How You Can Save on Life Insurance

When it comes to applying for a life insurance policy, there a number of ways you can make your policy more affordable for you:

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number-1Stop Smoking

Generally, smokers pay higher rates than non-smokers do. Most life insurers will classify you as a smoker even if you have had 1 cigarette in the last 12 months. By quitting smoking, you may not only receive a major health benefit but you may also be able to reduce your premiums.

Quote example:

Amount of Cover$1,000,000$1,000,000
Monthly Premium (Stepped)$76.97$46.48

number-2Apply early

Generally, the younger you are when you apply for cover the more affordable your premiums will be.

Premiums increase as you age because you present a greater risk to the insurer the older you are. Generally, you are also healthier the younger you are and are less likely to have any serious medical conditions which could affect the price of your premiums.

Premium TypeSteppedSteppedSteppedStepped
Level of Cover$1 million$1 million$1 million$1 million
Entry Level Base Monthly Premium*$47.33$59.33$91.88$173.77

number-3Know the level of cover your need

An easy way to save on your policy is making sure you are only applying for the level of cover that you need, which may be enough cover to pay off your mortgage and other debts and leaving enough money for your family.

number-4Choose the right premium style

Insurers generally offer two premium choices:

  • Stepped Premiums which start off cheaper than Level Premiums but increase in price as you age. May be suitable for those who don’t want their cover long term.
  • Level Premiums are generally more affordable in the long term as they do not increase as a result of a change in your age.

number-5Compare Quotes

Having choice is one of the best ways you can make sure you save on your insurance. We compare the leading insurers in Australia and present you with a quote from each of those companies so you can not only see the premiums each company charges, but you can also decide which one best suits your needs.

number-6Insurance through superannuation

Did you know you can take out a life cover policy through your super fund? While many industry super funds have default policies, you can also generally take out fully comprehensive insurance policies.

As your premiums are funded by your super fund, this can potentially save you money over the course of your policy. However there are a number of things you need to be aware of, including that your super balance could be eroded by the payment of premiums and the limitations with a number of insurance types when they are taken out through super.

number-7Speak to an adviser

Speaking to a financial adviser is one of the most sensible and important things you can do when it comes to saving on insurance. A financial adviser can take you through your options and guide you through the process. They can help with deciding how much cover you need, the appropriate premium style, how best to structure your policies and what types of insurance you need.

Author: Russell Cain
Published: March 4, 2015

Ask an Expert?


  • Ivan |

    please email quote life cover for $500000 iam non smoker dob 15/5/1960 self employed

      Russell |

      Hi Ivan,

      Thank you for requesting a life insurance quote.

      To benefit fully from our state of the art quote system, please fill in your details in the quote form above and a specialist consultant will contact you as soon as possible. Being a non-smoker is of course great advantage, well done. You might also be interested in reading our guide to Top policy options for over 50.

      I hope you found this information helpful. If you require any additional information please feel free to contact us on 1300 135 205.


      Russell Cain

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