Life Insurance Finder™ - Life Insurance Comparison

Over or under paying for Life Insurance or Income Protection? Find a new policy or review your existing cover

Life Insurance Finder™ is a 100% free service to help Australians find an appropriate Life or Income Protection Insurance solution. Applicants can compare policies from 15 of Australia's most recognised insurance providers. Please read our Terms and Conditions to understand the services we provide and how we will use the information we hold. The product information on this website is not intended to imply any recommendation or opinion about a financial product listed. Consider your personal circumstances and obtain professional advice before you commit to, or purchase, any particular product.

When you request a quote, your information will be provided to an insurance adviser who can provide you with advice should you require it. Quotes are provided free of charge and without any obligation.

Compare Life Insurance or Income Protection Quotes from Leading Insurers

Gender
Smoker
Date of Birth
Type of Protection
Level of Protection
Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Compare Quotes

 


Apply online or over the phone with these direct insurers

Rates last updated March 31st, 2015
Product Maximum cover Maximum entry age Cooling-off Product details
NobleOak Term Life Insurance
NobleOak Term Life Insurance
$15,000,000 69 21 days For a limited time only - save up to 25% on premiums and one month free cover for successful applicants. Get quoteMore info
Budget Direct Life Cover
Budget Direct Life Cover
$1,000,000 64 30 days Receive a $100 Visa Prepaid Card when you purchase a new Budget Direct Life Insurance or Accidental Death Insurance policy. Terms and conditions apply Get quoteMore info
Freedom Funeral Insurance
Freedom Funeral Insurance
$15,000 80 42 days Pay absolutely nothing for your first year of cover and choose either stepped or level premiums Get quoteMore info
Help! I don't know how much cover I should take out
If you're not quite sure how much cover you may require to cover your finances, you may like to use our life insurance calculator to help you get a cover estimate. If you're not sure what cover you actually need, you might like to enter your details above to discuss different options.

What cover are you looking for?

  • Life Cover

    Receive a lump sum payment if you pass away. This cover can be combined with TPD/Trauma and joint cover discounts with spouse are available
    Learn More

  • Income Protection

    Cover up to 75% of your income if seriously ill or injured and unable to work. Premium payments are tax deductible

    Learn More

  • Business Protection

    Receive cover for the loss of key workers in your business or cover fixed business costs if you suffer serious illness or injury

    Learn More

Life Insurance Finder is a Free, Australian Owned Life Insurance Comparison Website.

Compare your options from 15 of Australia's leading insurers. Quotes are provided free of charge and there is absolutely no obligation to sign up for a policy.

Need life insurance or income cover but not sure where to begin?

It’s easy to feel slightly overwhelmed when thinking about taking out life insurance or income protection. finder.com.au wants to make the process of purchasing or reviewing cover easier by breaking these products down so you can feel secure that you have enough cover in place and are not paying for cover you don’t need. This guide will provide answers to the questions many of us have when looking for cover.

Your life insurance questions answered

Looking for a quick summary? Check out our video guide

How much cover should I get?

Everybody’s situation is different so theres no perfect answer to this question but generally you want to determine an amount that will cover the immediate and ongoing costs in the event of your death or terminal illness so that your family or other financial dependents can continue their current way of life.  This may include;

1. Outstanding debt you don't want to leave behind

  • Cover your outstanding mortgage payments
  • Cover any personal debt you still have (personal loans, car loan, credit cards)

 

2. Your families ongoing living expenses

  • Rent payment
  • Vehicle and transport costs
  • Food
  • Education/child care costs
  • Entertainment
  • Other expenses

3. Cover you already have your family can fall back on

Once you have determined this amount, you need to work out how many years you would need to cover these living expenses and offset it against any savings/assets that could be used in the event of your death. This may include;

  • Savings
  • Assets that may be sold i.e. second car
  • Investments (property, shares etc.)
  • Life insurance you already have in your superannuation

 

4. Length of cover to choose

Some things to consider when determining the period of time to take out cover include;

  • Your age and the age of your partner
  • Earning capacity of your partner now and in the future
  • Number of children and their ages

Use our life insurance calculator to work out an estimate sum to take out

Back to top

What types of cover are available in Australia?

Type Payment Type Main Purpose Key Features
Life Cover Lump sum payment Provides a lump-sum payment in the event of death or terminal illness to the insured’s beneficiaries
  • Advance payment for funeral for funeral expenses
  • Worldwide cover
Trauma Cover Lump sum payment Provides a lump sum payment on diagnosis or occurrence of specific illness such as stroke, cancer, heart attack so that you can focus on your recovery
  • Can be bundled with life cover policy or purchased separately
  • Cover up to 45 different illnesses
  • Advance payment for certain conditions
  • Partial trauma benefit provided for some conditions
TPD Lump sum payment Provides a lump sum payment to clear debts, cover medical costs and provide an annual stream of income so that you can maintain your current way of life
  • Can be bundled with life cover policy or purchased separately
  • Partial-disability benefit available for permanent loss of use of one arm, one leg or sight
Income Protection Monthly benefit of 75% of income Provides ongoing monthly benefit of 75% of regular income if forced to take time out of work due to accident, illness or major trauma. Some policies will provide over 75% if additional amount is contributed to super
  • Pays until you can return to work or to retirement age of 65 if you can’t return
  • Premiums are tax-deductible (outside super)
  • Additional benefits provided to cover rehabilitation expenses
Funeral Insurance Lump sum payment Lump sum payment (usually up to $30,000) to cover the cost of your funeral
  • No medical required
  • Choice of cover between $5000 and $30,000
  • Cover for accidental death in first 12 months
  • Many companies offer free introductory cover

 

I've already got life insurance in my Superannuation, is it enough?

Most superannuation funds will provide members with a default level of cover which can be increased, decreased or cancelled altogether. The cover provided in your super may be sufficient for your situation but you need to weigh up the benefits and drawbacks of this option and whether you require an additional level of protection;

Benefits of funding through super

  • Generally cheaper as cover is purchased in bulk by super fund
  • Premium payments may be tax-deductible
  • Payments made automatically direct from your super and not your after tax income
  • Reduced requirement for health checks

Drawbacks of funding through super

  • Types of cover available is limited. Trauma insurance is no longer offered through superannuation
  • Usually reduced level of cover offered to retail policies
  • Benefits paid to non-dependents can attract tax
  • Payment of benefit can be more complicated/drawn out as benefit is paid to fund trustee first
  • Cover is generally more comprehensive/flexible for policies outside of super

Don’t want to overpay but don’t want to be under protected?

Nobody wants’ to pay too much for cover but going with the cheapest possible policy you find could leave you severely under protected. Here are some tips to get quality cover that won’t send you broke;

  • Buy young and lock in a competitive rate. Taking out cover when you are younger and likely to be in good health means you can lock in a more competitive rate as oppose to when you're older and more prone to pre-existing conditions. Cover is guaranteed renewable so you don’t have to worry about being knocked back further down the track
  • Find out how much cover you actually need. Take the time to properly assess what will need to be covered in the event your death/serious injury and how this figure could change in the future
  • Find out what cover you already have. You may already have some cover in place from your superannuation or employers superannuation fund. Find out what you stand to receive in a claim and if extra cover is necessary
  • Take the time to shop around. Comparing policies with a consultant from a range of insurers will give you a better chance of finding something tailored to your needs that is well priced
  • Already covered for salary continuance insurance? Salary continuance has a benefit period of two-years so it could be worth taking out income cover with a two year waiting period to save further
  • Keep an eye out for special offers. Competition among insurers has resulted in an increase of special offers to help you save further on your cover
Back to top

When is life insurance tax-deductible?

Type Premium payment outside super Benefit payment outside super Premium payment inside super Benefit payment inside super
Life Cover Not tax-deductible Payment is not taxed Generally tax-deductible May attract tax if paid to non-dependent
Income Cover Generally tax-deductible Payment is tax-assessable Generally not tax-deductible Payment is tax-assessable
Trauma Not tax-deductible Payment is not taxed N.A N.A
TPD Not tax-deductible Payment is not taxed Only fully deductible to a complying super fund if the payment relates to a current or contingent liability by the fund to provide a ‘disability super benefit Payment is tax-assessable
Funeral Not tax-deductible Payment is not taxed N.A N.A

 

How do I know the company will pay my claim?

When taking out any type of insurance, you want to feel secure that the company you choose will actually honour your claim. It’s easy for the mainstream media to cover all the horror stories of claims not being paid without actually looking at the facts;

  • Over $5 billion across 85,329 claims were paid by the life insurance industry in 2013
  • Over $27 billion in claims paid in life insurance industry since 2004 (The Risk Store)
  • Insurer AMP paid more than $850.4 million in claims across life, trauma, disability, tpd and income protection plans

Provided you are within the terms and conditions of your policy, there really is no reason that your claim shouldn’t be paid. Some steps to ensure your claim is paid include;

  • Tell the truth when applying. Don’t leave out any details of any pre-existing conditions that might impact your policy
  • Tell your insurer as your situation changes. Such changes could include changes to health, employment or hobbies
  • Know what you will and will not be covered for...taking the time to actually read the PDS before taking out cover could save you a nasty surprise later
  • Choose a reputable company;
    • Financial strength
    • Reputation in market
    • Straightforward claims process
    • Flexibility to update cover
    • Registered under life insurance act and approved by APRA
Back to top

Should I buy cover with an adviser or straight from the insurer?

It really comes down to your own personal preference and whether you feel you are happy to take out cover alone or if you would like some help from an adviser. Both options have benefits to consider;

Applying with an adviser

  • Access to wide range of products to give you greater choice
  • Can use knowledge of market to help you find cover suitable for your situation
  • Can help you assess your situation to determine what type/how much cover you require
  • Can offer advice around life insurance inside and outside superannuation

Advice-based products generally offer higher cover levels and greater range of features

Applying direct

  • Usually no medical required on direct products
  • Cover can be put in place entirely online or over the phone
  • You know straight away if your application is successful
  • Immediate death cover once application is received
  • Direct products are beginning to become more and more competitive with some cover amounts up to $15 million
  • Number of general insurance products now offering cover for involuntary redundancy

Ready to buy? Steps to compare and purchase cover

Buying Life Insurance Flowchart

Compare Quotes for Life Insurance or Income Protection

Insurance news, guides and articles

Read lots of articles about life, trauma, disability, and income protection insurance. If you are looking for a specific answer to a question, try a site search to find top content for help you.

We Hope These Epic Parkour Fails Had Income Protection Insurance

February 26th, 2015

Ever fancied a career in parkour? You know those incredibly agile guys and girls who leap impossibly about walls, railings and other urban obstacles with near poetic smoothness… fair enough, us either. We crunch numbers and type words to help Australians make smart financial decisions on topics such as home loans, credit cards and insurance. […]

Read More

Income Protection and TPD Insurance

February 20th, 2015

What’s the difference between TPD and Income Protection Insurance? Why do they work so well together? Why are they less effective through superannuation? Find the answers to these questions and more in our guide to the insurance that protects your lifestyle in the face of illness or injury.

Read More

Is Income Protection Insurance Worth It?

February 20th, 2015

Not sure if you need income protection insurance? Find out how you can benefit How can I avoid paying too much? One of the ways to ensure that you get more benefits out of income protection insurance is to reduce the cost of your cover. Here’s how you can save money on your policy: Choose your […]

Read More

Disability Insurance for Self Employed Workers – Compare TPD Cover from Leading Insurers

February 20th, 2015

Protect yourself and your loved ones from financial hardship with Total and Permanent Disability Insurance Total and Permanent Disability Insurance (TPD Insurance) offers a lump sum payment when you suffer an injury or illness that renders you unable to return to work ever again. As you would be unable to earn an income, TPD benefit […]

Read More

Income Protection Increasing Claims Option

February 19th, 2015

The increasing claims option is an added extra available with the vast majority of Australian income protection policies. It ensures that your monthly benefit amount increases every year to keep pace with the rising cost of living, offering you essential financial security and peace of mind if you need to claim a benefit for a long period of time.

Read More
Ask a question
feedback