Term Life Insurance in Australia

Term life insurance can step in and protect your family with a lump sum payment if you pass away or are diagnosed with an incurable illness.

1 - 6 of 10
Name Finder Score Funeral Benefit Optional TPD Cover Optional Trauma Cover Maximum Cover
Medibank Life Insurance image
Finder Award
Best Rated Brand
Finder score
Funeral Benefit
$15,000
Optional TPD Cover
$1.5 million
(maximum cover)
Optional Trauma Cover
Maximum Cover
$2.5 million
Get QuoteView details
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. It also won Most Loved, Best Value and Legendary Service categories in the Finder 2024 customer

⭐ Current offer: Save 10% on your first year of Medibank Life Insurance when you apply by 3 March 2025. T&Cs apply.
AAMI Life Insurance image
Finder score
Funeral Benefit
$10,000
Optional TPD Cover
Optional Trauma Cover
Maximum Cover
$1.5 million
Get QuoteView details
Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.

⭐ Current offer: Take out an AAMI Life Insurance policy and get a $100 eGift card after 4 months of cover. Offer ends 03/03/2025. T&Cs apply.
Suncorp Life Insurance image
Finder score
Funeral Benefit
$10,000
Optional TPD Cover
Optional Trauma Cover
Maximum Cover
$1.5 million
Get QuoteView details
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Take out a Suncorp Life Insurance policy and get a $100 eGift card after 4 months of cover. Offer ends 03/03/2025. T&Cs apply.
Real Family Life Cover image
Finder score
Funeral Benefit
$10,000
Optional TPD Cover
$1 million
(maximum cover)
Optional Trauma Cover
Maximum Cover
$1 million
Get QuoteView details
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.
Zurich Ezicover Life Insurance image
Finder score
Funeral Benefit
$15,000
Optional TPD Cover
Optional Trauma Cover
Maximum Cover
$1.5 million
Get QuoteView details
Our verdict: Good if you want a cheap policy from a well-regarded insurer – its 98% claims acceptance rate is higher than any other provider on Finder. Zurich keeps things simple: unlike others, it doesn’t go in for optional add-ons such as TPD or trauma cover.

⭐ Current offer: Policy discounts include 10% off for your partner if you sign up for a joint policy. You can also get 5% off income protection if you buy it alongside your life cover.
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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.

Read full Finder Score methodology

Compare term life insurance options in Australia

FundMaximum CoverMaximum Entry AgeFully UnderwrittenTerminal Illness BenefitOptional ExtrasApply
Real life insurance logo

Real Term Life Cover

$100,00079No$100,000No optional

More info

Australian Seniors Life Insurance LogoAustralian Seniors Term Life

$200,00079No$200,000No optional

More info

BT Life Insurance Logo

BT

Call BT at 1300 553 764 to get a personalised quote for your circumstances69YesCall BT at 1300 553 764 to get a personalised quote for your circumstancesTPD Benefit, Living Benefit, Business Cover Benefit

More info

Westpac Life Insurance logoWestpacCall Westpac at 132 135 to get a personalised quote for your circumstances69YesCall Westpac at 132 135 to get a personalised quote for your circumstancesTPD Benefit, Living Benefit, Business Cover Benefit

More info

St.George Life Insurance LogoSt.GeorgeCall St. George at 132 135 to get a personalised quote for your circumstances69YesCall St. George at 132 135 to get a personalised quote for your circumstancesTPD Benefit, Living Benefit, Business Cover Benefit

More info

Why compare life insurance with Finder?

  • 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.

How much does term life insurance cost?

Below is a quick view of how much life insurance could cost you, per month.

PolicyCover amountMonthly premium*Apply

NobleOak

$500,000$23.11

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Zurich

$500,000$35.88

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Medibank

$500,000$44.34

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TAL$500,000$25.59

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AHM

$500,000$42.14

More info

Insuranceline

$500,000$49.76

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AAMI

$500,000$49.76

Get quote

Suncorp

$500,000$49.76

Get quote

Bendigo$500,000$56.99

More info

AIA$500,000$27.55

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AMP$500,000$26.52

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BT$500,000$27.68

More info

Clearview$500,000$25.02

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MLC$500,000$25.58

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Onepath$500,000$26.61

More info

*Prices are an estimate based on a 35 year old non-smoking male office worker. Quotes last checked on September 2021 and are subject to change.

When is a good time to take out cover?

This will really depend on your own situation and what you would need to cover in the event of your death.

Some key triggers that lead people to take out cover or review their existing cover include buying a house, getting married and having their first child.

Building Wealth

18-2525-3535-45
  • Starting career
  • Start accumulating wealth
  • No dependents
  • No mortgage
  • Few financial commitments
  • Active lifestyle

Car graphic

  • Increase in earnings
  • Career development
  • Long term debt with mortgage
  • Possible short-term debt
  • Marriage and children

House blue graphic

  • Increase in earnings
  • Career development
  • Mortgage decreasing
  • Saving for retirement

Family blue graphic

Securing retirement

45-5555-65
  • Maximising earnings
  • Preparing for retirement
  • Less concern around financial security
  • Less long-term debt
  • Fewer financial commitment as children start to move out
  • Focus on other investments

Money blue graphic

  • Protecting wealth accumulated
  • Income decreases
  • Focus on investments
  • Finance lifestyle with savings

Vacation blue graphic

The maximum entry age may also change based on the type of premium you choose and how much cover you apply for.

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Written by

Editor

James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, WIN News, Insurance News, 7NEWS and The Guardian. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

James's expertise
James has written 204 Finder guides across topics including:
  • Car, home, life, health, travel and pet insurance
  • Managing the cost of living
  • Money-saving tips

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