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How much does life insurance cost in Australia?
Life insurance can cost less than $25 a month for a healthy 40-year-old. People between the age of 30 and 40 pay much less on average than a 50- or 60-year-old.
We put every effort into ensuring information on Finder is accurate. This article was reviewed by Karen Eley from our Editorial Review Board as part of our fact checking process.
We gathered over 100 life insurance quotes to get our average costs, looking at 4 different age groups between 30 and 60 with $500,000 of life insurance cover.
A healthy male at age 40 can expect to pay around $19 per week for a $500,000 life insurance policy in Australia. It's also generally cheaper for women, who might expect to pay around $14 per week for the same level of cover.
Life insurance costs vary from person to person. While we've done our best to give you an idea of the price of life insurance, however, your own circumstances will impact the cost of your cover.
Why you can trust our research
100+
quotes gathered
10+
policies analysed
4
age groups
What is the average life insurance cost per week in Australia?
We gathered quotes from 15 direct life insurance brands in Australia. Prices calculated are for male and female non-smokers in NSW with $500,000 worth of life insurance cover. Keep in mind that prices vary based on your cover amount, age, gender, income and occupation.
*Quotes are an estimate only. Figures are correct as of May 2023 and are subject to change. There may be some policies in the market that aren't covered here.
What is the average life insurance cost for men and women?
Finder sourced quotes from 10 Australian life insurance brands. Below are the average weekly costs for a non-smoker with no medical conditions earning an annual income of $80,000. These quotes were correct as of February 2023.
Average life insurance rates for women
Amount Insured
30-year-old
40-year-old
50-year-old
60-year-old
$500,000
$6.93
$11.1
$26.33
$76.3
Average life insurance rates for men
Amount Insured
30-year-old
40-year-old
50-year-old
60-year-old
$500,000
$10.02
$15.28
$39.48
$137.35
Finder survey: How many Australians have life insurance?
Response
Life insurance
32.52%
Source: Finder survey by Pure Profile of 1110 Australians, December 2023
How much is life insurance per month in Australia?
Gender. Males and females are assessed differently by insurers, with females generally seen as lower risk than males.
Occupation. What you do for a living can affect how much you pay for life insurance. If you are an underground miner for instance, you are considered to be in a high risk occupation.
Lifestyle. The things you do in your spare time can also have an influence on your risk rating. If you pursue risky pastimes such as rock climbing or driving fast cars, then your premiums may be higher.
Current medical condition. If a policy covers your medical condition they may increase your premium in some cases.
Past medical history. Any pre-existing medical conditions you have or have had in the past can affect your premiums.
Amount and period of cover required. The greater the amount and the longer the period, the higher your premiums will be.
Smoking status. If you are a smoker, you are seen as high risk and will pay more for your premiums. Some brands will reduce your premiums if you give up smoking for at least 12 months.
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Why you can trust Finder's life insurance experts
We're free
You pay the same as buying directly from the life insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
We're experts
Our team of life insurance experts have researched and rated dozens of policies as part of our Finder Awards and published 250+ guides to make it easier for you to compare.
We're independent
Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of life insurance brands, making it easier for you to find a good deal.
We're here to help
Since 2016, we've helped 270,000+ people find life insurance by explaining your cover options, simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.
Frequently asked questions
A: It is insurance that provides your beneficiaries with a lump sum benefit should you pass away or be diagnosed with a terminal illness and have less than 12 months to live.
A: Because it helps to secure your family's financial future if you are no longer there to provide for them.
A: Because as premiums are based on age and health, the longer you wait to get it, the more expensive it will become. It's generally easier to get cover when you're young and healthy before any medical conditions arise with aging.
A: Yes. You can claim your full benefit amount if you are diagnosed with a terminal illness and have less than 12 months to live.
A: Premium amounts are automatically increased by around 5% or a rate equivalent to CPI on each policy anniversary to keep pace with the cost of living.
A: If you cancel your life insurance during the 30 day cooling off period, you will get a a pro-rata (partial) refund of any premiums you have paid.
A: It will depend on the insurer and on factors such as your age, height to weight ratio and previous medical history, or the amount of cover you apply for (larger lump sums often have additional medical requirements).
A: Yes, your occupation is a factor that's taken into account when an insurer sets your premium. What you do for a living can affect how much you pay for life insurance. Generally speaking, those in 'white collar' jobs (such as office workers) pay less than those working in 'blue collar' industries (such as mechanics or truck drivers).
James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, WIN News, Insurance News, 7NEWS and The Guardian. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146).
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