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5 Step Guide to BUYING life insurance
STEP 1
What type of cover do I need?
Understand what is covered:
- Life (Death) – lump sum if you die
- TPD – lump sum if you can no longer work
- Trauma – lump sum to manage the costs of a serious illness
- Income Protection – monthly payments to meet expenses/maintain lifestyle over short term or long term
What do you need to protect?
STEP 2
How much cover should I have?
Work out your Insurance Needs and Goals:
- Pay expenses – funeral or medical
- Pay off debts
- Replace lost income
- Cover future education costs
Offset existing assets:
- Savings
- Superannuation
- Existing insurance covers
STEP 3
What will the cover cost?
Compare and shop smart:
- Free Insurance comparison service
- Online quotes from 10 insurance providers
- No personal information required
- No annoying phone calls
- Insurance Watch 10% cashback
STEP 4
Which policy will suit me?
Research the differences:
- We compare benefits and premiums
- Rewards for healthy lives
- Claims acceptance rates
- Customer reviews
- Size/ownership of insurer
- Award winners
STEP 5
How do I apply for cover?
Different ways to apply:
- Online
- Phone
- Paper
(Usually Medicals will not be required)
Help after the application:
- Ongoing policy management
- Assistance with claims
Life Insurance Comparison
Top 3 Cheapest Premiums – Insurance Watch
| Male | Female | |
|---|---|---|
| NEOS Protection Life Insurance | $ 26.33 | $ 21.53 |
| ClearView Life Insurance | $ 29.10 | $ 22.53 |
| MetLife Life Insurance | $ 31.69 | $ 24.33 |
Direct Life Insurance Brands
| Male | Female | |
|---|---|---|
| Allianz Life Insurance | $ 66.73 | $ 51.38 |
| HCF Life Insurance | $ 89.00 | $ 66.50 |
| Kogan Life Insurance | $ 93.80 | $ 79.54 |
| InsuranceLine Life Insurance | $ 93.93 | $ 76.73 |
| AAMI Life Insurance | $ 93.93 | $ 76.73 |
| Suncorp Life Insurance | $ 93.93 | $ 76.73 |
| Real Life insurance | $ 94.03 | $ 79.73 |
| Guardian Term Life Insurance | $ 148.59 | $ 103.47 |
Monthly Premiums for $500,000 Life Insurance for a 45 year old, non-smoker as at 5th September 2023 (excludes membership or other discounts and before the Insurance Watch 10% Cashback*)
Pay Your Premiums With Super
Many of the insurance companies we feature will allow your Life/TPD insurance and Income Protection insurance premiums to be paid out of your existing superannuation fund or SMSF. Some insurers will even give you a 15% discount if you pay in this way. Interested? Compare life insurance quotes or seek advice from one of our qualified advisers.
Tax Deductions
Tax deductions can be handy at tax time. Did you know that income protection insurance premiums can be fully tax deductible? This means when considering the cost of income protection you should look at the after tax cost. We show you the savings you can make by claiming your tax deduction. Compare income protection quotes and find a great deal.
Hot Topics
Superannuation Insurance
SMSF Insurance – Insurance for Self Managed Super Funds (SMSFs)
APRA Changes to Income Protection
Are you paying a “Lazy tax” on your insurance?
How to Reduce the cost of Income Protection Insurance
Top 3 Insurers According To You
Frequently
Asked
Questions
This combined cover pays a cash lump sum for the first to occur of death, terminal illness and total and permanent disability (TPD). Find out how to compare Life and TPD insurance policies
This cover provides a monthly benefit (after a waiting period has been served) if an illness or injury stops you from working and being able to earn an income. In Australia this cover is tax deductible which reduces the cost in after tax terms. Find out how to compare income protection policies
This cover can pay a cash lump sum if you suffer one of the major illnesses covered under the policy, such as cancer, heart attack and stroke. Find out how to compare trauma insurance policies
In September 2022 the average cost of $500,000 life insurance cover for a 40 year-old, male non-smoker was between $21.39 and $30.46 a month for policies from Insurance Watch. The same insurance cost $40.33 to $92.17 a month from “direct to the public” brands promoted on TV. See premium comparison
The “best” life insurance policy for you will depend upon your age, gender, smoker status, pastimes, health and occupation. As insurers rate these differently it is important to compare premiums from a range of insurers, as well their policy benefits, claims statistics and customer reviews. For help finding the right policy to meet your needs you should seek advice.
Policies from life insurance advisers/brokers are generally cheaper than buying direct life insurance policies. Superannuation funds can also provide low cost insurance cover. The best way to find the cheapest cover is to shop around.
To find the best deals ensure that you are comparing policies from a wide range of insurers, including the largest life insurance companies in Australia. Compare quotes online so that you are not pressured into a purchase over the phone. Check what incentives and discounts are on offer to lower the price.
