New South Wales

If you live in New South Wales, we can provide you with fast, accurate and transparent quotes to match your circumstances. Over 25% of our clients from the last 12 months come from Australia’s premier state.

New South Wales

We have put together some NSW specific information you should when looking at your Life Insurance Options:

  1. Stamp Duty
  2. Life Expectancy
  3. Life Cover Premium Estimates
  4. Trauma Cover Sample Quote
  5. TPD Cover Premium Example
  6. Income Protection Quote Example

Stamp Duty:

States and territories have a number of taxes for transactions, one of which is stamp duty. The State Government imposes Stamp Duty on life insurance policies. As the stamp duty rate differs between states, the amount of stamp duty you pay may be different.

Generally, stamp duty is included in your base premiums

Cover Type Stamp Duty Included in Base Premium of Additional Charge
Life Cover (stand alone or linked)

5%

Included in Base Premium

Accidental Death (stand alone or linked)

5%

Additional Charge

TPD Cover (stand alone or linked)

9%

Additional Charge

Accidental TPD Cover (stand alone)

9%

Additional Charge

Trauma Cover (stand alone)

9%

Additional Charge

Child Cover

5%

Included in Base Premium

Life Expectancy

  • Males born in NSW in 2011 have a life expectancy of 79.8 years
  • Females born in NSW in 2011 have a life expectancy of 84.2 years.

As women are expected to live longer, they generally have lower premiums compared to men.

The number of deaths in 2011 was 50,661, accounting for 34.5% of all deaths in Australia.

NSW-Life-Expectancy-Graph
NSW-Number-of-Deaths-Graph
NSW-Population-Graph

Life Cover Premium Estimates

Please note all premiums quoted in below tables include Stamp Duty and Policy Fees

Gender Male Female
Age 30 30
Level of Cover $1,000,000 $1,000,000
Smoking Status Non-smoker Non-smoker
Home State NSW NSW
Premium Style Stepped Stepped
Monthly Premium Amount $46.48 $33.55

Trauma Cover Sample Quote

Gender Male Female
Age 30 30
Level of Cover $1,000,000 $1,000,000
Smoking Status Non-smoker Non-smoker
Home State NSW NSW
Premium Style Stepped Stepped
Monthly Premium Amount $105.78 $107.70

TPD Cover Premium Example

Gender Male Female
Age 30 30
Level of Cover $2,000,000 $2,000,000
Smoking Status Non-smoker Non-smoker
Home State NSW NSW
TPD Definition Own Own
Occupation Accountant Accountant
Premium Style Stepped Stepped
Monthly Premium Amount $95.16 $95.16

Income Protection Quote Example

Gender Male Female
Age 30 30
Monthly Benefit $6,250 $6,250
Smoking Status Non-smoker Non-smoker
Home State NSW NSW
Premium Style Stepped Stepped
Occupation Accountant Accountant
Insurance Type Indemnity Indemnity
Waiting Period 30 Days 30 Days
Benefit Period To Age 65 To Age 65
Monthly Premium Amount $46.48 $89.71

Please note these are example quotes only and may not be indicative of actual premiums or cover available.

If you live in NSW and would like more information on life insurance in your state or if you would like to policy options contact us today on 1300 135 205.

Source: Australian Bureau of Statistics 31 July 2013, ClearView Risk View 8 July 2013

Published: August 9, 2013

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