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Cheapest life insurance Australia

Cheapest Life Insurance Australia

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Cheapest Life Insurance Australia: Every Australian citizen, permanent resident, temporary resident or migrant needs life Insurance in Australia. When selecting Australian life insurance, one must keep in mind that it should provide the right cover for your family.  

Selecting life insurance in Australia, which will cover the expenses of the family after you pass away, is sometimes very high. You will be put at a disadvantage if you don’t know what you need from Australia life insurance. 

However, there is the cheapest life insurance in Australia available for those who don’t have much to spend on life insurance. These Cheapest life insurance Australia will provide you with complete protection with low premiums.

Finding the Cheapest life insurance Australia which will cover all your requirements, is not an easy task. However, in this article, we will try to help you in finding the most affordable life insurance in Australia which will provide you with complete protection. 

Cheapest Life Insurance Australia:

The premium rates of life insurance Australia are different and depend upon the services included in your insurance. Australia Life insurance is different from one another in many terms.

So it’s better to compare the different life insurances before buying one. The cheapest life insurance in Australia can also vary depending on the services included in your coverage. 

The most important factor to look at while taking life insurance is that it should be able to provide cover and protection to your loved ones or family member if the policyholder dies. 

The family members should be able to pay the bills for utilities and their basic needs like rent. They should be able to live at ease. 

Here is a table to compare different Cheapest life insurance in Australia. This table is made in reference to a 35-year-old male. The person is a non-smoker and lives in NSW. he is planning to buy life insurance worth $1 million dollars. Here in the table is the list of monthly premiums based on the amount of insurance. 

Policy Monthly Premium
OneCare – Life Cover $31.48
MLC Insurance – Life Cover Insurance $32.21
Protection Preferred – Life Cover $33.68
Accelerated Protection with Health Sense –Life Insurance $34.11
Protect life cover – Healthy Lives (Standard) $35.01
Protection – Life Cover $36.41
Accelerated Protection –Life Insurance $37.71
Clear Choice – Life cover $38.33
Protect life cover (Standard) $38.90
Wealth Protection – Death cover $39.01
Cheapest Life Insurance Australia

Affordability impacts of Cheapest Life Insurance Australia:

Affordability and value are two totally different concepts. Do not confuse them with one another. Having the cheapest life insurance in Australia doesn’t mean that it will provide you with the required coverage when required. Sometimes it can cost you more in case the payout for your claim is not enough. 

Factors affecting the Australian life Insurance premiums:

  1. The amount of premiums mainly depends upon the coverage amount. A high cover amount means high premiums. So selecting a level of cover is important according to your requirements and budget. Have a detailed conversation with your agent about your requirements and budget, and get all the information about the services included and excluded from the insurance policy.
  2. Calculate the amount of life insurance you need based on your income, family size and financial conditions. Calculate your financial conditions as well, which includes your debts, mortgages, liquid assets, funds for children’s education and your savings. You should also include any existing life insurance. Remove your liquid assets from the total, and you will get the estimation of the life insurance you need. 
  3. Age directly affects the premiums. The younger the person, the cheaper the premiums will be. When young, the person is more healthy and has a low possibility of claiming. 
  4. Some people have a hereditary disease. So this might greatly affect your insurance as the insurer might add exclusions for some illnesses or on some claims. They can also ask for the results of your recent medical exam. 
  5. If you are a fan of adventures and high-risk activities, it might also affect your insurance premiums. Such people usually pay high premiums or have exclusions for many claim reasons. 
  6. Your living conditions and the area also affect your life insurance premiums. If you live in a dangerous area, then you will likely have to pay more for premiums. 
  7. Usually, life insurance has some paid and some inbuilt benefits for individuals taking them. Built-in life insurances offer a lot of benefits, so they generally have more premiums. 

Types of Premiums:

There are different types of premiums which your insurer will provide you. These are:

  1. Stepped premiums start at a low but gradually increase with the passing of time. These are cheaper and short-term. Also, these depend upon age. You must pay more premium if you are older in age. 
  2. Level premiums are more expensive than stepped premiums at the start, but they don’t increase with your increasing age like stepped premiums. They increase only with Consumer Price Index (CPI) increase. 
  3. Hybrid premiums are slightly higher than stepped premiums and increase annually. When the policy reaches the pre-agreed age, then premiums will convert into level premiums and increase with Consumer Price Index (CPI) increase. 

Having cheap life insurance is not always a good thing. It will not be able to cover all your needs, and you can even end up paying more in return. So select your life insurance carefully. 


  1. Australian life insurance is a must for all Australians, including migrants.
  2. There are many companies providing life insurance to Australians.
  3. Select your life insurance carefully after considering all your requirements.
  4. The cheapest life insurance in Australia can cover all your basic needs.
  5. Having life insurance in Australia will make you worry-free for your family. 

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