Life insurance costs in Australia vary significantly based on multiple factors, but as a general guide, a healthy 30-year-old non-smoker might pay $30-$80 per month for $500,000 of cover, while a 45-year-old could pay $80-$200 monthly for the same coverage. Premium costs depend on your age (older applicants pay more), gender (women typically pay less as they have longer life expectancy), smoking status (smokers can pay 2-3 times more than non-smokers), occupation (dangerous jobs incur higher premiums), health and medical history (pre-existing conditions increase costs), lifestyle factors like dangerous hobbies (skydiving, cave diving), the sum insured (higher coverage means higher premiums), and premium structure chosen. You can choose between stepped premiums (increase with age each year, cheaper initially but expensive long-term) and level premiums (remain relatively stable, more expensive initially but better value over time). Life insurance through superannuation is typically cheaper than retail policies because super funds negotiate group rates, but retail policies offer more comprehensive, customisable coverage. To get the best value, compare quotes from multiple Australian insurers, maintain a healthy lifestyle, consider quitting smoking, and review your coverage annually to ensure you're not over-insured.