Life Insurance in Australia

Life Insurance Direct provides fast, accurate and transparent quotes across Australia! Our online presence allows us to deliver quote comparisons to you, no matter where you live.

  • New South Wales
  • Northern Territory
  • queensland
  • South Australia
  • Tasmania
  • Victoria
  • Western Australia

Dealing with Australia’s leading life insurerswe can provide a comprehensive range of quotes from 13 major insurers.

  1. Does where I live affect my quote?
  2. Cheapest Life Insurance
  3. Stamp Duty
  4. Life Expectancy
  5. What makes up my Premiums
  6. Policies available
  7. Term Life Insurance Policies

Does where I live affect my quote?

Generally, the state you live in will not affect your premiums, even though life expectancy and stamp duty rates differ between states. However when it comes to other types of cover, your premiums may differ between states.

Cheapest Life Insurance

Despite differences in stamp duty between states, base premiums do not change depending on where you live. However this may not be the case for other insurances, where stamp duty is not built into the base premium and therefore premiums may differ between states.

Trauma Insurance

Our research has found that the two cheapest states in which to take out cover were:

State Male Female
NSW $105.78/month $107.70/month
VIC $108.30/month $110.26/month

The most expensive state in which to take out trauma insurance was:

State Male Female
SA $111.82/month $113.85/month

TPD Insurance

Our research found that quotes for TPD insurance were consistent across all states at $97.24 for both males and females except for NSW:

State Male Female
NSW $95.16/month $95.16/month

Income Protection

Our research found a little more variation in the prices between states, with the cheapest quotes coming from:

State Male Female
NSW $46.48/month $89.71/month
QLD $61.74/month $91.85/month

While all other state were consistent at $63.75/month and $93.98/month for males and females respectively, except for South Australia who charged $94.98/month for females.

Stamp Duty

Cover Type NSW ACT QLD VIC Tas SA WA NT Included in Base Premium
Life Insurance

5%

3%

5%

5%

5%

1.5%

0%

5%

Yes

Accidental Death

5%

3%

5%

10%

10%

11%

10%

10%

Additional Charge

TPD

9%

6%

7.5%

10%

10%

11%

10%

10%

Additional Charge

Accidental TPD

9%

6%

7.5%

10%

10%

11%

10%

10%

Additional Charge

Trauma

9%

6%

7.5%

10%

10%

11%

10%

10%

Additional Charge

Income Protection and Business Expenses

5%

6%

7.5%

10%

10%

11%

10%

10%

Additional Charge

Accidental Income Protection

5%

6%

7.5%

10%

10%

11%

10%

10%

Additional Charge

Child Cover

5%

3%

5%

5%

5%

1.5%

0%

5%

Yes

Life Expectancy

Life Expectancy for those born in 2009-2011:

State Male Female
New South Wales 79.8 84.2
Victoria 80.3 84.4
Queensland 79.5 84.1
Western Australia 80.1 84.6
South Australia 79.7 84.0
Tasmania 78.3 82.5
Northern Territory 74.9 80.5
Australian Capital Territory (ACT) 81.0 84.8
Australia 79.7 84.2

australia-life-expectancy

Number of Deaths in Australia:

While the number of deaths in Australia has increased between 2001 – 2011, Australia’s population has also grown.

australia-number-death

Number of Births in Australia:

The number of births in Australia has increased from 2001 – 2011, with the Australian population increasing during the same period.

australia-birth

What makes up my Life Insurance Premiums?

Australian Life Insurance Premiums quoted by us include all policy fees, charges and other taxes, including stamp duty. We do not charge for our comparison service, instead receiving commission from life insurance companies. It is important to note that each state has different stamp duty rates and this may affect your quote, particularly when it comes to income protection, TPD and trauma insurance.

Life Insurance Policies available in Australia

In the past, Whole of Life insurance was the only life insurance offered in Australia. This types of policy held an insurance component and an investment component with a surrender or cash value – if you cancelled your policy, you would be refunded a portion of your paid premiums as a lump sum. Today, Whole of Life policies are no longer available in Australia and only Term Life policies are offered. Term Life policies pay a lump sum benefit upon your death and generally upon the diagnosis of a terminal illness. They do not have an investment component or a surrender/cash value, but are significantly cheaper than Whole of Life policies.

For more information on the different types of cover, please refer to these sections:

If you would like to compare policies or discuss your policy options, please contact Life Insurance Direct on 1300 135 205. Sources: Australian Bureau of Statistics August 2013, xPlan 2013

Published: September 6, 2013

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