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estimates from ten of Australia’s leading life insurers.
Get more from your cover.
Compare Life Insurance
today
Our Life Insurance Partners
What is life insurance?
Life insurance is an umbrella term to describe several policies that can be claimed on.
The following policies are all types of life insurance:
Life Cover
Life insurance can help
protect your loved ones'
financial future with
a lump sum payout if you
pass away or are diagnosed
with a terminal illness.
Income Protection Insurance
Income protection insurance
can pay up to 70% of your
salary if you are unable to
work due to injury or illness.
Total & Permanent Disablement Insurance
Claim a lump sum to help
with your finances if you
become permanently unable to work again due
to an illness or injury.
Trauma (Critical Illness) Insurance
Claim a lump sum to help
with your finances if you're
diagnosed with a critical
illness that is included in the insurer policy.
Retail life insurance
Default life in super
Why life insurance is important?
Get peace of mind
You and your family shouldn't have the added worry of financial stress if you get seriously ill, injured or worse. When you choose to buy life insurance, you get peace of mind that your loved ones will get financial support, in the event you pass away or become terminally ill.
Covers debts and major expenses
What would happen to your family if your wage disappeared? Life insurance is designed to provide you and your family with a financial safety net to help pay for your living expenses.
Makes up for lost income
Life insurance can help cover everyday expenses if you can't work because of illness or injury, even if it's just temporary. We’ll help you compare life insurance quotes so you can find a policy that keeps your bank balance healthy while you're recovering.
Medical expenses
Recovering from a serious medical condition is stressful enough without worrying about medical bills. A life policy payout can help get you back on your feet by covering the cost of major medical expenses.
Learn more about life insurance
Most insurers offer seniors life insurance up to a certain age known as the 'maximum entry age'. The cut-off age for getting a new life insurance policy usually ranges from 60 to 75, depending on the policy and the insurer.
Life insurance can help ease the financial strain on the family if one parent were to be injured, have a serious illness or even pass away.
Smokers can get life insurance from all insurers that Compare Club works with. Average premiums for smokers are usually higher as health and lifestyle habits are assessed by insurers.
Also known as 'critical illness cover', this type of cover provides a lump sum of money in the event of a particular illness or injury, that is included as a defined condition in the policy.
This type of cover pays up to 70% of your usual income, usually monthly, if you can't work temporarily as a result of illness or injury.
A type of life insurance that pays a lump sum when the policy holder becomes totally and permanently disabled due to an illness or injury and is unable to work ever again.
How we’ve helped Australians like you.
Showing our 4 & 5 star reviews
by Niki Pupa
Compare club - exceptional team
Roydon Riki, exceptional service thank you so much for all of your help and support today with my life insurance policy. We've made a switch today and ive saved alot of money on my new policy. Highly recommend these guys.
by Pin
Shane Healy was fantastic assisting me…
Shane Healy was fantastic assisting me in reviewing my life insurance allowing me to decide what’s best for me at the time. Highly recommend using CompareClub Life
by Lata Tauvao
Luke is Amazing!
Luke is Amazing! Great customer service, very knowledgeable, professional and such a joy to talk to... he really looked after us and took the time to thoroughly explain the range of policies and answer all of our questions that came up to help us make a decision and choose the right product to fit our needs.
by ERICK T
Thankyou Luke for your very open &…
Thankyou Luke for your very open & informative consultation. All queries were answered with polite but clear transparency. Customer service 5stars. True professional conduct with genuine empathy on customer needs. Compare Club lucky to have such a genuine professional on there team. Thanks again Luke made a hard decision easy.
by Saleshni
I had great experience with sales…
I had great experience with sales consultant Charles Ndibe who assisted me through my life insurance request which I never thought I would get with such a great rate. Charles was very supportive throughout my journey with insurance coverage .
by Kevin
Chris was very patient and explained…
Chris was very patient and explained everything to me. We went through the process completely and informed me of the coming step to get life insurance. I would recommend his services to anyone.
by Susi Lazar
I had a wonderful experience with…
I had a wonderful experience with Archie. She was very informative and made our transition very easy. I don’t usually like dealing with insurance issues, but the offer was great and with Archie’s grate help and advice it was a no brainer. I would highly recommend to anyone.
by customer
The agent I dealt with Samantha
The agent I dealt with Samantha, provided excellent service was very friendly and easy to deal with she made the experience a pleasant one.
by Susanne Hulehøj Olsen
Professional and efficient insurance broker
Firstly I would like to give more than 5 stars to Charles N for being so very clear in explaining the details of the life insurance policy I chose, in being efficient and effective in finalising the process and in being very pleasant, kind and personable. It was a very easy and straightforward process. I just stumbled across CompareClub.com.au when I was looking to update and change my current life insurance policy - and I am glad that I did! I am pleased with the choices I was initially given in regards to the different policies and happy with my chosen insurance company.
by Warren
Chris was excellent he was friendly…
Chris was excellent he was friendly professional patient the experience was fantastic thank you
by Jay
Thank you to Laura who helped me…
Thank you to Laura who helped me organise my life insurance, Overall, she made the process as easy and convenient as possible and made the entire experience smooth and stress-free.
by Kumar
Paula’s So Helpful
Paula assisted me the selecting the most suitable cover for my situation. Always available to answer questions and help the application process. Very friendly, thanks Paula
by Tracey Mew
I can not thank Shane Healy enough
I can not thank Shane Healy enough. The customer service is 10/10. We have been putting off reviewing our life insurance for years as it always seemed too hard- where do you start, who do you trust and who has the time to to the research? Shane did all the hard work, found a policy for my husband and I that didn’t compromise our cover and saved us money! Shane guided us through the whole processes, explained in detail all the policy terminology and kept us up to date along the way. Calling or emailing when he said he would. Imagine how much money we would have saved if we did it earlier. Thanks again Shane.
by Vasavi
I recently came across this site when I…
I recently came across this site when I was searching for best insurance services in the market. After I filled in details, Archie has approached me and she was with me through out the process. The entire process took almost 3 months due to various reasons and she helped me all through. She is very approachable and updated me with all the outcomes and advised me where needed. She has also processed my husband’s life insurance. I highly recommend her to anyone who want to take up an insurance but not sure where to start. She is very helpful.
by Paul
Big thankyou to Shane Healy for guiding…
Big thankyou to Shane Healy for guiding me through the process of getting life insurance. The experience was easy and hassle free. He also asked me if I needed any other policies and if I do he will be the 1st person I contact. Thankyou. 5 stars
by Yasoda Mani
Marvellous, the greatest service I ever had in my life before no doubt I’m very happy
Hi, it was just wow to me this company like I couldn’t believe it. What I was doing all this time not joining this company well I just want to say it help me out for everything and then I’m so easy for my Life Insurance now. I’ve got no worries left over so just want to say thank you a big thank you and big hug
by Mriganka Mukherjee
Client Services Staff David Nguyen was…
Customer Service Staff David Nguyen from Client Services was amazing, his dedication to ensuring customer satisfaction truly stood out. His patience, attentiveness, and willingness to go above and beyond made a significant difference in resolving my issue promptly and efficiently. He will be an asset for the team. keep the good work David
by Marie
Good as Gold
Good as Gold. Service with a pride
by Libby
Comparing!
Comparing!
by Garry
Not pushing very patient while I made…
Not pushing very patient while I made my mind up very professional and made it very easy
A glossary of life insurance terms
Beneficiary: The person or entity you choose to receive any of your payable benefits, in the event a covered incident occurs. Note: in a case of critical illness or total and permanent disability, the beneficiary is usually you but you can nominate someone else. In the case of your death, any benefit payment will go to your chosen person, or organisation. Key points about beneficiaries include:
- Designation: You can choose your own beneficiary. It can be your spouse, child, family member, friend, trust, or even a charitable organisation. You’re able to select multiple beneficiaries and specify the percentage or amount each should receive.
- Primary and Contingent Beneficiaries: Your primary beneficiary is the first person or entity entitled to receive the death benefit. If your primary beneficiary predeceases you, or is unable to receive the benefit, your contingent beneficiary, also known as yout secondary beneficiary, will receive your benefit. Contingent beneficiaries are often named as backups to ensure your death benefit goes to your intended recipients.
- Change of Beneficiary: Typically, you have the right to change your beneficiary/ies at any stage of your life cover. It's important to keep this information up to date, reflecting any changes in circumstances, such as marriage, divorce, or the birth of your children.
- Irrevocable Beneficiary: In some cases, you may choose to designate your beneficiary as "irrevocable." This means that you can’t change your beneficiary without their written consent. It's important to carefully consider the implications of an irrevocable beneficiary designation, as it limits your flexibility.
- Your Estate as Beneficiary: If you name your estate as your beneficiary, your death benefit becomes part of your estate and can be subject to estate taxes and creditors' claims. Naming specific individuals or entities as beneficiaries can avoid these complications.
Charitable Giving: Life insurance can also be used to create a legacy by designating a charitable organization as a beneficiary. This allows individuals to support causes or organizations that are important to them, leaving a lasting impact beyond their lifetime.
Death Benefit: The amount of money paid by your insurance company to your beneficiary/ies upon your death. It’s typically a tax-free lump sum.
Death Cover: Death cover, also known as death benefit or life cover, is the fundamental component of a life insurance policy. It pays out a lump sum to your designated beneficiaries upon your death. Your death benefit is typically paid out to help your beneficiaries cover expenses such as funeral costs, outstanding debts, medical costs, mortgage payments, education expenses, and day-to-day living expenses.
Exclusion: Specific circumstances, conditions, or events that aren’t covered by your insurance policy. Exclusions vary between policies, and it's essential to review them carefully before purchasing a policy.
Income Protection Insurance: Also known as salary continuance insurance, income protection provides a replacement income if you’re unable to work due to illness or injury. It usually pays out around 70% of your regular income for a specified period.
Legatee: A legatee refers to an individual or entity named in your Will or trust to receive a specific bequest or gift. In the context of life cover, your legatee can also be your payout beneficiary.
Key points about legatees include:
Life Insurance, also known as Death Cover: A contract between you and your insurance company, where the insurer agrees to pay out a specific amount of money in the event of your death (i.e., your death benefit), to your beneficiaries when you die.
Policyholder: The individual who purchased and owns the life insurance policy (i.e. you). You may also be referred to as ‘the insured’.
Premium: The amount of money you pay to your insurance company to maintain your cover. Premiums can be paid monthly, quarterly, annually, or in some other agreed-upon frequency.
Total and Permanent Disability (TPD) Cover: TPD cover pays a lump sum benefit if you become totally and permanently disabled and can’t work ever again in your own or any occupation for which you’re reasonably suited based on education, training, and/or experience.
Trauma Cover: Also referred to as critical illness insurance, trauma cover provides a lump sum payment if you’re diagnosed with a specified critical illness, or you experience a major medical event. Examples of covered conditions include cancer, heart attack, stroke, or a major organ transplant.
Underwriting: This is the process where your insurance company evaluates your risk profile, including your health, occupation, lifestyle, and medical history. This is done to determine whether you will be offered cover, and the price of your insurance premium. *please note: that conditions may apply depending on your policy
Waiting Period: In life insurance, the waiting period refers to the specified period of time that must elapse after the policy's inception or a claimable event before the policyholder becomes eligible to receive certain benefits.
Key points about waiting periods in life insurance include:
Waiting Period: The initial period after your illness or injury occurs, during which you must be unable to work before you’re entitled to any benefit payments under an income protection policy. This can be an important factor when selecting a policy, and an insurer.
Wealth Preservation: Life insurance can be used as a tool for preserving wealth and passing it on to future generations. By providing liquidity to cover estate settlement costs, such as taxes or legal fees, life insurance can help ensure that the intended beneficiaries receive the full value of the estate.
Most people tend to get life insurance when they get their first mortgage, get married or have a baby or when other life significant events occur.
Your life insurance contract is based on your circumstances when your policy starts, so if your health changes AFTER that, your policy is not affected.
Yes it can. If you change occupation to a lower risk job you may be able to apply for lower rates for Total and Permanent Disability (TPD) and Income Protection cover.
Life insurance premiums can be either stepped or level premiums. A simple way of thinking about it is that stepped premiums go up as you get older, while level premiums are not fixed to your age.
The price of your premiums - whether quoted outside of a policy or within an active policy, the price of your premiums tends to increase with age as you get older. It makes sense because the older you are, the more likely you are to make a claim.
Stepped premiums usually start lower than level premiums but will increase as you get older . Depending on other factors, such as your policy type, your annual life insurance premium could even increase by as much as hundreds of dollars in just the first few years.
Level premiums are a little more stable as they are not linked to your age. They will be a bit higher than stepped premiums at the start, but any rises are not linked to your age – your costs will only rise if your insurer puts the premiums up and your premiums rise with inflation.
Some insurers also offer hybrid premiums, which is a combination of level and stepped premiums. Hybrid premiums are initially more expensive than stepped premiums, but are generally cheaper than level premiums. Hybrid premiums increase over a set period of time and then lock into a premium once you turn a certain age.
Matthew Lang is the general manager of life insurance at Compare Club. Matthew leads a team of dedicated professionals who are passionate about helping individuals and families make informed decisions about their life insurance needs. Whether it's finding the right coverage for your specific circumstances, comparing policies, or optimizing your existing policy, Matthew and his team are here to provide expert guidance and support.
Matthew Lang
- General Manager of Life Insurance
All your Life Insurance questions answered
with our in depth guides
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Things you should know
Advizer Pty Ltd ABN 83 168 993 333 of 222 Pitt Street Sydney, trading as Life Insurance Comparison, owns and operates LifeinsuranceComparison.com.au and its associated website. Advizer Pty Ltd is an authorised representative of Alternative Media Pty Ltd (AFSL 486326) and fully owned subsidary of Compare Club Group.