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Life Insurance in Australia
Life insurance, also known as term life insurance or death cover, provides a lump sum benefit to your nominated beneficiaries if you die or get diagnosed with a terminal illness. This money can be used to help your family pay your funeral, the mortgage, or clear any outstanding debts.
Life insurance is as a contract between the policyholder and the life insurance company. As the policy owner, you pay them a premium, either monthly, quarterly or annually, in exchange for the financial protection of your loved ones.
Life insurance at different stages of your life
It’s important to review your life insurance policy type and cover amount after a significant life event. For example, buying your first home, getting married or divorced, having children or retiring. However, do not cancel your existing life cover until you have a new policy in place.
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Is life insurance worth it?
A death benefit might be a good idea if you have many financial obligations, like a mortgage or outstanding debts and/or people depending on you financially. Generally, your need for life cover will change as your finances and family circumstances evolve.
Life insurance might be worth considering if you want to:
- Support your family financially after your death.
- Pay for your burial expenses and funeral service.
- Provide for your child’s future care and education.
- Pay outstanding debts, personal loans and the mortgage.
- Leave an inheritance.
Why is life insurance important?
A life insurance policy is typically purchased for the benefit of others, as it covers you for death or diagnosis of a terminal illness. Term life insurance can provide your loved ones with enough money to support them in maintaining their current lifestyle.
However, there are different types of insurance available under the life insurance umbrella, including Total and Permanent Disablement (TPD) cover, trauma insurance and income protection.
Types of Life Insurance
Term Life Insurance
Pays a lump sum benefit should you pass away or get diagnosed with a terminal illness. You’ll generally be covered 24/7 worldwide for all types of death, excluding suicide within the first 13-months of your policy commencing.
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TPD Cover
Provides you with a lump sum benefit if you become totally and permanently disabled because of an injury or illness and can no longer work in your Own or Any occupation, depending on your TPD definition.
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Trauma Insurance
Pays a once-off lump sum amount should you suffer one of the critical illness listed in your Product Disclosure Statement (PDS). For example, cancer, heart attack or stroke.
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Income protection insurance
You receive a monthly benefit, up to 75% of your regular income, if you are unable to work for a specific period due to an accident or sickness.
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Personal accident cover
Pays a monthly benefit, up to 75% of your income should you be injured because of an accident.
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How to compare life insurance policies
Get life insurance quotes online in under 60 seconds. Use our comparison service for a side-by-side review of pricing, benefits and features from some of the largest life insurance companies in Australia.
- Choose the policy type suited to your unique requirements.
- Fill in the quote form with your ideal cover amount.
- Compare and review life insurance policies online.
- Apply, and a specialist will give you a call to help you complete the process.
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Frequently asked questions
How are life insurance premiums calculated
The cost of your premium will generally depend on:- The life insurance company you’ve chosen
- The level of cover you applied for
- Your premiums structure: Stepped, level or hybrid
- Your age and gender
- Your health and medical history
- If you’re a smoker
- The state you live in
- Additional options on your policy, for example, child cover
How much life insurance do you need?
The amount of life cover you need will depend on your unique requirements. For example, your stage of life, if people depend on your income to cover living expenses and your funeral costs. A general rule of thumb is to consider a minimum amount equal to ten times your annual salary. However, you might want to speak with your broker to help you calculate your sum insured.How to get term life insurance in Australia?
- Directly from the insurer
You can buy life insurance directly from the life insurance company by telephone or via their website. However, it’s up to you to gather and compare quotes; no guidance or advice will be provided.
- Via an insurance broker
Retail life insurance policies are generally purchased through a broker or comparison website. General advice will be provided to help you compare plans based on your unique requirements so you can make an informed decision.
- Through your superannuation
Generally, life insurance is automatically added when taking out super fund. However, the default cover amount might not be enough for your unique requirements, and because premiums get paid from your fund, it could reduce your retirement savings.
- Directly from the insurer
How to claim life insurance benefits
Should you pass away, your life insurance beneficiary must follow the steps below to claim the death benefit:Step 1: Find the latest copy of your life insurance documents.
Step 2: Notify the insurer of your death.
Step 3: Obtain a death certificate.
Step 4: Complete and submit the claim forms and other requested documentation.
Step 5: Wait for the claim to be assessed, and if approved
Step 6: The death benefit is generally paid as a tax-free lump sum to your beneficiaries.
