Life Insurance In Australia: Planning For Your Family

How Does Life Insurance Work?

When you take out a life insurance policy, you agree to pay regular premiums.

In return, your insurer provides a lump sum payment—called a death benefit—upon your passing, subject to the policy terms and a successful claim. Who receives the payment depends on the policy ownership and any applicable beneficiary arrangements.

The amount and terms of coverage depend on your chosen policy type.

Types of Life Insurance

• Term Life Insurance: Pays a lump sum if you pass away while covered, subject to the policy terms. In Australia, cover is commonly renewed annually up to a specified expiry age. It can be an affordable option for those seeking straightforward protection.
• Income Protection Insurance: Can replace part of your income if you’re unable to work due to illness or injury, subject to policy definitions, waiting periods and benefit limits.
• Total & Permanent Disability (TPD) Insurance: Pays a lump sum if you meet the policy's definition of total and permanent disability.
• Trauma Insurance: Pays a lump sum if you meet the policy's definition of a covered serious illness or injury, helping with medical costs and lifestyle adjustments.

Corporate Life Insurance

Corporate life insurance can help safeguard the financial stability of a business.

Key man insurance protects a company against the loss of a vital employee or business owner whose absence could affect revenue or operations. Buy sell agreements, backed by appropriate life and disability insurance policies, can help facilitate the smooth transfer of ownership in the event of a partner's death or permanent disability, supporting business continuity and funding an agreed valuation.

Why Is Life Insurance Important?

Life insurance can help secure your family’s financial future. It helps cover:

• Mortgage repayments and rent
• Everyday living expenses
• Education costs for children
• Funeral expenses
• Outstanding debts and loans

Without life insurance, your loved ones may face financial difficulties during an already challenging time.

How Much Life Insurance Do You Need?

Your ideal coverage depends on factors like your income, outstanding debts, lifestyle, and the needs of your dependents.

A licensed adviser can help you assess the level of coverage you may need, taking account of your circumstances, existing cover and other financial resources.

Who Should Consider Life Insurance?

• Parents with young children
• Homeowners with a mortgage
• Business owners and entrepreneurs
• People with dependents who rely on their income
• Anyone wanting to leave a financial legacy

How to Get Life Insurance?

1. Compare Policies: Research different life insurance options to find the best coverage for your needs.
2. Get a Quote: Request a quote from a participating broker. An online calculator provides estimates only; a licensed adviser can help you assess the level of coverage you may need.
3. Apply: Submit your insurance application through your broker or insurer and provide necessary health and lifestyle details. A quote request through this website is an enquiry for referral, not an insurance application.
4. Get Covered: Once approved, check the policy start date and any conditions with your insurer before relying on your cover.

Why Life Insurance?

Life insurance (also known in as term life insurance) is an insurance cover for individuals and businesses to indemnify against the financial implications resulting from the death (or disability where covered by the policy) of an individual or individuals..

Competitive Rates

Life Insurance rates vary considerably from one insurer to another - largely due to the features and benefits being different from one company to the next. But there are many other factors used in calculating the rate that you will pay for your insurance and each insurer will treat each criteria within their own guidelines. With access to a wide range of policies from their provider panels, brokers in our network can help you find great value-for-money Life Insurance options.

Compare Options

Every Life Insurance policy is different - meaning that some policies will suit your needs and circumstances better than others. A participating broker from our nationwide panel can help you find a way through the complex maze of features and benefits to policies available through them that may suit your situation at competitive prices.

Multiple Insurers

To compare Life Insurance rates and discuss options from multiple insurers with a participating broker from our Australia-wide referral network, complete our simple Life Insurance quote request form.

Personal Advice

Life Insurance Online does not provide financial product advice or claims assistance directly. After you submit a quote request, your enquiry is referred to a participating licensed broker from our Australia-wide referral partner network, who communicates with you directly. Any quote comparisons, claims assistance or advice depend on the broker's services and authorisation. The type of information or advice you receive (general or personal) will depend on your engagement with the broker and their regulatory obligations.

Broker Matching

Your enquiry may be allocated to a participating Life Insurance Broker based on your chosen cover type, geographic service area, broker availability and marketplace settings, including bidding settings. The answers you provide in your life insurance quote request help route your enquiry; this does not involve us selecting or recommending an insurance policy for you. For this reason, it is important that you provide complete and accurate answers when you submit your enquiry.