Life Insurance Australia

Compare up to 12 life insurance quotes and you could save up to 40%1

No-one wants to think about Life Insurance, so when you take out a policy you won’t have to think about it again, knowing you’re covered.

With a large number of insurers, we will make sure you have peace of mind with the right insurance for your life, while making sure you save up to 40%1 on any existing cover you may have.

For more information on how life insurance can protect you and your family, please read below.

1 The 12 insurance companies and saving of 40% is based on the highest priced product available on Rate Detective's panel versus the lowest priced product on that panel, as at 12/07/2013 and based on hypothetical 40 year old female smoker seeking $1m life insurance cover (premium level). Not all life insurance providers in the market are included in the comparison. The amount of any savings will depend on your circumstances.

2 This offer is available for all insurance companies that are on our panel. To take advantage of this offer, mention the offer to Rate Detective at the time you submit an enquiry for a quotel. After 12 months we will email you a reminder that your rebate is due, so you can call to confirm your details. To be eligible for this offer, your policy needs to remain in force for the full 12 months. Any rebate to which you are entitled will be paid directly into your bank account or provided on a Gift Card.

What is life insurance?

In the event of death or terminal illness, life insurance provides a lump sum to the family of the life insured.

The most popular type of life insurance in Australia is term life insurance. It is available to people aged between 17 and 69, and can usually be renewed until the last policy anniversary date that falls before the person’s 99th birthday.

Why do you need life cover insurance?

Life insurance helps to protect the life insured's family. In the event of death or terminal illness, a lump sum is provided, which can be used to help with the following:

  • Children's education costs
  • Mortgage and other loan repayments
  • Enabling the life insured's business to keep running
  • Meeting the family's ongoing income needs

Life Insurance or Life Assurance?

When looking to insure our lives the specific uses of the terms "life insurance" and "life assurance" are sometimes confusing.

In general, "insurance" refers to providing cover for an event that might happen (fire, theft, flood, etc.), while "assurance" is the provision of cover for an event that is certain to happen. While death is an event that is certain, in Australia both forms of coverage are called "insurance", because they mean basically the same.

How much life cover do I need?

Adding up the total sum of your current debts is a good place to start. From here, depending on individual circumstances, we might add in educations cost of children, funeral costs and medical expenses. The future income requirements of the family is also an important factor to consider, as many families struggle to survive after the death of the main income generator.

For more information, check our guide on "Types of life insurance".

How much does life insurance cost per month in Australia?

Unfortunately, there is no simple answer to that question. The cost of life insurance depends on a number of factors, these are just a few.

  • What is your age?
  • What is your gender?
  • Are you smoker or non-smoker?
  • What amount of insurance do you need?
  • What is your health like?
  • What is your occupation?