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$1 million life insurance policies

Compare life insurance policies covering $1 million or more, use the Finder filters to narrow your search and click through for a personalised quote.

Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
1.1 months
$24,483 million
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.

⭐ Current offer: Get one month free for a limited time - apply by 21 December 2023. Offer T&Cs on insurer website apply.
TAL Accelerated Protection Life Insurance
No set limit
Not stated
Data not available
1 months
$249,285 million
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.
Medibank Life Insurance
Data not available
Data not available
Data not available
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.
ahm Life Insurance
Data not available
Data not available
Data not available
Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests required.
HCF Life Protect Insurance
Data not available
Data not available
Data not available
Our verdict: Similar cover to other insurers ($1.5 million). A good discount for HCF members of 10% and an easy initial quote process.

⭐ Current offer: Eligible HCF Members receive 10% premium discount and HCF Thank You rewards.
Real Family Life Cover
2.4 months
$53,238 million
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.
Zurich Ezicover Life Insurance
3 months
$24,495 million
Our verdict: Good if you want a cheap policy from a well-regarded insurer – its 98% claims acceptance rate is higher than any other provider on Finder. Zurich keeps things simple: unlike others, it doesn’t go in for optional add-ons such as TPD or trauma cover.

⭐ Current offer: Policy discounts include 10% off for your partner if you sign up for a joint policy. You can also get 5% off income protection if you buy it alongside your life cover.

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.

When you take out life insurance, you can choose how much you want your life insurance to pay out when you pass away. A $1 million life insurance policy can be very affordable. The only catch? It might not be enough. Read on to find out the costs and if it's the right cover for you.

Top picks for life insurance in Australia

Top pick:
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:
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:
RAC Life Insurance
  • Pays up to $25 million
  • 3rd place in Finder Awards
  • TPD and trauma options
  • $15,000 funeral advancement

Can I get a $1 million life insurance policy in Australia?

Yes. You want your policy to cover all the things your salary was covering - debts e.g. mortgage, everyday living expenses and expenses for your loved ones to continue their quality of living.

To work out your maximum cover, the insurer will take into account your income and age. Tip: Most recommend that your life insurance lump sum is around 6 to 10 times the amount of your yearly salary. So if you earn $100,000 a year, then a $1 million payout may be enough to cover you.

Hand giving money
Keep in mind
The younger you are, the larger a payout you're likely to need as most people typically earn more as they get older and with that comes increased financial obligations. To work out if $1 million is the right amount, multiply your annual salary by the number of years you have left until retirement.

How much is a million dollar policy?

Finder researched 12 Australian direct brands to compare life insurance quotes. Below are the average monthly costs for a non-smoker with no medical conditions.

Pros and cons of a $1 million life insurance policy


  • Peace of mind. Knowing that you're leaving behind $1 million to your loved ones is peace of mind worth paying for. It can help cover debts, expenses, tuition fees and more.
  • It's affordable. Factors such as your health condition, age and occupation determine exactly how much you'll pay, but as an indication, you should be able to find cover for around $30 to $40 a month for a $1 million life insurance policy.
  • It's tax free. Unlike other types of investment, a life insurance payout is tax free. That means you'll get $1 million, no more, no less.


  • It may not be enough. $1 million seems like a lot, but it's often not enough if you want to cover all your expenses. You should assess everything that you pay for now and work out how long it will take on your current income to pay all of that off. This should include obvious expenses like your mortgage and any dependents you have but also school fees, other loans you have and funeral expenses.
  • You might need to undergo a health check. In some cases, life insurers ask you to complete a health check before agreeing to cover you. If you have any underlying health issues, this can make your premiums more expensive.

Other options available with life insurance

Still not sure if a $1 million policy is for you? Here are some other available options.

Trauma.This gives you a lump sum if you're diagnosed with a specific critical illness like cancer, meningitis or suffer a stroke. It's often included with a life insurance (death cover) policy.
TPD. Total and permanent disability gives you a lump sum if you become permanently disabled because of an injury or illness. It often pays out a smaller lump sum if you're only partially disabled.
Income protection
Income protection. If you want financial protection should you suffer an injury or illness and need to take some time off work, then income protection is another policy worth investing in. It can pay up to 85% of your current income.
Personal accident
Personal accident. This pays you or your beneficiaries a lump sum if you're injured or killed but not for illnesses. As a result, it's a little cheaper than a normal life insurance policy.
Funeral Insurance
Funeral. Funeral cover can be included in a life insurance policy but if you want, you can also buy it separately. Your premiums go towards paying for your funeral.

Bottom line

A $1 million life insurance policy might seem like more than enough to leave to your loved ones but before you buy, calculate your expenses properly. Take into consideration all your debts, loan repayments, funeral costs and other fees so you can be sure. If you need more, make sure you factor that in when buying life insurance.

Why you can trust Finder's life insurance experts


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.

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.

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.

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