Personal Insurance

Personal insurance offers you and your family financial security for life’s major events, from work injuries to serious illnesses and even death.

Find the right cover for your needs
This super-quick quiz takes less than 1 minute ⚡
Quiz splashscreen image

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Personal Insurance is a type of cover that provides financial security to you and your family for events such as a serious injury or illness, loss of ability to earn, total and permanent disablement or even death. It can maintain your way of living, with financial support to cover any outstanding debts and everyday expenses.

Compare your personal insurance options & get quotes quickly

Name Product Maximum cover Maximum Entry Age Fully Underwritten? Terminal Illness Benefit Optional Extras
NobleOak Life Insurance
$15,000,000
69
$3,000,000
TPD cover, Trauma cover
Cover up to $15,000,000 with NobleOak Life Insurance.
Real Family Life Cover
$1,000,000
64
$1,000,000
TPD cover, Trauma cover
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
TPD cover, Trauma cover
Medibank health members save 10% on premiums every year. T&Cs apply.
Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
No optional
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
TPD cover, Trauma cover
ahm Health members can save 10% off premiums.
RAC Life Insurance (Only available in Western Australia)
$25,000,000
69
$25,000,000
TPD cover, Trauma cover
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.
loading

Compare up to 4 providers

Name Product Maximum Monthly Benefit Maximum % of Income Covered Maximum Benefit Period Waiting Period Options
AAMI Income Protection
$10,000
75%
Up to
5 years
14, 28, 60 or 90 days
If you’re an existing AAMI customer, you can save 5% on income protection. New customers can get one month free by paying annually.
Insuranceline Income Protection
$10,000
75%
Up to
5 years
14, 28, 60 or 90 days
Get a $100 bonus gift after 2 months. Plus, and get 12 months cover for the price of 11 if you pay annually. T&Cs apply.
NobleOak Disability Income Insurance
First 24 months: $30,000. Thereafter: $25,250
70% for the first 24 months, 60% thereafter
Up to
Age 65
30 or 90 days
With NobleOak, you can lock in a policy with a benefit period covering you up to the age of 65. Cover limits may go as high as $30,000.
Suncorp Income Protection
$10,000
75%
Up to
5 years
14, 28, 60 or 90 days
Sign up and become a member of Suncorp Benefits. Access savings of up to 15% from major retailers. Existing members can get a 5% discount off their policy.
RAC Disability Income Insurance (Only available in Western Australia)
RAC Disability Income Insurance  (Only available in Western Australia)
$30,000
70%
Up to
Age 65
30 or 90 days
When you purchase RAC Income Protection, 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.
loading

Compare up to 4 providers

What is personal insurance?

Personal insurance is an umbrella term used to describe insurance that's designed to cover you and your family from 'life events'. This could be to protect you against a serious injury or illness, an unexpected loss in your ability to earn an income, total and permanent disablement or even death.

You might consider personal insurance during big life events, such as after you switch jobs, have children or buy a home.

What are the main types of personal insurance?

There are 4 core types of personal insurance: Life insurance, Total and permanent disability (TPD) insurance, Critical illness insurance and income protection cover. Some have similar features and benefits, and they've each been to give you peace of mind and protection.

Fracture

Life Insurance

Life insurance is set up to pay a lump sum to your dependents if you die or suffer a terminal illness during the term of your policy. It pays a lump sum benefit, which can be used in any way your financial dependents deem to be necessary. Life insurance proceeds can be used by the family to:

  • Pay for funeral expenses
  • Pay off mortgage and other financial obligations that have left behind
  • Take care of your estate planning needs
  • Pay for other extra expenses your family might need
  • Provide a reserve for your spouse should they decide not to work anymore.

With term life cover, you can choose the period of time you would like to be covered for, typically for 5, 10, 20 or 30 years. When deciding the right term for your situation, it is important to assess your short and long-term financial commitments, future expenses, and the duration of time that you want to continue providing for your family.

Income protection icon

Income Protection Cover

Income protection cover replaces up to 70% of your income if you're no longer able to work after an accident or illness that means you are temporarily unemployed. A monthly benefit is paid out every month until you are able to go to work again. Income replacement premiums are generally tax-deductible, but the benefit payments will be taxed, as they are treated just like a regular income.

Income protection can be used for the following benefits:

  • Helps you with daily expenses, such as bills and food
  • Pays the rent or costs of maintenance
  • Helps pay mortgage and other debt repayments.

User icon

Critical illness (or trauma cover)

Critical Illness insurance pays you a lump sum upon diagnosis of a traumatic medical event, such as heart disease, cancer, or stroke. Also commonly known as Trauma Insurance, Critical Illness insurance can be a great help when you are going through tough medical situations by providing an alternative source of funding to your financial commitments, so that you can focus on getting better.

Critical illness policies may cover up to 50 different types of medical conditions. However, it's important to note that the definition and medical events that are covered may vary from provider to provider (for example, heart attack). Therefore, it is essential to ask your insurance provider of what is and is not included in your policy before signing on the dotted lines.

Critical illness insurance can:

  • Cover your medical expenses
  • Purchase medical equipments to aid your recovery
  • Pay rehabilitation costs
  • Cover the hire fees of a nurse/housekeeper
  • Home modifications
  • Provide funds for a holiday for you and your family to recuperate
  • Gives extra income to your family to keep up with ongoing financial commitments.

TPD icon

TPD Insurance

TPD cover provides a lump sum payment to help you cover for the costs and expenses incurred when you have been rendered permanently disabled, due to a serious illness or injury, and it's unlikely for you to return to a full working capacity in the future. This lump sum benefit can be used by you and your family to:

  • Pay for medical expenses
  • Pay for your rehabilitation costs
  • Cover fees on hiring a nurse/housekeeper
  • Modify your home and vehicle to cater to your new condition
  • Keep up with daily living expenses and other immediate financial commitments.

In short, Total and Permanent Disability insurance allows you the financial freedom that could otherwise be difficult to achieve when you become disabled. TPD insurance can ease the stress of the situation and you can have the peace of mind knowing that there is a financial backup to fall upon despite of your new condition.

Learn more about how TPD Insurance actually works.

Compare quotes for personal insurance from Australian brands

4 more types of personal insurance you might consider

  • Personal accident insurance. This type of insurance, which is sometimes known as 'personal accident and sickness insurance', is designed to replace your income if you're temporarily unable to work after an accident. It's usually a short-term cover option – it's often limited to 12 months or 2 years, whereas income protection may be longer — that can help to ease the financial stress that can accompany a serious accident, especially if you're out of work and facing expensive medical bills, so you can concentrate on recovery. Read more about how personal accident insurance works.
  • Landlord protection insurance is an important product if you own property that's rented out to tennants. It offers insurance against financial losses should your tenant not pay rent, steal from your property or create damage that needs repairing. It will also give you cover against any legal liability claims made by anybody on the property who suffers an injury for which you can be held to be liable.
  • Car insurance is crucial to get on the road. The main types of car insurance you can take out are compulsory third party (or CTP cover) and the other comprehensive insurance. CTP insurance protect you from any personal injury claims brought against you as a result of any accidents occurring in which your motor car is involved. Comprehensive motor car insurance covers you against any damage your car might do to another vehicle as well as damage sustained on your own vehicle along with any injuries resulting from the collision.
  • Travel insurance is important if you are travelling away from home and need help. It will pay for you to return home urgently to attend to any emergency that might arise and it will pay for any urgent medical care you might need while away from home as well as for any lost luggage. Travel insurance can also be used to cover you for any financial loss should you have to cancel your holiday plans before you even get to leave home.
Back to top

Need more help with personal insurance? Get in touch with an expert broker

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

More guides on 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.

4 Responses

    Default Gravatar
    DMarch 5, 2018

    I have been working on my car in a panel shop and the owner of the shop wants me to get insurance, so that if anything happens to me we are both protected,
    I’m not actually working for him but being on his business shed he wants to make sure we are both protected, what would be the best insurance for that?

      Avatarfinder Customer Care
      MayMarch 6, 2018Staff

      Hi D,

      Thanks for your inquiry.

      Your employer can get insurance so any work-related incidents in your workplace will be covered. He can talk to a consultant about workers’ compensation insurance. Best to fill out the form on that page as well so your employer can be called by a consultant within a business day and discuss his options.

      Hope this helps.

      Cheers,
      May

    Default Gravatar
    AndrewJuly 6, 2017

    I would like to purchase personal insurance that would cover me for competing in the sport of rodeo- bull riding etc.

      Default Gravatar
      LiezlJuly 7, 2017

      Hi Andrew,

      Thanks for reaching out. Just to confirm, you have reached finder, a comparison and information service and not actually an insurer.

      As this sport can be considered as high risk, so most insurers won’t be able to cover you. You might need a specialised professionals policy which may be taken out through your industry association or your employer.

      Cheers,
      Liezl

Go to site