November 2020 4:21 pm
News

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.

1 - 8 of 8
Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Average Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
$15,000,000
69
$15,000,000
98.1%
1.1 months
$20,230 million
Get 2 months free when you apply for one or more life insurance types with NobleOak's Premium Life Direct policy before 30 June 2022. T&Cs apply
TAL Life Insurance
$2,000,000
74
$2,000,000
87.10%
2.9 months
$36,630 million
Comprehensive cover from one of Australia’s leading insurers. Get up to 15% off with TAL’s Health Sense program, plus counselling and financial planning benefits.
Real Family Life Cover
$1,000,000
64
$1,000,000
90.20%
1.8 months
$53,462 million
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ .
Medibank Life Insurance
$2,500,000
70
$2,500,000
87.30%
3.8 months
$31,745 million
With Medibank Life Insurance, you’ll also get access to the 24/7 Medibank Nurse phone service. Medibank health members will save 10% on premiums every year. T&Cs apply.
Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
Data not available
Data not available
$12,444 million
Get your first month free and a 10% discount by taking out a second life insurance policy (discount applies to the second policy). T&C’s apply.
ahm Life Insurance
$1,500,000
65
$1,500,000
87.20%
3.8 months
$31,745 million
Get ahm life insurance by 30 June and keep your cover for 6 months to receive $100 cashback. T&Cs apply^.
RAC Life Insurance (Only available in Western Australia)
$25,000,000
69
$25,000,000
98.10%
1.1 months
$20,230 million
When you purchase RAC Life Insurance, WA residents receive complimentary RAC membership which includes access to discounts on fuel, savings on shopping, entertainment and more. T&Cs at rac.com.au.
RACQ Life Insurance
$1,000,000
65
$1,000,000
97%
Data not available
Data not available
loading

Compare up to 4 providers

Want a little extra help?

Fill in your details and an expert will contact you to chat about your life insurance options.

Enter your details and one of our partner brokers will call you. They will discuss your quote, options and available products.

Sex
Do you smoke?

An adviser can help you find cover from trusted life insurance brands.

  • Get competitive quotes from multiple brands
  • Lower rate of declined claims (according to ASIC)
  • Save time and effort

Lender Logos

Picture: GettyImages

Get more from Finder

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site