Life Insurance in Australia
A lump sum paid to your loved ones if you pass away or are diagnosed with a terminal illness. They can put it towards the mortgage, replace income and keep their world intact.
- Cover amounts vary by insurer, age and health
- Premiums may be payable annually from your super, where available
- Products from NEOS Protection, Encompass Protection, Futura Protection and PPS Mutual
- Renewable each year subject to the policy terms
Get a Free Life Insurance Quote
Fill in your details and we'll send general life insurance information within 24 hours.
What is life insurance?
Life insurance (also called death cover or term life cover) pays a lump sum to your nominated beneficiaries if you pass away or are diagnosed with a terminal illness, as defined in the policy. The payout can be used however your loved ones need: clearing the mortgage, replacing your income for years to come, funding education costs, or simply giving your beneficiaries the breathing room to grieve without financial pressure.
We provide general information on the life insurance products on our approved product list. Cover may be held inside superannuation (premiums deducted from your super balance) or outside super (paid from after-tax income), and sometimes a combination of both. What's available depends on the product, the insurer and your circumstances.
What's typically included
Lump sum benefit
Paid to your beneficiaries so they can act on mortgage, debt and living costs.
Terminal illness benefit
Many policies allow early access to the cover on a terminal illness diagnosis, subject to policy definitions.
Flexible premium structures
Stepped, level or hybrid options, modelled side by side so you can see the likely cost over time.
Super funding option
Premiums may be payable from your superannuation balance, depending on the product and your fund.
Optional indexation
Cover can increase each year in line with inflation where the insurer offers it.
Optional TPD add-on
Total & Permanent Disability cover can often be added for an additional premium.
Who commonly considers life insurance?
- Anyone with a mortgage or significant personal debt
- Parents with dependent children
- Single-income households relying on one earner
- Business owners with partners or business loans
- Couples planning for children in the next few years
- Anyone who wants to leave a financial legacy
What it costs
Indicative monthly premiums for $500,000 of life cover, healthy non-smoker, stepped premiums. Figures are indicative only, are product-dependent and are subject to insurer eligibility and underwriting.
| Age | Indicative monthly premium |
|---|---|
| 30 | $20 - $35 / month |
| 40 | $35 - $60 / month |
| 50 | $80 - $140 / month |
| 60 | $200 - $360 / month |
- • Smokers may pay materially more than the figures above, depending on the insurer.
- • Level premiums generally start higher and may work out lower in total over a long holding period, depending on the insurer and how long the policy is held.
- • Some insurers may offer different pricing when life cover is bundled with TPD or trauma cover.
- • Figures are indicative only and not a quote. Every limit, feature and premium example is product-dependent and subject to insurer eligibility and underwriting.
These figures are illustrative only and are not a quote. Premiums, features, limits and availability depend on the insurer, product, policy structure, occupation, health, age, smoking status, eligibility and underwriting. Refer to the relevant Product Disclosure Statement and obtain a current quote before making a decision.
Frequently Asked Questions
Straight answers from a specialist helping Australians.
Ready to put cover in place?
Book a free, no-obligation chat. We'll explain the available options in plain English as general information, not personal advice.
Approved Product List
Our product comparisons are limited to the life insurance products available through our licensee-approved product list. We do not compare every insurer or insurance product available in the Australian market.
Products currently available through our approved product list: Neos Protection, Encompass Protection, Futura Protection, PPS Mutual.
General Advice Warning
The information on this website is general information only and has been prepared without taking into account your objectives, financial situation or needs. Before acting on any information, you should consider its appropriateness having regard to your own objectives, financial situation and needs, and consider the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD) and our Financial Services Guide (FSG).
Read our Financial Services Guide.