Life Insurance Quotes

Conducting a life insurance comparison can sometimes be a difficult exercise. At Life Insurance Direct we try to make the process simple, easy, quick and as informative as possible. Our comparison software and expert staff will help guide you through the process so that you can find a policy that suits your budget.

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Calculating your quotes

The essentials, what you need to know:

What is included in the price?

Premiums of polices are made up of 3 elements:

  • The base premium
  • The policy Fee
  • Any applicable stamp duty*

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

When comparing quotes you need to understand there are a number of factors that effect the cost of your cover:

  1. Premium type
  2. Cover type
  3. Built-in benefits
  4. Additional cost policy options

Your premiums will also be influenced by the following factors:

  1. Your age: Life insurance companies use a mortality or actuarial life table to assess your probability of death, as different ages present different life expectancies to the life insurance company.
  2. Health status: Make sure you disclose your previous medical conditions at the time of your policy application get as accurate as possible.
  3. Smoking status: Your smoking status will generally be taken into account when your premiums are calculated, as smokers may present a greater risk to the insurer. However, you may not be considered a smoker if you have had no cigarettes or nicotine products in the last 12 months.
  4. Occupation: Generally, your occupation will not affect your life insurance premiums.
  5. Past times: Generally, past times you participate in will be covered. However for past times such as extreme sports (sky diving, bungee) which may be excluded from your policy, are reviewable annually and any exclusion from your policy can potentially be removed if you no longer participate in that activity.
  6. Your gender: Your gender could affect the amount of your premiums as males and females may have different life expectancies.

Premium Types:

Historically there have been two types of premium options available from insurers, however recently a third option has become available:

  • Stepped Premiums

    Start off cheaper than level premiums but increase with your age each year.

  • Level Premiums

    Start off more expensive than stepped premiums but do not increase with your age.

  • Hybrid Premiums

    Starts off on a stepped pattern but converts to a level pattern once the stepped premiums is more than the level premium amount. Level premiums will remain in place until conversion age of 65 or 70, when they will convert to a stepped premium pattern. The conversion age will generally differ between insurers.

Cover Type:

The type of cover you choose will effect your coverage and premiums, the options available include:

Trauma or TPD Insurance can either be stand alone policies or can be included as part of a combined life insurance policy. Income Protection will generally always be a stand alone policy.

Built-in benefits:

Generally, a life insurance policy will come with a certain number of built in benefits that come as standard with your policy. However not every life insurance policy comes with built in benefits.

These may differ between insurers but some of the more common built in benefits are:

  • Funeral Advancement Benefit:

    Pays a lump sum benefit to help cover the cost of a funeral.

  • Terminal Illness Benefit:

    Pays a lump sum benefit upon diagnosis of a terminal illness

  • Future Insurability Benefit:

    Allows you to increase your level of cover without having to provide additional medical evidence.

  • Waiver of Premium Benefit:

    Waives your premiums if you become tally disabled for a certain period of time.

  • Interim cover:

    Provides interim accident cover while a life insurance company assesses your claim.

  • Premium Freeze:

    Allows you to freeze your premiums at the previous year’s amount so they do not increase with your age.

  • Accommodation benefit:

    Provides a benefit to cover daily accommodation expenses if you are confined to a bed more than 100km from home and require a family member to be with you.

  • Financial Planning Reimbursement:

    Reimburses the costs of seeking financial planning advice upon payment of a life insurance lump sum benefit.

  • Benefit Indexation:

    Gives you the option to increase your cover amount each year by either the CPI or a pre-determined percentage.

  • Suspending Cover Benefit:

    Allows you to temporarily suspend your cover, generally for up to 12 months if you are suffering from financial hardship, are unemployed or are on long term leave.

It is important to note that certain built-in benefits with one provider may be an additional cost option with another.

Additional cost options:

Life Insurance companies will generally offer a number of additional policy cost options, designed to enhance and tailor your policy to suit your needs.

While these will generally differ between insurers, some of the more common additional cost options include:

  • Accidental Death:

    Provides a benefit if you die as a result of an accidental death

  • Business Future Insurability:

    Allows you to apply to increase your business expenses cover if a business event occurs, without having to supply additional medical information.

  • Needlestick Cover:

    Provides cover for medical professionals if they suffer a Needlestick injury during the course of their normal duties.

When considering you cover requirements, it is worth understanding if any of these options provide you with value as they are not always appropriate.

If you would like to compare life insurance quotes from a the major life insurance companies, or if you would like to compare your existing cover please complete the above request for a quote or contact us on 1300 135 205.

Published: November 20, 2015
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    A 5% discount applies to RACV members, and spouses who take out a new insurance policy from any of AMP Elevate (Life, TPD or Trauma insurance) policies.

  • Funeral Advancement

    Advanced payment to help your beneficiaries cover the costs of your funeral. Minimal waiting period and can pay a benefit up to $20,000!

  • Life Insurance Premium Increase Guide

    Our guide to life insurance premium increases aims to remove uncertainty and provide you with clarity on how to potentially avoid costly premium increases.

  • Hybrid Premiums

    Achieve flexibility and long-term affordability with a Hybrid Premium Structure! This extra cost option gives you a stepped style policy with the option of converting to a level premium style later.

Ask an Expert?


  • Sue |

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

    • Brett Lenertz 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?

    • Brett Lenertz 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.

    • Russell 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 |

    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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