Life Insurance
Life insurance provides a lump sum payment to your beneficiaries when you pass away, helping to replace your income, pay off debts, and maintain your family's standard of living. In Australia, life insurance (also called term life insurance) is the foundation of financial protection for families.
Who Needs Life Insurance?
- Parents with dependent children
- Anyone with a mortgage or significant debts
- Single income families
- Business owners with key person insurance needs
- Anyone wanting to leave an inheritance
Key Details
- Waiting Period
- None (pays on death)
- Benefit Period
- One-time lump sum payment
- Expiry Age
- 99 years old
- Tax Deductible
- No — Premiums are not tax deductible
Starting from
$20.83/month
Age 30, male, $500,000 cover
What Life Insurance Covers
Common Exclusions
Most life insurance policies will not cover:
Premium Examples
Indicative monthly premiums for life insurance. Your actual premium will depend on your health, occupation, and coverage amount.
| Age | Gender | Coverage Amount | Provider | Monthly Premium |
|---|---|---|---|---|
| 30 | male | $500,000 | Encompass | $20.83 |
| 30 | male | $500,000 | NEOS | $23.11 |
| 30 | male | $500,000 | TAL | $34.11 |
| 30 | male | $500,000 | AIA | $34.78 |
Indicative premiums sourced from LRO API, March 2026. Profile: 30yo male, non-smoker, professional occupation, NSW, stepped premiums, monthly frequency.
Compare with Other Insurance Types
See how life insurance compares to other types of coverage
Total and Permanent Disability Insurance
A lump sum if you can never work again due to illness or injury.
Trauma Insurance
A lump sum if diagnosed with a serious illness like cancer or heart attack.
Income Protection Insurance
Monthly payments replacing up to 85% of income if unable to work.
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