- Life insurance can provide financial protection to you and your beneficiaries in case of significant life events, including if you pass away, are diagnosed with a terminal illness, can’t work or become disabled.
- Many life insurance policies are affordable at just $5 per month, but premiums vary depending on individual factors such as age, gender, health and income.
- Premium costs also depend on coverage levels, and some insurance providers offer discounts for higher benefit amounts or for participating in health and wellness programs.
Life insurance provides Australian policyholders and their families financial protection in case of illness, death or other debilitating events. Policy premiums depend on a range of factors such as the policyholder’s health condition and the policy’s coverage level, features and structure.
The cost of life insurance can sometimes be a hurdle for Australians, but many providers offer competitive plans from just $5 per month. Check out the top affordable life insurance providers below.
How Life Insurance Works
If an unexpected event happens and causes financial stress, including if you pass away or become ill or disabled, life insurance can protect you and your beneficiaries. The most common benefits life insurance includes are:
- Life cover
- Total and permanent disability insurance
- Trauma insurance
- Income protection insurance
- Business expense insurance
Life insurance is a contract between you and an insurance company where you pay premiums in exchange for agreed benefits. Depending on the event, policies provide either a lump sum or ongoing benefits. Your policy details information on premiums, how to make claims and any other important details.
You and your beneficiaries can use your benefits however you choose, but these funds are typically used towards paying mortgages and bills, health expenses and funeral costs.
TAL offers a range of insurance products, including life insurance1 in case you pass away or have a terminal illness. This policy provides loved ones with a lump sum payment to help ensure financial security, allowing them to grieve and move forward while still handling mortgage payments, child education costs and more. Policyholders can access a variety of benefits, including repatriation, long-distance accommodation and inflation protection.
This premium type is stepped, and policyholders can be between 19 and 60 years old. The Guaranteed Future Insurability Benefit can be increased up to $200,000 without underwriting, and the policy comes with $10,000 of critical illness coverage for children. Some policyholders may also be eligible for the TAL Health Sense discount.
Zurich Australia is part of the global Zurich Insurance Group, which serves customers in more than 170 countries around the world. In 2015 alone, the Zurich group paid billions in life claims, and its life insurance policy in Australia has been awarded for its outstanding value.
Get peace of mind by signing up for the Zurich life insurance policy2 that suits you best. For example, choose benefit protection to cover payments to your beneficiaries if you pass away or are diagnosed with a terminal illness, or get disability or trauma coverage to support your expenses.
MLC Life Insurance
With over 130 years3 of proven experience protecting Australians, MLC Life Insurance provides policyholders with a range of life insurance products whether you’re concerned with safeguarding your income, supporting your family, maintaining your lifestyle through disability and trauma or retiring comfortably. MLC policyholders can access benefits such as child critical illness insurance, business expenses insurance, premium waiver insurance and more.
Policyholders can easily manage their policies online through the customer portal. Claims are straightforward, and policyholders get a dedicated consultant to support them through the process. MLC Life Insurance has also received numerous awards for health and wellness excellence, and processes claims well above the industry average.4
NobleOak5 was Australia’s most awarded direct life insurer in 2021 and is committed to providing customers and their loved ones with comprehensive protection. In addition to income protection, disability insurance and business expense insurance, NobleOak offers award-winning and affordable life insurance.6 Some features include:
- Full underwriting and customization to make claims faster and more reliable
- Over 140 years of insurance experience
- Up to $15,000 in advance to assist with funeral expenses
- Financial advice and grief counselling benefit
Life insurance can cover up to $15 million in expenses, and anyone between 16 and 69 years old can apply. Insurance costs vary, but you can expect as little as $25 per month7 if you’re a healthy individual with an average income.
Resolution Life Australasia
As a leading life insurer, Resolution Life Australasia8 protects over 1.2 million policyholders9 and beneficiaries across Australia and New Zealand. Policyholders benefit from excellent customer service, efficient claims processes and competitive monthly premiums.
Life insurance policies10 with Resolution Life Astralasia are tailored around customers’ individual needs to help them provide financial security to their families in case they unexpectedly pass away or are diagnosed with a terminal illness. Monthly premiums depend on a variety of factors, including age, gender, smoking status and the level of coverage chosen.
Medibank provides a variety of insurance products, including health, travel, pet and life and funeral insurance. Customers can tailor their life insurance11 to suit their needs and protect their families should unexpected illnesses or accidents happen. There are coverage options for a range of scenarios with financial benefits to accommodate for events such as terminal illness diagnosis, marriage, new home purchases and accidental injuries.
Life insurance policies are easy to apply for, and customers who are already Medibank health insurance members get a 10% discount on premiums. Depending on your age and income, Medibank’s life insurance can cover up to $2.5 million.
Award-winning provider ahm offers affordable life insurance12 in addition to travel, car, home and health insurance. Customers can choose from either ahm life insurance,13 which can cover up to $1.5 million and offers optional benefits tailored to your needs, or ahm life insurance express,14 which covers up to $250,000 and can be applied for and purchased online within 10 minutes.
All ahm health insurance members get a 10% discount on life insurance premiums for the entire duration of their policy. If you’re unsure of what coverage you need, you can speak to an ahm expert on the phone, get a policy quote and set up your policy within a few minutes.
With excellent customer service and competitive prices, Budget Direct15 has been recognized with numerous awards, including Canstar’s Insurer of the Year 2022 and Money magazine’s Insurer of the Year from 2017 to 2022.
Budget Direct’s life insurance16 policies provide coverage for disability, income protection and trauma. It awards beneficiaries lump sum payments if you pass away or an advance if you’re diagnosed with a terminal illness.
Monthly premium costs vary depending on factors such as age, health and gender. New policy members can get one month of coverage for free when they sign up.
MetLife Insurance offers a variety of personal insurance products tailored to your specific needs to help secure your future and protect your loved ones. Its life insurance policy17 provides a range of coverage options to suit your needs, budget and lifestyle, as well as lump sum payments to your beneficiaries if you pass away or are diagnosed with a terminal illness.
Monthly premiums depend on coverage level and individual circumstances. You can purchase life insurance individually, but many superannuation funds come with built-in MetLife Insurance policies.
ClearView’s life insurance products18 offer a wide range of coverage options built around ensuring that customers have the best possible experience. Advisors guide customers through product options to help them get covered for what matters most, whether it’s disability benefits, business insurance, life coverage or child cover.
All coverage benefits come with features such as:
- Provision for continuing coverage
- Indexation to account for inflation
- Worldwide coverage
- Provision for upgrades
Premiums can vary, and a ClearView advisor can provide you with an affordable option that suits your needs. ClearView life insurance products have built-in discounts19 for higher benefit amounts, and it also offers discounts for participation in its health maintenance reward program.20
Recognized by Melbourne Design Awards and Advisor Ratings, Integrity21 is committed to providing Australians with accessible and affordable life insurance products. Life insurance22 gives your loved ones financial support in case you pass away, and critical illness can cover treatment, rehabilitation and living costs. If you’re unable to work or become disabled, Integrity helps pay your bills and help you adjust to new lifestyles.
Integrity policies are adaptable to changing policyholder needs, and advisors guide customers through pricing, products and services and provide total clarity during claims processes. Premium costs vary depending on individual circumstances, but policyholders don’t pay any extra fees23 to pay monthly instead of annually.