Personal insurance in Australia is built around five core product types, and each one solves a different financial problem. Life insurance pays a lump sum to your beneficiaries if you pass away, replacing income for dependants and clearing debts. TPD (Total and Permanent Disability) cover pays a lump sum if illness or injury permanently stops you working. Trauma cover pays on diagnosis of a listed serious condition like cancer, heart attack, or stroke — the benefit is paid regardless of whether you can still work. Income protection replaces up to 70% of your income with a monthly benefit while you cannot work due to illness or injury. Business expenses cover keeps a small business running by reimbursing fixed costs if the owner is disabled.
Most Australians do not need all five at full strength. The right combination depends on whether you have dependants, a mortgage, an existing super-based default cover, a self-employed income stream, and how you weigh lump sums against ongoing payments. The comparison table and per-type pages below set out coverage mechanics, waiting and benefit periods, expiry ages, tax treatment, and indicative starting premiums sourced from the LRO API. Each insurer on the IMFL panel — AIA, Zurich, TAL, OnePath, ClearView, NEOS, Encompass, Acenda, and Futura — offers variations on these product types, so the same cover level can produce very different prices.
The information here is factual and general — not a personalised recommendation. The right structure depends on your circumstances, debts, and budget. To see how the trade-offs land for your situation, generate an indicative quote in about three minutes or book a call with an adviser.
Insurance Types at a Glance
Compare coverage, costs, and key features across all 5 insurance types
| Insurance Type | What It Covers | Waiting Period | Benefit Period | Expiry Age | Tax Deductible | From (monthly) |
|---|---|---|---|---|---|---|
| Life Insurance | A lump sum payment to your loved ones when you pass away. | None (pays on death) | One-time lump sum payment | 99 | No | $20.83 |
| Total and Permanent Disability Insurance | A lump sum if you can never work again due to illness or injury. | Typically 3-6 months after disability | One-time lump sum payment | 70 | No | $32.50 |
| Trauma Insurance | A lump sum if diagnosed with a serious illness like cancer or heart attack. | Typically 14-90 days (varies by condition) | One-time lump sum payment | 75 | No | $38.50 |
| Income Protection Insurance | Monthly payments replacing up to 70% of income if unable to work. | 14, 30, 60, or 90 days (your choice) | 2 years, 5 years, to age 65, or to age 70 (your choice) | 70 | Yes | Quote |
| Business Expenses Insurance | Covers your business running costs if you can't work due to illness or injury. | 14, 30, or 60 days (your choice) | 12 months (standard) | 65 | Yes | Quote |
Indicative premiums sourced from LRO API, March 2026. Profile: 30yo male, non-smoker, professional occupation, NSW, stepped premiums, monthly frequency.
Explore Each Insurance Type
Click any insurance type to learn more about coverage, benefits, exclusions, and premium examples
Life Insurance
A lump sum payment to your loved ones when you pass away.
- Lump sum payment to beneficiaries upon death
- Replaces your income to support dependents
- Pays off mortgage and debts
Starting from
$20.83/month
Age 30, $500,000 cover
Total and Permanent Disability Insurance
A lump sum if you can never work again due to illness or injury.
- Lump sum payment if permanently unable to work
- Covers both "own occupation" and "any occupation" definitions
- Pays off mortgage and other debts
Starting from
$32.50/month
Age 30, $500,000 cover
Trauma Insurance
A lump sum if diagnosed with a serious illness like cancer or heart attack.
- Covers 40+ critical illnesses including cancer, heart attack, stroke
- Lump sum payment upon diagnosis (not death)
- Immediate funds for treatment and recovery
Starting from
$38.50/month
Age 30, $200,000 cover
Income Protection Insurance
Monthly payments replacing up to 70% of income if unable to work.
- Monthly payments replacing up to 70% of income
- Covers sickness and injury
- Premiums generally tax deductible outside super
Get an indicative quote
Business Expenses Insurance
Covers your business running costs if you can't work due to illness or injury.
- Covers ongoing business expenses (rent, wages, utilities)
- Separate from personal income protection
- Keeps your business operational during recovery
Get an indicative quote