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How much does life insurance cost in Australia?

Life insurance can cost less than $25 a month for a healthy 40-year-old. People between the age of 30 and 40 pay much less on average than a 50- or 60-year-old.

We gathered over 100 life insurance quotes to get our average costs, looking at 4 different age groups between 30 and 60 with $500,000 of life insurance cover.

A healthy male at age 40 can expect to pay around $19 per week for a $500,000 life insurance policy in Australia. It's also generally cheaper for women, who might expect to pay around $14 per week for the same level of cover.

Life insurance costs vary from person to person. While we've done our best to give you an idea of the price of life insurance, however, your own circumstances will impact the cost of your cover.

Why you can trust our research

100+

quotes gathered

10+

policies analysed

4

age groups

What is the average life insurance cost per week in Australia?

We gathered quotes from 15 direct life insurance brands in Australia. Prices calculated are for male and female non-smokers in NSW with $500,000 worth of life insurance cover. Keep in mind that prices vary based on your cover amount, age, gender, income and occupation.

Life insurance policy 30 + 40-year-olds (weekly premium) 50 + 60-year-olds (weekly premium) Cover amount Apply
TAL life insurance $5.77 $33.69 $500,000

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Nobleoak life insurance $5.50 $48.17 $500,000

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RAC life insurance $6.82 $59.72 $500,000

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ahm life insurance $11.93 $65.93 $500,000

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Allianz life insurance $10.03 $66.89 $500,000

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Suncorp life insurance $11.56 $74.65 $500,000

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Insuranceline life insurance $12.36 $74.65 $500,000

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Medibank life insurance $12.55 $78.19 $500,000

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Bendigo life insurance $13.10 $81.14 $500,000

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AAMI life insurance $19.05 $115.06 $500,000

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*Quotes are an estimate only. Figures are correct as of May 2023 and are subject to change. There may be some policies in the market that aren't covered here.

What is the average life insurance cost for men and women?

Finder sourced quotes from 10 Australian life insurance brands. Below are the average weekly costs for a non-smoker with no medical conditions earning an annual income of $80,000. These quotes were correct as of February 2023.

Average life insurance rates for women

Amount Insured30-year-old40-year-old50-year-old60-year-old
$500,000$6.93$11.1$26.33$76.3

Average life insurance rates for men

Amount Insured30-year-old40-year-old50-year-old60-year-old
$500,000$10.02$15.28$39.48$137.35

Finder survey: How many Australians have life insurance?

Response
Life insurance32.52%
Source: Finder survey by Pure Profile of 1110 Australians, December 2023

How much is life insurance per month in Australia?

Male non-smokers (monthly cost)

30-year-old40-year-old50-year-old60-year-old
ahm$44$63$171$563
Allianz$37$54$153$507
ANZ$32$46$121$450
Bendigo$59$59$170$595
Budget Direct$22$28$92$376
Insuranceline$42$69$153$555
Medibank$46$66$180$592
NobleOak$22$28$92$376
RAC$28$35$114$466
Suncorp$29$69$153$555
TAL$20$30$63$260
Zurich Ezicover Life Insurance$23$29$66$234

Female non-smokers (monthly cost)

30-year-old40-year-old50-year-old60-year-old
ahm$35$49$116$205
Allianz$29$42$103$307
ANZ$25$37$86$268
Bendigo$36$56$128$406
Budget Direct$15$22$67$236
Insuranceline$29$57$126$361
Medibank$37$52$122$357
NobleOak$15$22$67$236
RAC$19$28$82$293
Suncorp$29$57$126$361
TAL$19$24$51$165
Zurich Ezicover Life Insurance$18$25$48$143

What affects the cost of life insurance?

There are several factors which insurers consider when determining how much you will pay for life insurance:

  • Age. The older you get, the greater the risk you become to the insurer and the more you will pay for your life insurance. For this reason, many people opt for level premiums (remain the same for the life of the policy).
  • Gender. Males and females are assessed differently by insurers, with females generally seen as lower risk than males.
  • Occupation. What you do for a living can affect how much you pay for life insurance. If you are an underground miner for instance, you are considered to be in a high risk occupation.
  • Lifestyle. The things you do in your spare time can also have an influence on your risk rating. If you pursue risky pastimes such as rock climbing or driving fast cars, then your premiums may be higher.
  • Current medical condition. If a policy covers your medical condition they may increase your premium in some cases.
  • Past medical history. Any pre-existing medical conditions you have or have had in the past can affect your premiums.
  • Amount and period of cover required. The greater the amount and the longer the period, the higher your premiums will be.
  • Smoking status. If you are a smoker, you are seen as high risk and will pay more for your premiums. Some brands will reduce your premiums if you give up smoking for at least 12 months.

Get a quote to see how much life insurance will cost you

Name Product Optional TPD Cover Optional Trauma Cover Maximum Cover
Finder Award
$15,000
$5 million
(maximum cover)
$25 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.
$15,000
$1.5 million
(maximum cover)
$2.5 million
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.
Finder AwardBonus
$25,000
$3 million
(maximum cover)
No set limit
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.
$15,000
$1 million
(maximum cover)
$1.5 million
Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests needed.
$15,000
$5 million
(maximum cover)
$25 million
Our verdict: RAC’s maximum death cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance. RAC is also WA-based but services all of Australia.
$10,000
$0.25 million
(maximum cover)
$1.5 million
Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.

⭐ Current offer: Take out a new AAMI Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
$10,000
$1.5 million
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Take out a new Suncorp Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Bonus
$10,000
$1 million
(maximum cover)
$1 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.
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