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 11 products and gave each one a score between 1 and 10. The scores are based on 13 features, including price.
Remember that Finder Score is just one factor to consider. Look at other aspects like fees, features, benefits and risks to make sure a product is suitable for you. Double-check details that matter to you before applying or buying.
To be eligible for a Finder Score, providers must provide us with quotes. We use the average price across 12 personas. The personas we collect quotes and use for the purpose of Finder Score are:
The Finder Score methodology is designed by our insights team and reviewed by our editorial team. We review the products objectively. Commercial partnerships do not affect the score.
The average cost of a life insurance policy is $1,258 annually, according to Finder research of 11 providers.
The cost of your life insurance premium will depend on the following:
The cost of life insurance is highly dependent on personal factors so your own annual premium is likely to be different to our average cost. This information should be used as a guide only.
TPD covers you if you get severely injured or sick. For example, if you become blind or paralysed after a car accident and become permanently disabled.
Typical cover range: $50,000 to $5 million.
Trauma cover, sometimes called critical illness cover, is a policy add-on that pays a lump sum if you're diagnosed with a major medical condition, such as cancer or a heart attack.
Typical cover range: $500,000 to $2 million.
Income protection insurance pays a monthly benefit if you're unable to work due to illness or injury. Usually, it will only pay up to 70% or 75% of your typical wage for a period of 2 or 5 years.
"I've never really thought about my life insurance, but after having a baby and buying a house in the same year I felt now was the time I needed to take out cover. Having a policy that would cover my mortgage payments is one less thing I now need to worry about."
Our life insurance guides can help you compare and understand what cover option is right for you.
What is life insurance?
Discover the ins and outs of life insurance, from how it works to why it's so important for many families.
How to make a life insurance claim
3 simple steps to make the claims process go more smoothly during a difficult time.
Stepped vs level premiums: What's the difference?
Stepped premiums increase as you age, level premiums don't — but the latter is pricier to start with.
"People tend to underestimate the importance of life cover. With the right policy in place, your family's finances and wellbeing can be protected for decades. One feature I always tell people not to overlook is TPD cover. It isn't automatically included in a policy."
Life insurance is a policy you hopefully won't claim on for many decades, but what it buys you in the interim is peace of mind. It's important to consider what your debts look like and if your family could manage these without you. I'm married with three kids, and my life insurance policy gives me reassurance that if the worst should happen, my home will be paid off and my family won't have to deal with losing their home while they're grieving.
Sarah Megginson
Head of editorial
No one is ever really prepared for life's harsh surprises, but insurance can help soften the blow... Life insurance is about protecting what matters most. That's the people around you, rather than just material possessions like cars or boats.
Phil Thompson
Financial adviser at Skye Wealth
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.
Boring, but easy - we get it, getting life insurance probably isn't on your bucket list. We can't promise to make life insurance fun, but we sure do try make it simple. That's why we've spent 100+ hours of research on this guide.
Features obsessed - No one wants a junk policy, that's why we analysed the features of 10+ policies, and gathered 170 quotes to objectively score life insurance products. We've turned this into a simple rating out of 10.
No BS - You won't get any annoying calls, because we don't have a call centre. We're not owned by an insurer and pride ourselves on listening to real human experiences for all our research.
Karen Eley is the founder of Women Talking Finance, which provides money coaching and financial literacy and education services. An experienced and former financial adviser who has worked in financial services industry for 22 years, Karen is a Certified Money Coach (CMC), holds a Bachelor of Accounting and an Advanced Diploma in Financial Planning and CFP.
Budget Direct's life insurance offers a high maximum cover limit, decent policy add-ons and competitively-priced cover.
Compare life insurance policies for 35-year-olds
Find life insurance for medical workers. Insurance that covers the unique risks faced by frontline medical professionals.
Are you a farmer? See how life insurance for farmers can protect you and your family.
Does having diabetes affect your ability to take out a life insurance policy? Find out what Australian insurers say.
Depending on the applicant and the type of life insurance policy, there may be no medical tests required.
If you pay for life insurance, you might be eligible for a tax deduction. In some cases, you won't need to pay tax on benefits.
Review the Australian Seniors Life and compare options available.
Review the core life insurance policies available from Suncorp.
By 2066, 1 in 5 Australians will be over the age of 65.
