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How much does Life Insurance Cost in Australia?

Updated: Jan 30

Dad and Daughter fishing

You may be aware that you need Life Insurances, however you may be concerned about the cost? Let's break it down for you.


For a fairly 'standard' level of insurance coverage of:


  • $1,000,000 of Life and linked TPD Insurance

  • $5,833 pm income protection, with a 90 day waiting period, and a benefit period to age 65 (which can cover an annual salary of $100,000 per year)


The premiums would be:

Age

Annual Cost Male

Annual Cost Female

35

$1,500

$2,000

45

$2,100

$2,700

55

$6,500

$7,500

*The above table assumes the like for like premium from one provider for an office worker, non-smoker, without any loadings and paying for the premiums completely via super.


Whilst most people don't like paying for life insurances, to put it simply, if you have kids and a mortgage, in nearly all cases you will need these insurances to protect your income and way of life! Remember, if cashflow is tight you can pay for these premiums via superannuation funds rather than your own bank account!


We help clients with the following:


  • We calculate how much Life Insurance, Total & Permanent Disability, Income Protection and Trauma insurance that you need based on your individual variables such as age, income level, mortgage size and number of children.

 

  • We analyse the cost and quality of your current insurer against a range of insurers to find you the best product.

 

  • If you have any pre-existing health conditions, we can source the best insurer and structure for you. 

 

  • If you ever need to make a claim, we will support you through the process and act as your representative in processing the claim with the insurer.  


Through this four step approach, we can provide peace of mind that you have the right amount of cover whilst also typically saving you money and/or providing you with a better quality policy.



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Authorised representative of Lifespan Financial Planning Pty Ltd ABN 23 065 921 735

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The purpose of this website is to provide general information only and the contents of this website do not purport to provide personal financial advice.  We strongly recommend that investors consult a financial adviser prior to making any investment decision. The contents of the our website does not take into account the investment objectives, financial situation or particular needs of any person and should not be used as the basis for making any financial or other decisions. The information is selective and may not be complete or accurate for your particular purposes and should not be construed as a recommendation to invest in any particular product, investment or security. The information provided on this website is given in good faith and is believed to be accurate at the time of compilation. 

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