Life Insurance Comparison

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Name Product Claims Acceptance Rate Maximum Cover
Finder AwardBonus
  • Optional Total and Permanent Disability (TPD) cover. Max cover $3 million
  • Optional Trauma cover
Data not available
No set limit
Our verdict: The cheapest policy on average for 30-40 year olds, according to 2023 Finder research. It’s one of the only 4 brands to offer child cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).
NobleOak Life Insurance
FULLY UNDERWRITTEN
Finder AwardBonus
  • Optional Total and Permanent Disability (TPD) cover. Max cover $5 million
  • Optional Trauma cover
96.90%
$15 million
Our verdict: Get two months free for a limited time – apply by 23 June 2023. One of the cheapest policies on the market according to 2023 research. It pays out 96.9% of claims and the initial application process only takes around 15 minutes.
Bonus
  • Optional Total and Permanent Disability (TPD) cover. Max cover $1.25 million
  • Optional Trauma cover
86.40%
$2.5 million
Our verdict: You get $100 cashback when you buy a policy by 15 June 2023 and hold cover for 6 months. (T&Cs apply). Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Health members get 10% off premiums every year and you get access to the 24/7 Medibank Nurse Phone Service.
  • Optional Total and Permanent Disability (TPD) cover. Max cover $1.25 million
  • Optional Trauma cover
86.40%
$1.5 million
Our verdict: Quick application process. You answer around 20 questions over the phone with no medical or blood tests. The life insurance express plan can take under 10 minutes to complete.
Bonus
  • Optional Total and Permanent Disability (TPD) cover. Max cover $1 million
  • Optional Trauma cover
88.90%
$1 million
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.
Bonus
  • Total and Permanent Disability (TPD) cover
  • Trauma cover
98%
$1.5 million
Our verdict: Good if you want a cheap policy from a well-regarded insurer – its 98% claims acceptance rate is higher than any other provider on Finder. Zurich keeps things simple: unlike others, it doesn’t go in for optional add-ons such as TPD or trauma cover.
RAC Life Insurance
FULLY UNDERWRITTEN
  • Optional Total and Permanent Disability (TPD) cover. Max cover $5 million
  • Optional Trauma cover
96.90%
$25 million
Our verdict: RAC’s maximum cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance.
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Why compare life insurance with Finder?

  • You pay the same price as buying directly from the life insurer.

  • We're not owned by an insurer (unlike other comparison sites).

  • We don't ask for your phone or email.

  • We've done 100+ hours of policy research to help you understand what you're comparing.

What is life insurance?

Life insurance pays a lump sum of money when you pass away or become terminally ill.

You can select how much you want to receive. Options typically range from $100,000 to $15 million.

The money is given to the people you nominate as the beneficiaries when you take out a policy. This means, if you pass away, your loved ones will still be able to afford mortgage payments, ongoing bills and other living expenses.

How much does life insurance cost?

A $500,000 life insurance policy costs an average of $35 per month for non-smoking 30 and 40 year olds, according to our 2023 Finder Awards research.

To get this price, we gathered 40 quotes from 13 brands including TAL, NobleOak and Zurich for 30 and 40-year olds (20 males and 20 females) applying for a life insurance policy. The payout selected was $500,000. They had no pre-existing conditions and did not smoke.

Actual quotes will vary depending on your personal circumstances. The cost of life insurance depends on your age, health, occupation and the benefit amount you select – for example, a $500,000 policy will cost less than a $1 million life insurance policy,

Finder life insurance award

Best life insurance winner 2023

NobleOak's life insurance policy won this year's Finder Award. It won because it was cheaper than 8 of the 10 insurers we researched and covers more than most. For example, it can pay out up to $15 million if you die or are diagnosed with a terminal illness – most have a $1.5 million cap.

Other types of life insurance

TPD insurance

Total & Permanent Disability (TPD)

TPD covers you if you get severely injured or sick. For example, if you become blind or paralysed after a car accident and become permanently disabled.
Typical cover range: $50,000 to $5 million.

Trauma insurance

Trauma insurance

Trauma cover, sometimes called critical illness cover, is a policy add-on that pays a lump sum if you are diagnosed with a major medical condition, such as cancer or a heart attack.
Typical cover range: $500,000 to $2 million.

Income protection

Income Protection

Income protection insurance pays a monthly benefit if you are unable to work due to illness or injury. Usually, it will only pay up to 70% or 75% of your typical wage for a period of 2 or 5 years.

Learn more about life insurance

Our life insurance guides can help you compare and understand what cover option is right for you.

Life Insurance Box 1

What is life insurance?
Find out the ins and outs of life insurance, from how it works to why it's so important for many families.

Life insurance deals and discounts

Store Discount

Up to 15% off your TAL Life, Trauma or TPD insurance policy

Applicable for the life of your policy if you have a Body Mass Index (BMI) between 18 and 28 at the time of your application. T&C’s apply.

Last verified

Get 2 months free

For a limited time when you take out one or more covers - apply by 23 June 2023. T&Cs apply.

Last verified

Deal ends

Want $100 cashback with Medibank Life Insurance?

Purchase cover by 15 June 2023 and hold cover for 6 months to get $100 cashback. Medibank health members save 10% every year. T&Cs apply.

Last verified

Deal ends

10% off for ahm health members

ahm health members get a 10% premium discount for the duration of their life insurance policy.

Last verified

One month free

Get the first month free and a 10% discount if you take out a second life insurance policy (discount applies to second policy). T&C’s apply.

Last verified

Get 10% of premiums back in the first 12 months

Receive 10% of premiums you’ve paid in the first 12 months with The Real Reward program.

Last verified

Get two months free

When you purchase two or more RAC Life Insurance covers. Apply by 30 June 2023.

Last verified

Deal ends

Expert tips on finding life insurance

Speak to a life insurance broker

Enter your details and one of our partner brokers will call you. They will discuss your quote, options and available products.

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An adviser can help you find cover from trusted life insurance brands.

  • Get competitive quotes from multiple brands
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  • Save time and effort

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Read our life insurance reviews

Want to find out more about a specific insurer? We've reviewed over 30 of them. Here's a bunch of the most popular ones:

If the brand you're looking for isn't here, check out our directory.

Life insurance glossary

A rundown of the tricky definitions for life insurance. Plus, what to look for when you're comparing.

Why you can trust Finder's life insurance experts

free

We're free

You pay the same as buying directly from the life insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
expert advice

We're experts

Our team of life insurance experts have researched and rated dozens of policies as part of our Finder Awards and published 250+ guides to make it easier for you to compare.
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We're independent

Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of life insurance brands, making it easier for you to find a good deal.
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We're here to help

Since 2016, we've helped 270,000+ people find life insurance by explaining your cover options, simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

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