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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


quotes gathered


policies analysed


age groups

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

We gathered quotes from 10 direct life insurance brands in Australia. On average, NobleOak was the cheapest policy for 30 + 40-year-olds. TAL was the cheapest for 50 + 60-year-olds.

Prices calculated are for male and female non-smokers in NSW with $500,000 worth of life insurance cover. Keep in mind: 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

Average life insurance rates for men

Amount Insured30-year-old40-year-old50-year-old60-year-old

How much is life insurance per month in Australia?

Male non-smokers (monthly cost)

Budget Direct$22$28$92$376
Zurich Ezicover Life Insurance$23$29$66$234

Female non-smokers (monthly cost)

Budget Direct$15$22$67$236
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
$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.

⭐ Current offer: Get one month free for a limited time - apply by 21 December 2023. Offer T&Cs on insurer website apply.
Finder AwardBonus
$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.
$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.
$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 required.
$1.5 million
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.
$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.

$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.

Speak with an expert about your life insurance needs

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

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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.
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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.

Frequently asked questions

  1. 80 hours+ of research, based on time taken to gather quotes and research each policy, February–March 2023
  2. APRA claims and disputes
  3. Finder life insurance awards 2023
  4. Riskinfo article

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