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Life Insurance Quotes

Compare life insurance quotes with Savvy from a panel of trusted insurers today.

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, updated on July 19th, 2023       

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Life Insurance

We’ve partnered with Compare Club to bring you a range of life insurance policies to help you compare them side by side.

Looking for the best life insurance quote is important, as there’s such a wide variety of policies available on the market today that finding the right safety net for you and your loved ones isn’t as simple as picking the first one you find. Whether you’re looking for life cover, TPD, trauma or income protection insurance, you can compare with Savvy.

By comparing quotes from a panel of leading insurers, you can consider the pros and cons of each policy in one place, whether you’re focused on their cost, inclusions or benefit limits. You can get the wheels in motion on your life insurance policy by filling out a free, no-obligation quote online with us today.

What is life insurance and how does it work?

Life insurance is a type of insurance policy which can give you and your loved ones a financial cushion if you die or become incapacitated due to injury or illness. Under this type of policy, depending on the coverage you take out and whether your claimable event qualifies for coverage, you or your family can receive a benefit to help you continue to cover costs, both at home and related to any medical expenses you might’ve accrued along the way.

By purchasing a life insurance policy, you agree with your provider to pay a set amount for coverage annually or monthly. Your life insurance provider will agree to provide a payout if you’re seriously injured, sick, permanently disabled or die due to an event which qualifies for coverage under your policy. These payouts may range from $100,000 to several million dollars, though there may be limits on certain types of coverage.

Life insurance is also important because it can cover terminal illnesses. If you’re diagnosed with a terminal illness with only 12 to 24 months to live, your insurer can pay out your covered amount. This can help support you and your family in the final stages of your life.

How do I get a life insurance quote?

Getting a life insurance quote is a good way to dip your toe in and test the waters before buying a policy. Through Savvy, you can compare quotes from some of Australia’s leading insurers online, who are drawn from our partner’s panel.

You can get a free, no-obligation price estimate and weigh that up against similar products to help you determine which offers the most suitable coverage at an affordable price. A licensed life insurance broker will also be able to help you compare costs and other factors between policies.

The steps to follow when completing a life insurance quote are:

Fill out your form and get a quote

When getting a quote through Savvy, you’ll be asked for the following information, which should only take a few minutes to provide:

  • Your age: when you were born is one of the most important factors in determining how much you pay for your insurance. Generally speaking, the older you are, the more you can expect to pay for your policy.
  • Amount of cover: your insurance company will need to know the amount of coverage you’ll need. This can range anywhere from $100,000 to $2 million or more.
  • Gender: this can play a small part in how much you pay for your life insurance, as does everything from lifestyle choices to pre-existing medical conditions.
  • Smoking: if you’re one of the 23% of Australians still smoking, you can expect to pay more for your life insurance than someone who doesn’t. That includes if you vape, use nicotine replacement products (such as gum, patches or spray) or smoke cigars now and again. This is due to smokers having an increased risk of cancer, heart attacks and lung disease.
  • Occupation: the type of work you do can impact how much you pay for your life insurance premiums. The riskier the job, the higher your premium may be. For example, if you’re a window cleaner who scales high-rise buildings or a miner working underground, you can expect to pay more than someone who has the same profile but works in a newsagent.
  • State you live in: additionally, you’ll need to provide which Australian state or territory you live in to your insurer.

Compare quotes, book a call back and buy the best one

When you’ve submitted all your details, a quote will be generated online detailing price estimates from a range of insurers. If you find a policy which is right for you, you can go ahead and request a call back from a life insurance specialist.

Talking to a specialist can allow you to clarify the finer points of your policy and ask further questions before you buy. If you’ve decided to purchase it, they’ll handle all of the paperwork. Once this is all settled, your life insurance policy purchase will be complete, with your coverage starting subject to any waiting periods in place.

What types of life insurance can I purchase and what do they cover?

Life insurance is much like a box of chocolates, as no two types of cover are the same. Your main options include:

  • Life cover: this type of insurance can provide a lump sum payment to your nominated beneficiary if you pass away or are diagnosed with a terminal illness. This form of insurance may help cover funerals, day-to-day costs such as groceries, school fees, household bills and debt repayments. There are no limits to how much you could receive as a claim limit through life cover.
  • Income protection insurance: if you’re injured or sick and are unable to return to work for an extended period, income protection can pay you an ongoing benefit while you’re off. Depending on your level of coverage, you may receive up to 70% of your regular salary and choose to have it paid for a period of up to five years or until you reach 65.
  • Total and permanent disability (TPD) cover: this can offer cover if a long-term sickness or life-changing accident leaves you permanently disabled and prevents you from working (either in your position at the time of the incident or from any position relevant to your qualifications, education and training). You may be able to choose a payout as high as $3 million to $5 million, depending on your insurer and your profile as an individual.
  • Trauma cover: trauma insurance can pay a flat amount in the event of severe sickness or serious accident which is covered under your policy’s terms and conditions. Types of cancer, heart illness, head trauma and cardiovascular problems may be covered.

How do I compare life insurance quotes?

When you’re looking at different life insurance policies, it’s important to drill down and compare some of the features and benefits with other offers you’ve found on the market. Some of the factors worth weighing up when considering your options with Savvy include:

What’s included

Compare your policy’s features so you can be clear on what you may be able to claim for in the event of an injury, illness or death. The following can be included under life cover policies:

  1. Terminal illness cover
  2. Funeral costs (including funeral advancement for emergency costs)
  3. International coverage
  4. Inflation-proofing (raising your coverage in line with inflation)

What isn’t included

Just as important as what is included is what isn’t. Make sure you’re across the various exclusions under different policies before you buy. These can include:

  1. Suicide (although this may be covered after the first 13 months of your policy by some insurers)
  2. Criminal behaviour
  3. Competitive sports or dangerous activities like paragliding
  4. Travel to a warzone

Premiums

While comparative costs aren’t the most important factor when you’re shopping around for a policy, considering them could save you hundreds, if not more, over the life of your policy. By doing a little bit of homework, you could find a more affordable policy that ticks key coverage boxes and potentially avoid overpaying for your insurance.

Covered amounts

It’s important to make sure your family is financially protected if you pass away, so it’s crucial to compare different insurers and policies to make sure the available cover limits can offer your family the support it needs should you pass away, fall critically ill, become seriously injured or permanently disabled. Multiple incomes, superannuation and savings may mean some families need less coverage than others, so it’s worth avoiding paying for unnecessary coverage.

Extras

Life insurance offers more than just a flat payment if you need to make a claim. What’s included in policies and what isn’t will vary from provider to provider, so it’s worth shopping around to find one with the benefits you need. In addition to the inclusions listed above, you may be able to access features such as cover suspension, discounts and mortgage and dependent care insurance (such as for an ageing parent).

Waiting periods

When you buy a life insurance policy, coverage isn’t necessarily instant. Some may come with a waiting period, such as income protection insurance requiring you to select anywhere between two weeks and two years before you can make a claim and trauma and TPD cover sometimes requiring 90 days. It’s best to compare so you’re aware of any waiting periods which may apply to you.

Types of life insurance

Why compare life insurance through Savvy?

Top tips for finding the best life insurance quote

Focus on your needs

It’s important to ensure you and your family choose a sum insured which is sufficient cover in the event of a claim needing to be made. Work out how much you have saved, what you still owe and how many dependents rely on you for financial assistance. Your work may also impact what coverage you end up purchasing, whether you’re a full-time employee, a casual or a contractor.

Brush up on the fine print

Product Disclosure Statements (PDS) don’t always jump out as the most gripping reading material. However, by brushing up on the PDS, you can be surer that you’re across what you’re covered for and what you aren’t in the event you do need to make a claim. It’s crucial to understand the ins and outs of your policy before you buy to help prevent any unwelcome surprises down the road.

Give your insurer plenty of information

Providing your insurance company with ample information is vital, as this gives them a complete picture of your medical history and lifestyle. By failing to mention that you’re a smoker, regularly partake in high-risk activities in your spare time or have a pre-existing medical condition, you could run the risk of a future claim being rejected and being left out of pocket.

Compare with Savvy

Savvy makes comparing different life insurance policies a piece of cake. By considering your options with us, you get to weigh up the costs and benefits of a range of policies from a panel of some of Australia’s leading insurance companies side by side. Best of all, the process is 100% free and online, meaning you can find and compare quotes no matter where you are.

Frequently asked questions about life insurance

Are my life insurance premiums tax-deductible?

If you’ve bought your life insurance through your superannuation fund, the cost of your premiums may be able to be claimed as tax deductions. These are generally claimed for you by your super fund. If you’ve purchased a standalone policy which supplies a lump sum payout, you won’t be able to claim those payments back on tax. However, certain types of insurance can be claimed if they are purchased outside of your super fund, including income protection insurance. If you’re unsure about what can and can’t be claimed, it’s important to seek independent financial advice.

What factors determine the cost of my life insurance?

How much your life insurance costs will be dependent on several unique variables, meaning what one person pays will be different to another. Some of the factors which determine your price include:

  • Age
  • Smoking and alcohol intake
  • Pre-existing medical conditions
  • Your occupation
  • Family health history
  • Your hobbies
Can I still be covered by life insurance if I have a pre-existing condition?

Some life insurers may be able to provide cover for your pre-existing health condition, though this will depend on what you’re suffering from and whether you meet their other qualification requirements. While some will cover certain pre-existing conditions, others may charge a loading for it or apply specific exclusions relating to your condition. It’s important to check with different insurers to determine whether your condition is able to be covered.

Does life insurance come with an age limit?

Yes – while you can be covered by life insurance well into your 90s by some insurers (subject to their terms and conditions), most insurers will set maximum limits on entry ages for purchasing a policy. Depending on the cover you buy and your insurer, this may range from 60 to 75, so it’s important to compare your options online before you choose your policy.

What happens if I’m injured or get sick overseas?

There are life insurance companies which offer worldwide cover, meaning claims arising from circumstances overseas can be covered (provided you live in Australia and meet the terms and conditions of your agreement). It is important to heed travel warnings issued by the Australian government, since you won’t be protected if you knowingly visit a dangerous location.

How do I make a claim on my life insurance?

Different insurers will have different processes when it comes to claims, but you’ll generally need to do the following:

  • Complete a claim form with ample information, including the diagnosis of your condition and doctors’ notes
  • Provide copies of medical certificates, reports and other relevant documents as required by your insurer, including a copy of the death certificate if you’re making a claim due to the policyholder’s passing
  • Submit this information with the insurance company you bought the policy through

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Disclaimer:

Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.

Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.

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