To give you an idea of how much life insurance costs, we requested quotes from 12 different insurers using the profile of a 40-year old, non-smoking accountant with 100K annual income, has no pre-existing medical conditions and is seeking $500,000 life insurance.
The pricing in the table is the premium amount per month.
*These average quotes were taken in October 2023 and are subject to change.
Finder survey: What is the main reason people take out life insurance?
Response
Male
Female
Peace of mind
10.39%
9.14%
I have a mortgage
6.12%
4.04%
I have financial dependents
5.94%
3.69%
Other
2.23%
2.28%
I'm self-employed
0.93%
0.88%
I'm worried about being made redundant
0.74%
0.53%
Source: Finder survey by Pure Profile of 1110 Australians, December 2023
What's the difference between a life insurance company and a brand?
Companies. These are the ones who create the policy and assess the risk of the applicant,
Brands. This is who distributes and sell the policies to customers online or through advisers.
Note: A company can also be a brand, e.g. TAL also sells under its own brand TAL.
Compare life insurance policies side-by-side
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How we picked these
Finder Score - Life Insurance
Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 30 products and gave each one a score between 1 and 10.
But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.
You pay the same price as buying directly from the life insurer.
We're not owned by an insurer (unlike other comparison sites).
We've done 100+ hours of policy research to help you understand what you're comparing.
Life insurance companies list – Australia
There are currently 24 listed life insurance companies in Australia, according to the latest Australian Prudential Authority (APRA) (Updated 12 January 2023).
AIA Australia Limited
Allianz Australia Life Insurance Limited
Challenger Life Company Limited
ClearView Life Assurance Limited
Combined Life Insurance Company of Australia Ltd
General Reinsurance Life Australia Ltd
Hallmark Life Insurance Company Ltd
Hannover Life Re of Australasia Ltd
HCF Life Insurance Company Pty Limited
Integrity Life Australia Limited
MetLife Insurance Limited
MLC Limited
Munich Reinsurance Company of Australasia Limited
Pacific Life Re (Australia) Pty Limited
QInsure Limited
Resolution Life Australasia Limited
RGA Reinsurance Company of Australia Limited
RLNM Limited
SCOR Global Life Australia Pty Limited
St Andrew's Life Insurance Pty Ltd
Swiss Re Life & Health Australia Limited
TAL Life Insurance Services Limited
TAL Life Limited
Zurich Australia Limited
APRA also currently lists 10 registered 'Friendly Societies' that it regulates (Updated 18 January 2024).
While there is no single best life insurance company for everyone. We recently scored several policies based on price, features and add-ons. The companies that stood out include TAL, NobleOak and AIA.
According to the latest Australian Prudential Authority data, there are currently 27 listed life insurance companies in Australia.
The 6 main types of life insurance in Australia are death cover, income protection, trauma cover, TPD cover, funeral insurance and accidental injury/death.
Gary Ross Hunter has over 6 years of expertise writing about insurance, including life, health, home, and car insurance. Having reviewed hundreds of product disclosure statements and published over 800 articles, he loves simplifying complex insurance topics for everyday readers. Gary has contributed to major outlets like Yahoo Finance, The Sydney Morning Herald, and news.com.au, and holds a Bachelor of Arts (Honours) in English Literature from the University of Glasgow, along with a Tier 2 General Advice certification, ensuring his work adheres to ASIC’s RG146 standards. See full bio
Gary Ross's expertise
Gary Ross has written 620 Finder guides across topics including:
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