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Life Insurance FAQ

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?

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Important information

Not all providers in the market are included in our comparisons.

Also note, any information or advice given on our website is general. It hasn’t taken into account your objectives, financial situation or needs.

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Not all providers of insurance, mortgages, and credit cards on the market are included in our comparisons. The amount of any savings will depend on your circumstances.

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Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before acting on any information or advice on this website, you should consider the appropriateness of it (and any relevant product) having regard to your circumstances and, if a current offer document is available, read the offer document before acquiring products named on this website. We recommend that you obtain financial, legal and taxation advice before making any financial investment decision.

Not all providers of insurance, mortgages, and credit cards on the market are included in our comparisons. The amount of any savings will depend on your circumstances.The products compared on this website do not necessarily compare all features that may be relevant to you. Comparisons are made on the basis of price only and different products may have different features and different levels of coverage.

Rate Detective Pty Ltd and its advisers operate as authorised Credit Representatives of BLSSA Pty Ltd ACN 117 651 760 Australian Credit Licence No. 391237. Rate Detective Pty Ltd is an authorised Corporate Credit Representative number 411336. Rate Detective and its advisers operate as authorised representatives of Affinia Financial Advisers Limited ABN 13 085 335 397 Australian Financial Services Licensee 237857. Rate Detective and its advisers are only authorised to advise and deal in Life Insurance, Income Protection, Total and Permanent Disability and Trauma Insurance.

How we get paid

We (including your adviser) may be remunerated in the following various ways for the financial services provided to you.


We will receive commission on any life insurance products your adviser arranges for you. This commission is built in to the cost of the insurance. The rate of commission varies between the different product providers but can be up to 140% of the initial premium and up to 40% of renewal premiums. Based on the 140% and 40% we would receive up to $1,400 upfront commission on an annual premium of $1,000 and up to $400 of each renewal premium.

Performance Bonuses

Sometimes product providers will pay us bonuses based on the business placed with that insurer. The criteria for such bonuses are typically the volume of business placed and the level of retention of that business over time.

In the event that we receive a performance bonus it will be shared with your adviser. From that part of the bonus generated as a result of business written by your adviser, the adviser may receive up to 100% of that bonus (37.5% if you have been referred by an affiliate, with the affiliate receiving 12.5%).

Alternative Benefits

We maintain an Alternative Benefits Register which contains information about any alternative forms of payment or benefits that may be received. Please let your adviser know if you have questions about or want to inspect this register. We may receive sponsorships from product providers which contributes to the professional development of our Authorised Representatives.

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Central to the success of Rate Detective (who act as authorised representatives for BLSSA Pty Ltd and Affinia Financial Advisers Limited) is our commitment to our clients.

We honour without reservation our obligation to respect and protect the privacy of the personal information of individuals with whom we deal.