Online Life Insurance Quotes

At Life Insurance Direct we are focused on finding you great value life insurance at an affordable price. Therefore we have hand-selected 10 of the leading life insurance companies for you to compare quotes side-by-side AND we back it up with our $250 Lowest Price Guarantee* so you can rest assured we are 100% focused on finding you great value.

Compare Life Insurance Quotes Online

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Calculating your quotes

While researching life insurance quotes online can save you lots of money, it’s important to know that there are generally 2 types of policies you’ll find online; Direct (non-advised) policies which are generally sold directly by banks or large affinity partners and Retail (advised) policies generally provided by brokers or advisers.

We predominantly compare life insurance policies from retail policies as they are generally better priced and more comprehensive, and generally have fewer exclusions.

Life Insurance Direct helps you with the decision-making process by providing you with our revolutionary comparison tool that delivers instant life insurance quotes online. With our comparison software and expert staff, you gain access to important information so that you can make an informed decision that suits your budget and unique needs.

Get instant life insurance quotes

Our software provides you with instant life insurance quotes and allows you to evaluate your options side-by-side so you can choose the right policy. It’s an obligation-free way of getting quotes online based on your personal requirements. No medical or blood tests are required for you to apply, and you can easily add TPD, Trauma and Income Protection Insurance to your quote.

How to compare life insurance quotes online

To compare life insurance quotes, firstly ensure you have selected the level of cover you require incl. payment frequency, premium type and if you’d like the policy funded by your super fund, bank account or credit card. The Features tab provides you with a detailed breakdown of what is and is not covered so you can compare prices and policy features side-by-side.

Step 1: Complete the quote form at the top of this page

Step 2: Personalise your cover requirements to fit your unique circumstances

Step 3: Add more cover options if required

Step 4: Start your search by comparing prices

Step 5: Compare features from different companies

Step 6: Apply and receive a complete breakdown of your quote

Benefits of using the Life Insurance Direct comparison software

We get it, Life insurance provides your family or dependents are financially secure in the event of your death or terminal illness. However, if it is unaffordable or does not provide you with the cover you require then what is the point. Therefore we have built in the features and policy information that helps you to make a fully informed decision that gives you and your family peace of mind.

Whether you are a guru in insurance, comparing an existing policy or just looking at life insurance for the first time our easy to use software can visibly demonstrate the price & feature differences between policies and companies.

No medical exams needed

In general, you won’t have to undergo a medical exam or blood tests when applying for a policy. However, each company’s application questions (underwriting process) is different and might provide you with a different outcome.

Retail policies: When you purchase a policy through Life Insurance Direct, the underwriting process will be more extensive. With every extra question asked your risk to the insurer will be further refined and ultimately lead to cheaper premiums and competitive coverage.

Direct policies: Buying a policy direct from the insurer usually entails a fast and easy application process (fewer questions) with limited to no underwriting. While very convenient, according to the ASIC 498 report, you’ll generally have a 71% higher chance of being declined and pay 50% to 100% more for your premiums.

For example, as a 40-year-old male taking out $1,000,000 worth of life cover you will pay about $44.41 more for a direct policy than a retail policy. Visit our Quote Index and see the difference for yourself.

Whether you decide to buy through Life Insurance Direct, a Broker or directly via a Bank you must comply with your duty of disclosure.

Take note: You may need a medical exam if you have a pre-existing medical condition, for example, diabetes or cancer, and the insurer requests updated results on your condition. Another reason you might need to complete a medical exam is if you want to be insured for a larger sum amount, usually above $2.5 million.

The 5 factors to consider when comparing life insurance quotes in Australia

Policy comparisons make the most sense when you know exactly what you’re looking for. The more similar the policies you’re comparing, the more accurate and useful your results will be. You want to be comparing apples to apples, not oranges to apples.

Your first step should always be to assess your life insurance needs. For example, how many years coverage do you want, what special features are you’re looking for and what can you afford.

To help you answer these questions we’ve listed the 5 primary factors you need to consider before comparing policies:

number-1Cover type and amount

While Australia only offers term life insurance, there are a variety of cover types to choose from. Ask yourself, what exactly you want your personal insurance protection to do for you.

For example, do you want your policy to cover your funeral expenses and also provide for your dependents should you pass away or do you want a policy that will take care of your financial needs should you be unable to work for a long period or become permanently disabled?

To work out the amount you need consider what would need to be covered: Household expenses, mortgage, outstanding debt, income replacement, medical costs, home modifications and if you have children their future educational needs.

The type of cover you choose will affect the level of protection you receive and the premiums you pay. The options available to you include:

  • Life insurance: Ensuring your loved ones are protected financially when you die.
  • Trauma insurance: Financial support in the event of being diagnosed with a critical illness, as defined by the insurer.
  • Income protection: Providing you with a monthly benefit in the event you are unable to return to work due to sickness or injury.
  • TPD insurance: Financial assistance should you become totally and permanently disabled.

number-2Premium Type

There are primarily 3 types of life insurance premiums available to you:

  1. Stepped premiums: Ideal for short-term affordability. They start quite affordable but increase each year as you get older.
  2. Level premiums: Ideal for long-term affordability. They start off more expensive but do not increase due to a change in your
  3. Hybrid premiums: A combination of stepped and level premiums. They start off as stepped, but converts to level style premium once the stepped premiums are more than the level premium amount.

number-3Built-in Benefits

Some benefits come standard. However, the same benefits are not found in every life insurance policy. It’s also important that you know certain built-in benefits with one provider may be an additional cost option with another provider.

Common built-in benefits include:

  • Free child cover: Select insurers will offer up to $10,000 of free cover for each of your children covered under your policy.
  • Funeral advancement benefit: Pays a lump sum benefit to help cover the cost of your funeral.
  • Terminal illness benefit: You receive your lump sum benefit in advance when diagnosed with a terminal illness.
  • Future insurability benefit: Allows you to increase your level of cover without having to provide additional medical evidence following a life event e.g., the birth of your child.
  • Waiver of premium benefit: You won’t have to pay premiums should you become totally disabled for a certain period.
  • Interim cover: You receive the accidental cover amount while the insurer assesses your claim.
  • Premium freeze: You can freeze your premiums at the previous year’s price, so they don’t increase as you age, although coverage will decrease for the price to remain the same.
  • Financial planning reimbursement: Reimburses you for the cost of seeking financial advice once you received a life insurance lump sum benefit.
  • Benefit indexation: You’re provided with the option to increase your cover amount each year by either the CPI or pre-determined percentage.
  • Suspending cover benefit: You can temporarily suspend your cover, generally for up to 12 months, if you’re experiencing financial hardship and are unemployed or on long-term leave.

number-4Optional Paid Features

The paid for optional extras you can add to enhance and tailor your policy to fit your specific needs. Features will generally differ between insurers, but the most common additional cost options include:

  • Paid child cover: Many insurers offer you a paid option to cover your child for up to $200,000, however, most will require that you take out the same sum insured for all of your children.
  • Accidental death top up: Provides an additional benefit amount if you die as a result of an accident.
  • Business future insurability: Allows you to increase your cover amount for Life, TPD and Trauma following a business future insurability event without needing to supply additional medical information.
  • Needlestick cover: Provides cover for medical professionals if they were to suffer a Needlestick injury while performing their daily work duties.

If you find that a more expensive policy has the features and benefits you need, it might sometimes be more cost effective to invest in such a policy.

number-5Exclusions

Although the precise wording used by insurers might differ, in general, a standard exclusion refers to standard events, conditions or circumstances that won’t be covered by your policy. For example, most insurers will not pay a benefit if death was as a result of suicide within the first 13 months of your policy being accepted.

Carefully read through your policy disclosure statement (PDS) to know when you won’t be able to claim for an injury or loss caused by, or related to, something excluded under your policy.

It’s important that you comply with your duty of disclosure when applying for a policy. If you try to avoid an exclusion by failing to inform the insurer of your medical conditions, the insurer might be within their rights to decline a future claim or void your policy.

Where can I find cheap life insurance online quotes?

To receive affordable life insurance quotes online, simply complete a quote request and instantly compare policies side-by-side. The premium you’ll pay is based on a variety of factors, including your age, gender, smoking status, medical history and level of cover. However, life insurance policies are generally cheapest if you buy when you’re still young and healthy.

Policy premiums are generally made up of 3 elements:

  1. The base premium.
  2. The policy fee.
  3. Any applicable stamp duty.

Generally, stamp duty is not applied for life insurance policies and may only be applied to other cover types, such as Income Protection.

To find the cheapest life insurance look for:

  • Discounts when paying your premiums annually and insuring multiple lives.
  • Savings when purchasing different cover types from the same company.
  • Policy fee waiver.
  • Reduction in premiums when maintaining a healthy lifestyle.

Factors affecting your life insurance premium

  • Level of cover: The more cover you take out, the higher your premium will usually be.
  • Age: Everything else being equal, the younger you are, the lower your rates will usually be. Different age groups present different life expectancies and risk factors to an insurer.
  • Gender: Males and females have different life expectancies, with women generally living longer, thus they’ll generally pay lower rates for life insurance.
  • Smoking status: If you’re a smoker you’ll pay higher rates because of the many health risks associated with the habit.
  • Health history: If you have a history of ongoing health issues or a chronic disease, it could result in higher premium rates.
  • Weight: If you are classified as being overweight or obese according to your body mass index (BMI), you may pay more for the same level of cover that someone within the healthy weight range.
  • Family history: If your immediate family has a long history of developing a certain serious illness, you might pay more due to your increased risk of developing the same illness in future.
  • Occupation: You might also pay more for life insurance if you have a job that’s considered risky, for example, a window washer at the Eureka Tower or another tall building.

Comparing life insurance policies online or via a broker can be tricky, which is why our comparison tool offers you fast, hassle-free quotes chock full of valuable information.

If you want to make the right policy choice and compare life insurance quotes in Australia or want your existing policy reviewed, complete the quote form above or contact us on 1300 135 205.

Published: October 16, 2017
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Ask an Expert?

7 Comments

  • Sue |

    Do the premiums stay the same?
    Can I increase my life insurance cover over the years?

    • SPECIALIST
      Brett Lenertz |

      Thanks for your question Sue, Firstly we will look at your question in two parts. Your premium will depend on the structure you chose at the policy commencement date. Therefore this means you can choose stepped, level or hybrid premiums.

      A Stepped Premium will be cheaper in the short term and will then increase as you get older along with any increases to your sum insured for example such as CPI, as essentially your premium is re-calculated each year and increases in premiums are reflective of the fact that as you age you pose a greater risk to the Insurer. Level Premiums are more expensive initially and are generally determined by your age at time of application and will generally stay level as you get older – until either the age of 65 or 70 and then convert to a stepped premium. However, keep in mind that level premiums can still increase with changes to product rates, stamp duty, policy fees and also if you have chosen to have CPI increases to your sum insured at each policy anniversary. Hybrid Premiums are not as common and only offered by select insurers and offer a combination of both a stepped and level premium structure. Please click on the Hybrid Premium link to read more on this option. Generally speaking, if you are looking to hold a policy for 6-7 years or longer you may want to consider a ‘level’ premium and vice-versa if you intend to hold a policy for a short period of time a ‘stepped’ premium may be more suitable.

      You can increase your life insurance in the future and there are two ways this can be viewed. Most Life Insurers will offer a ‘Guaranteed Future Insurability Benefit’ which allows you to increase your level of cover without supplying additional medical information if you experience a personal event such as marriage, divorce or increasing a mortgage on a home are some examples. This is generally available only once every 12 months and proof of this event is required. If you just increase your level of cover normally you may need to submit further medical information. If your medical history has changed and the insurer has deemed their risk has increased, your premiums could be more costly outside of the increase due to the higher sum insured being applied for.

      If you would like to contact us on 1300 135 205 we can provide detailed quotes with premium options and we also compare up to 12 x different Life Insurers.

  • Susan Gitsham |

    At what age does the Life Insurance expire?

    • SPECIALIST
      Brett Lenertz |

      Thanks for contacting us Susan and this is a great question. All the policies that we issue under Death & Terminal Illness cover expire at age 99. I must point out that this is the case for most people and rarely some people with some medical issues or high risk pastimes could have a term placed on the policy for example and they may offer the life cover for 10 or 15 years only for example. Just a reminder that we compare up to 12 x Life Insurance providers and you are welcome to contact us on 1300 135 205 so we can look at a policy for you.

  • karen Montagu |

    We are Australian expats living in Dubai. I would like to find out about life insurance polices we can access if living overseas.

    • SPECIALIST
      Russell |

      Hi Karen

      Yes, Australian expats living overseas can obtain life insurance and related products however this depends of a few variables about your planned time away from Australia and where in the world you are living, however generally living in Dubai is not a problem . If you would like to discuss your personal situation further please reach out to the team on +61 2 99297355 (we are open Monday – Friday: 8 – 6.30 AEST).

  • Karli |

    Hi,
    We are looking at re-financing our current life insurance. Came across your site via “Expat Advisor”. We are both Australian expats.
    Male aged 67, Female aged 49. Non-smokers, from QLD.
    Living in Malaysia, and Brunei.
    All quotes considered, but looking for about 300K coverage for Husband (67) and about 500K coverage for me (49).

    If there is any such thing as TPD or IP for expats, would be keen to hear quotes. Our superfunds are: Unisuper (Husband), and Hostplus (me).
    We aim to reside OS for a further 7 years. We have been OS for 8 years now. Thanks.

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