Our insurance team have gathered 100+ quotes from 10 of Australia's most popular providers. We've selected the cheapest policies based on 2023 Finder Awards research. All the policies in this guide can pay your loved ones a lump sum if you die. Keep in mind, prices will differ depending on your age, health, occupation and smoking status.
Source: Finder survey by Pure Profile of 1110 Australians, December 2023
Cheap life insurance for 30 + 40-year-olds: NobleOak
Our verdict
At an average of $5.50 per week for a $500k policy, NobleOak is the cheapest life insurance policy for 30 and 40-year-olds, according to our 2023 Finder Awards research.
Pros and cons
It can payout up to $25 million. The industry average is $1.5 million. It also came first place in the Finder Awards for the last five years.
It has a very high claims payout rate. NobleOak paid out 96.9% of claims in the latest period. This was higher than the industry average of 92.4%.
NobleOak only offer fully underwritten cover. This minimises the risk of unforeseen delays when it comes to claiming but it does mean you will need to answer questions about your health, occupation and lifestyle when you apply.
Optional Total and Permanent Disability (TPD) cover. Max cover $5 million Optional Trauma cover Claims acceptance rate: 96.90% Average claims processing time: 1.1 months Maximum cover amount: $25,000,000 Terminal illness benefit: $25,000,000 Funeral benefit: $15,000 Maximum entry age: 74
We picked NobleOak because it was the cheapest policy for non smokers aged 30 and 40. To determine the winners, we got 250+ quotes across 10 popular life insurance providers. These were:
AAMI
ahm
Allianz
Bendigo
Insuranceline
Medibank
NobleOak
RAC
Suncorp
TAL
Keep in mind that your prices will differ depending on your age, health, occupation and smoking status.
On average, TAL is the cheapest life insurance policy for 50 and 60-year-olds, according to our 2023 Finder Awards research of 10 different insurers. A policy costs around $34 per week for a $500k policy. That's $26 less than NobleOak, the second cheapest policy.
Pros and cons
TAL doesn't have a cap on payouts. All other insurers have a limit of around $1.5 million.
The application process is very straightforward. You can get a quote with TAL in less than five minutes.
It comes with a level premium option. This means costs will largely remain the same as you get older but they start off a little more expensive. With other insurers, costs will typically increase as you age and can do so substantially. These are called stepped premiums. TAL is one of the only insurers to offer both options.
Optional Total and Permanent Disability (TPD) cover. Max cover $3 million Optional Trauma cover
Claims acceptance rate: Data not available
Average claims processing time: 1 months
Maximum cover amount: No set limit
Terminal illness benefit: Not stated Funeral benefit: $25,000 Maximum entry age: 73
We picked TAL because it was the cheapest policy for non smokers aged 30 and 40. To determine the winners, we got 250+ quotes across 10 popular life insurance providers. These were:
AAMI
ahm
Allianz
Bendigo
Insuranceline
Medibank
NobleOak
RAC
Suncorp
TAL
Keep in mind that your prices will differ depending on your age, health, occupation and smoking status.
We gathered quotes from 10 direct life insurance brands in Australia. On average, NobleOak was the cheapest policy for 30 + 40-year-olds. TAL was the cheapest for 50 + 60-year-olds.
Prices calculated are for male and female non-smokers in NSW with $500,000 worth of life insurance cover. Keep in mind: Prices vary based on your cover amount, age, gender, income and occupation.
*Quotes are an estimate only. Figures are correct as of May 2023 and are subject to change. There may be some policies in the market that aren't covered here.
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've done 100+ hours of policy research to help you understand what you're comparing.
What impacts the price you pay?
The following are some of the factors impacting the cost of your life insurance premiums:
Level of cover. The higher the benefit payout, the higher the premium tends to be.
Added cover. Premiums go up if you add trauma, income protection and total permanent disability cover to your standard life insurance policy.
Payment type. You can generally choose to pay your premiums in 1 of 2 ways: - Stepped. Your premiums start out lower but increase as you get older. - Level. You pay the same price for the term of the policy.
Combining cover. Some insurers offer discounts to customers with multiple policies.
What are the 3 main types of life insurance?
There are 3 types of life insurance: retail, direct and group.
Direct
This is when you buy a policy (like the ones above) directly from an insurer without the help of a broker, adviser or super fund.
It can be very cheap if you're still young and healthy
It's guaranteed renewable
Can buy online or over the phone
Cover can be more expensive than buying through a broker (retail)
I cancelled the life insurance inside my super because it eating into my retirement savings, it would have expired when I turned 65 and the premiums were going up every year. I found it was much better value to get a standalone life insurance policy, get level premiums and choose the payout amount myself.
Can you get cheap life insurance without a medical exam?
Yes, you can get life insurance without taking a medical exam. And while there are some advantages to going down this path, there are also some pitfalls.
Pros
Straightforward application process
Convenient for people who know exactly what they need in a policy
Little to no medical underwriting is required
Convenient for people who understand how the specific policy works
Good for people who don't need the help of an adviser
Cons
Insurers make assumptions on your health and the level of risk you carry
Premium rates may be higher compared to a plan that has a more stringent medical underwriting process
You may find you're not covered for any pre-existing medical conditions you might have
How to get cheaper life insurance
Adopt healthy habits
Some life insurers have health and wellness programs, which offer rewards for healthy living as well as discounts on wellness products and services. For example, TAL lets you score ongoing discounts on your premium of up to 15% if you're able to keep your BMI between 19 and 29 (and you don't smoke).
Compare policies
You should compare your life insurance from time to time to see if you can save. Keep in mind that switching won't always be beneficial as you get older – it's generally better to get in early with life cover.
Bundle policies
Some insurers will offer discounts if you take out more than 1 policy with them or if your spouse takes out insurance through the company too. With Zurich, you can get a premium discount of 5% on each relevant policy.
Look for frequent flyer programs
Some insurers will integrate frequent flyer programs into their policies, so you can earn points for every dollar you spend on your premiums. For instance, Qantas Frequent Flyer members can earn 1 point for every dollar spent in premiums with OnePath Life Insurance
Apply coupon codes
Some life insurers will occasionally run promotional offers including some generous sign-up perks. Be sure to look for discounts and deals before you buy your policy, as you could save some cash.
Life insurance glossary: Key terms to know
A rundown of the tricky definitions for life insurance. Plus, what to look for when you're comparing.
Beneficiary
The person you've nominated to receive your life insurance payment if you pass away or become terminally ill. You can nominate anyone as your beneficiary. There can be more than one beneficiary and each beneficiary can receive different amounts.
Children's insurance
Covers your child for death, terminal illness or a serious injury or illness that's specified in your policy. Typically, children's cover needs to be added as an optional extra.
Finder looked at 16 policies on our database and found just a few give you the option of adding a child to a policy.
Cooling-off period
The amount of time in which you can cancel your policy after signing up – and get a full refund of any premiums paid. The vast majority of insurers offer a cooling-off period of up to 30 days.
Counselling benefit
Some insurers will pay costs for grief counselling sessions for you or your partner. Counselling benefits usually have a limit of around $1,000. It can be claimed after a death or terminal illness claim.
Exclusion
An exclusion is any specific risk or event that you can't claim for under your policy. Insurers can apply exclusions to certain pre-existing medical conditions. For example, they may not cover any claims related to mental health.
Exclusion period
How long you'll have to hold your insurance before a policy exclusion turns into a claimable event. For example, it's common for suicide to have a 13-month exclusion period.
Fully underwritten
With a fully underwritten life insurance policy, your application is assessed upfront. Whereas a policy that isn't fully underwritten is assessed at the time of a claim.
Pays a lump sum benefit – usually up to $15,000 – so your loved ones can meet the cost of your burial or cremation without using their own money.
You could look for a funeral policy offering a guarantee that any payout won't be less than the total you've paid in premiums. This is sometimes called a premium guarantee.
Guaranteed acceptance
You can get insurance without having to answer any health questions, or take a medical exam or blood tests.
Guaranteed acceptance policies, also known as auto-acceptance policies, will have an age eligibility requirement. This can range between 16 and 80 years of age.
Guaranteed Renewability
The insurer lets you renew your coverage each year, as long as you keep paying for your premiums. Many life insurers in Australia offer this peace of mind.
Income protection insurance
Income protection insurance pays a monthly wage if you need to take time off work due to a sudden accident or illness. Many insurers will pay up to 70% of your pre-tax income.
Inflation protection
This ensures your premiums keep up with inflation so that your amount of cover is worth as much by tomorrow's dollar. You can ask your insurer to switch off this automatic policy feature, but it could leave you underinsured.
Interim accident cover
Insures you while your life insurance application is being underwritten or waiting to be approved. Typically, interim insurance will cover you for up to 90 days.
Joint life insurance
A policy that covers 2 people, but it pays out one time. A lump sum goes to the other policyholder in most cases.
Joint life insurance can be a cheaper option than two single policies. But it's potentially complicated if a relationship ends.
Level premium
Your insurance generally won't increase in price as you get older. You'll usually pay more in the beginning but they offer more certainty over time. Only a few direct insurers in Australia offer level premiums.
Loading
Essentially, you have to pay a bit more to include your health condition, job or hobby in your policy. Any loadings will be offered during the life insurance application process.
Minimum cover
The smallest amount of insurance (or, sum insured) you can take out. Many insurers in Australia set a minimum cover level of $100,000.
Maximum cover
The cover limit offered by an insurer. It's the most you can be paid out after a claim. Maximum cover limits can range from $500k to $15 million. TAL told Finder it had "no set limit" for a payout.
Maximum entry age
The maximum age you can be to apply for life insurance. Common age caps are 64 or 65, but some providers go up to 70+.
Some insurers will require you to have a physical examination before you're approved; others will just need you to answer questions about your medical history on your application form.
Monthly benefit
A regular monthly payment if you're unable to work due to illness or injury. It's designed to replace a portion of your regular income. Monthly benefits are a common feature of income protection policies.
Mortgage protection insurance
Insurance that can cover your mortgage repayments if you have a serious illness or pass away. Mortgage protection will only cover your mortgage repayments, not all the other bills you'd need to pay if you lost your ability to earn an income.
Personal accident insurance
Insurance to replace your income if you are temporarily unable to work after an accident. This cover can be bought as a standalone policy. Keep in mind it won't cover you if you get sick and can no longer work.
Personal insurance
An umbrella term for the following 4 core types of life cover: Life insurance, Total and permanent disability (TPD) insurance, trauma insurance and income protection cover.
A condition you have, or have had, prior to taking out life insurance.
You may be able to get life insurance that includes cover for a defined medical condition. It's likely to cost you more. However, if an insurer thinks your condition is too high risk or isn't under control, they'll exclude it from your policy.
Premiums
The amount you pay an insurer for your cover. Premiums can be paid weekly, fortnightly, monthly or annually.
A policy option that lets you stop paying premiums entirely. You will typically lose all your cover while your policy is suspended.
Not all life insurance policies include a suspension of cover benefit. Check with an insurer directly.
Premium freeze
A premium freeze lets you stop your premiums from increasing as you age.
It's only available with stepped premium policies because the cost rises with age. By activating a premium freeze, your level of cover will drop over time.
Retail life insurance
Buying life insurance through a broker, who will give you tailored advice on securing cover. Buying a retail policy is one of 3 ways to get life insurance in Australia. The others are directly with an insurer or through your superannuation.
Salary continuance
You can receive up to 75% of your regular earnings each month to cover general living expenses if you can't work due to an accident, illness or injury
Salary continuance insurance is held within a super fund, and you'll pay your insurance premiums from your super balance rather than directly from your bank account.
Typically, to be classed as a 'non-smoker' you'll need to be free of any smoking products for 12 months, but this can vary between insurers.
Stepped premiums
How much you pay for your policy increases each year by a certain percentage. Most policies in Australia have stepped premiums. Yearly increases can range from 2% to 7%.
Term cover
A type of life insurance that provides a set amount of cover for a set amount of time (or, 'term'). The maximum cover offered by term policiescan range from $100,000 to $1 million.
Terminal illness benefit
An insurance which pays out a lump sum if you're diagnosed with an illness which cannot be cured, such as advanced cancer. Benefits can range from around $1 million to as much as $25 million in Australia. It's usually included with a life cover policy.
Total and permanent disability (TPD)
An insurance that pays a lump-sum (as high as $5 million) if you get sick or injured and become permanently disabled. In most cases, TPD cover is available as an add-on when you take out life insurance.
Trauma insurance
A type of insurance that pays out if you are diagnosed with a critical illness or suffer a life-changing injury that's listed in your policy. Examples can include cancer, heart attack and stroke. Trauma insurance pays up to $2 million as a lump sum.
Underwriter
When you apply for cover, the insurance underwriter assesses your level of risk and determines whether the insurer should offer you cover, as well as under what conditions that cover should be offered.
You could check to see if a policy has been underwritten by a major insurer, backed by many years of experience.
Why you can trust Finder's life insurance experts
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.
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.
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.
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.
Frequently asked questions
According to our 2023 pricing research, TAL was the cheapest for men ($20/month) and NobleOak was the cheapest for women ($15/month). However, pricing will differ depending on your age, health and smoking status.
Additionally, you might be able to get a discount if you pay your premiums annually instead of monthly.
The cheapest life insurance varies depending on your age, health and smoking status. However, as an example, TAL offers the cheapest life insurance policy for 60-year-olds out of the 10 providers we researched.
The simplest and least expensive form of life insurance is direct life insurance (bought online from the provider) that isn't fully underwritten, meaning it won't require you to submit a lot about your medical history. While this is the simplest and cheapest form of life insurance, it isn't necessarily the best or most comprehensive.
For some people, yes. That's why you should never buy life insurance based on price alone. Always make sure you read the product disclosure statement (PDS) carefully. Risks associated with cheap life insurance include the following:
Getting a policy that doesn't suit your lifestyle. You can get cheaper life insurance by telling your insurer you don't smoke, but if you do, then your policy might not pay out when you make a claim. Always be accurate, even if it's going to cost you more money upfront.
Not being covered for health conditions. Buying life insurance without a medical questionnaire may be quicker and easier, but it'll automatically exclude any pre-existing medical conditions. If you have any health issues, expect to pay more for your life insurance.
Under-insurance. Lots of Australians don't take out enough insurance for genuine financial security. While $250,000 worth of life insurance sounds great, that wouldn't even cover half of the average mortgage. Calculate how much life cover you need with our quick quiz.
In most cases, no. For example, the ATO specifies that insurance premiums aren't tax deductible if the policy pays a benefit for physical injury. However, it can pay to check with your accountant about your circumstances.
Your premiums will generally be recalculated each year on the renewal of your policy, based on your risk and lifestyle factors. That's assuming you have a stepped premium structure.
You can pay your life insurance premiums fortnightly, monthly or annually. In most cases, you can qualify for a discount if you can afford to make an upfront annual payment.
If you make a claim on a death policy, no more premiums are required to be paid. But, if you are claiming on a living insurance policy your premiums will be reduced by the amount of the benefit paid.
80 hours+ of research, based on time taken to gather quotes and research each policy, February–March 2023
Gary Ross Hunter is an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, news.com.au, The Telegraph, Explore Travel and Escape. Gary holds a Kaplan Tier 1 General Insurance (General Advice) certification and a Kaplan Tier 1 Generic Knowledge certification which meets the requirements of ASIC Regulatory Guide 146 (RG146).
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan and read any disclosure documents (such as any Target Market Determination (TMD) and/or Product Disclosure Statement (PDS)) issued by the provider before making a decision.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
