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How to compare life insurance quotes

Comparing life insurance quotes can be an onerous task as there are so many life insurance policies available in Australia. However we’ll help you in your quest by outlining what points you should compare to find the best life insurance policy.

Before we start, what exactly is life insurance in Australia? Unlike life insurance in the U.S., life insurance in Australia is called term life insurance. Your beneficiaries or your estate are paid a lump sum benefit if you pass away. You are also protected as long as you pay your life insurance premiums for the duration of your cover and in some cases be covered until age 99.

Before you compare life insurance quotes

Make sure you do your research before you sit down and compare life insurance quotes. You should firstly decide on the following:

  • How much life cover you need – you can calculate this by multiplying your annual income by ten; however this is just a rule of thumb. You should take into consideration all your debts, including your mortgage, credit card and any loans. If you have any dependants like children or elderly parents you may like to factor in education and nursing care costs.
  • Which life insurance company to go with – make sure you choose a few reputable life insurance company to compare life insurance quotes. Focus on staying with a company who has an A, AA, or AAA rating.
  • If you also need TPD insurance or trauma insurance – choosing to bundle your life insurance with TPD insurance or trauma insurance may reduce the cost of your premiums, compared to buying stand-alone policies.

Time to compare life insurance quotes

After you have a few quotes in hand sit down and compare each one. You should look at things like:

  • The cost of your premiums – you should compare both monthly and annual premiums. Annual premiums are usually cheaper compared to paying monthly premiums, but in the end it depends on your cash-flow and what you can afford.
  • Additional features – many life insurance companies offer additional features to their life insurance policies like a double benefit payment if death is accidental, free child cover, and funeral advancement benefits.
  • Exclusions or loadings – see if you have any exclusions or loadings placed on your policy, resulting in a higher premium or protection gap. These can either be standard (already built in), or added to your policy due to your personal circumstances.

How to make it easier to compare life insurance quotes

If comparing life insurance policies is too difficult, or you find it hard to understand, then you can seek the services of a financial adviser on an online insurance comparator. These services are usually free, and it gives you the opportunity to ask any questions concerning the quotes you have. A financial adviser can suggest a life insurance policy best suited to your needs.


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The service of an insurance consultant is provided through xLife Pty Ltd, a Corporate Authorised Representative of Millennium3 Financial Services Pty Ltd ABN: 61 094 529 987 AFSL No.244252.

Important Notice

The information provided on this web site should be regarded as General Advice.

The content of this website have been prepared without taking into account  your objectives, financial situation or needs. Because of that you should not acquire any financial products before taking into account whether your selected products are appropriate to your personal circumstances, having regard to your own objectives, financial situation and needs. You should read the Infochoice Financial Services Guide.

The information presented in the Life Insurance Preliminary Quote is only intended as an estimate of premiums and for illustration purposes. As with all insurance premiums these are subject to underwriting and may change without notice.
The description of the policy is a summary that does not include all policy features and does not include any terms and qualifying periods that may apply. Whilst updated regularly, the description may not represent the policy currently offered by the provider.

You should obtain the Financial Services Guide of any third party provider of insurance service and the Product Disclosure Statement (PDS) relating to the relevant insurance or other financial products mentioned on this website (which contains full details of the terms and conditions of such products) and consider them carefully before making any decision about whether to acquire any of such products.