Compare Life Insurance in Australia
Compare life insurance options in Australia across life cover, TPD, income protection and trauma insurance. Understand how policies differ, what impacts cost, and how to compare options side by side.
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Key Takeaways
- ✔Life insurance can start from around $25/month depending on your situation
- ✔Prices can vary by 2-3x between insurers for similar cover
- ✔Some brokers offer cashback arrangements, reducing costs by over 10%
- ✔Smokers and people in higher-risk occupations typically pay significantly more
- ✔Direct products are often more expensive than comparable advised policies
How Much Is Life Insurance in Australia?
Most life insurance policies in Australia cost between $25 and $300+ per month, depending on your age, gender, cover amount and policy type.
Cashback arrangements can reduce the costs by 12.5%
Compare Life Insurance Options in Australia
There are four main types of life insurance commonly used in Australia. Each type serves a different purpose depending on your financial situation.
| Cover Type | Best For | How It Pays | Typical Use | Indicative Cost |
|---|---|---|---|---|
Life Cover View detailsLife cover provides a lump sum payment to your beneficiaries if you pass away or are diagnosed with a terminal illness. | Families, debt protection | Lump sum | Mortgage, dependants, future expenses | From ~$25/month |
TPD Insurance View detailsTPD insurance provides a lump sum if you become permanently unable to work due to illness or injury. | Long-term disability protection | Lump sum | Medical, rehab and ongoing living costs | From ~$40/month |
Income Protection View detailsIncome protection pays a monthly benefit if you are unable to work due to illness or injury. | Replacing income if you are ill or injured | Monthly payments | Ongoing bills and income replacement | From ~$30/month |
Trauma Cover View detailsTrauma insurance provides a lump sum if you are diagnosed with a specified serious illness. | Serious illness events | Lump sum | Treatment, recovery and time off work | Varies |
Why Compare with Keep Insurance
- ✔Compare multiple insurers side by side
- ✔See real-time quotes 24/7 without needing a phone call
- ✔Get 12.5% of premiums returned
- ✔Apply online or get support if needed
What We See in Real Quotes (Australia)
- •Premiums can vary by 2-3x for the same person and cover, it's worth comparing options
- •Smoking can increase premiums significantly, often by 30-100%. But quitting can flow through to pricing
- •Income protection pricing varies significantly by occupation
- •Policy structure, such as paying from super and the premium type, can significantly impact long-term cost
Built on real pricing data from Australian insurers.
What Should You Do Next?
Work out what cover I need
→Estimate the right level of cover based on your income, debts and financial responsibilities.
Find the cheapest life insurance options
→Compare real quotes across insurers to identify lower-cost cover based on your situation.
Understand life insurance costs
→Learn what impacts pricing and why premiums can vary significantly between insurers. Explore your options on real quotes.
How to Compare Life Insurance Policies
Decide what cover you need and how much +
The four main types of life insurance cover different risks:
- Life cover - supports your family financially if you pass away
- Income protection - replaces income if you can't work due to illness or injury
- TPD insurance - provides a lump sum if you're permanently unable to work
- Trauma insurance - helps cover costs during serious illness
When deciding what to cover, consider:
- Do you have dependants (partner, children, ageing parents) that rely on you financially?
- Could you manage financially if you couldn't work for an extended period?
- Do you have debts or ongoing financial commitments?
Not sure where to start? Use our life insurance needs calculator to guide you through the key considerations.
Premiums and ratings +
Price is an important factor - but it's not the only one. Our research shows that premiums can vary significantly between insurers for similar cover, so comparing options is essential.
See whether you can access a cashback or commission rebate, further reducing the cost.
At the same time, product ratings can help you balance cost with the richness of features. Many quote tools rely on independent research providers, such as Omnium, assess policies based on their structure and benefits, which can help guide your decisions. Further details on how those ratings are determined can be found here.
Our quote tool allows you to compare pricing, ratings and key features side by side to support your decision.
Policy features and inclusions +
Policies differ in the benefits included and the level of cover provided. Policies held in super can be cost effective, but often have more limited features and flexibility compared to retail policies.
One example of where Life Cover policies can differ is treatment of terminal illness benefits and funeral advancement benefits. See below comparison of major suppliers offering. This data comes direcly from our research providers Omnium, as is correct as at 21 March 2026.
Looking for other cover types? Check out our Income Protection or TPD Insurance pages.
Funeral advancement
Provides early payment for immediate expenses.
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Funeral advancement
Provides early payment for immediate expenses.
| Insurer | Details | Rating Score |
|---|---|---|
| TAL | $25,000 | 93% |
| AIA | $25,000 | 97% |
| Encompass | $20,000 | 93% |
| OnePath | $25,000 | 97% |
| Acenda | $20,000 | 93% |
| MetLife | $30,000 | 100% |
| NEOS | $25,000 | 97% |
| Zurich | $15,000 | 87% |
Terminal illness benefit
Determines when and how early a claim can be paid.
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Terminal illness benefit
Determines when and how early a claim can be paid.
| Insurer | Details | Rating Score |
|---|---|---|
| TAL | 12 month definition | 89% |
| AIA | 24 month definition | 99% |
| Encompass | 24 month definition | 90% |
| OnePath | 24 month definition | 100% |
| Acenda | 24 month definition | 90% |
| MetLife | 24 month definition | 90% |
| NEOS | 24 month definition | 99% |
| Zurich | 24 month definition | 100% |
Frequently Asked Questions
How much does life insurance cost in Australia? +
Life insurance in Australia typically costs between $25 and $300+ per month, depending on your age, gender, smoking status, cover amount and policy type.
What type of life insurance do I need in Australia? +
The type of life insurance you need depends on your situation. Life cover supports dependants, income protection replaces income, TPD covers permanent disability and trauma insurance supports recovery.
Why do life insurance premiums vary so much? +
Premiums vary due to insurer pricing models, risk assessment and policy features. Prices can differ by 2-3x for similar cover.
Is it better to compare life insurance? +
Comparing life insurance helps you identify differences in pricing, features and structure across insurers, helping you choose the right policy.
What affects the cost of life insurance? +
Factors include age, gender, smoking status, occupation, cover amount, policy structure and whether there are cashbacks available.
How do cashback arrangements impact life insurance costs? +
Premium cashbacks can reduce the effective cost of cover by up to 12.5%
Compare Life Insurance Quotes
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