A Complete Guide to
Understanding Life Insurance

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Life Insurance.
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Trusted comparisons from leading Australian insurers.

  • Claims Paid (2023): $607 million
  • Acceptance Rate: 97.4%
SINCE
2018

1972

Operating Since

Over $2.3 billion

Claims Paid (2023)

95.6%

Claims Acceptance Rate
See How
Neos
Compares

NEOS is a modern Australian life insurance provider focused on simplifying cover and delivering excellent service. Established in 2018, NEOS works with top insurers and underwriters to offer fast applications, simple claims, and personal service — all built for today’s customer expectations.

Product Range

Life Insurance:
A lump sum for your family if you pass away or are terminally ill.

Income Protection
Replaces income if you can’t work due to illness or injury.

TPD
Provides financial stability if you are permanently unable to work.

Trauma Cover:
Assists with costs from a serious medical condition.

Additional Benefits

NEOS is known for rapid underwriting, high-quality support, and strong adviser partnerships. Claims processes are among the most efficient in the industry.

Why Choose Neos

For those seeking a new, streamlined experience with personal support and excellent outcomes, NEOS delivers a standout modern insurance experience.

  • Claims Paid (2023): $135 million
  • Acceptance Rate: 95.1%
SINCE
2010

1972

Operating Since

Over $2.3 billion

Claims Paid (2023)

95.6%

Claims Acceptance Rate
See How
ClearView
Compares

OnePath is a well-recognised life insurer in Australia, with a legacy that dates back to 1878 through its origins in Mercantile Mutual. Now operating under Zurich, OnePath continues to serve Australians with flexible cover options and digital-friendly claims processes.

Product Range

Life Insurance:
Helps support your family with a lump sum payment in the event of death or terminal illness.

Income Protection
Monthly benefits if you’re unable to earn due to health issues.

TPD:
Lump sum payment if you're permanently disabled.

Business Expenses Insurance:
Helps business owners maintain operations if illness or injury stops them from working.

Additional Benefits

ClearView offers flexible waiting periods and built-in benefits like accommodation reimbursements and grief support.

Why Choose ClearView

With a clear and customisable approach, ClearView is a great option for people seeking straightforward policies and strong service.

  • Claims Paid (2023): $705 million
  • Acceptance Rate: 94.1%
SINCE
2010

1972

Operating Since

Over $2.3 billion

Claims Paid (2023)

95.6%

Claims Acceptance Rate
See How
OnePath
Compares

OnePath is a well-recognised life insurer in Australia, with a legacy that dates back to 1878 through its origins in Mercantile Mutual. Now operating under Zurich, OnePath continues to serve Australians with flexible cover options and digital-friendly claims processes.

Product Range

Life Insurance:
Provides financial security if you pass away or are diagnosed with a terminal illness.

Income Protection
Offers regular payments during periods of injury or illness.

Trauma Cover:
Pays a benefit if you suffer a major medical event.

Child Cover:
Optional add-on for protecting children from serious conditions.

Additional Benefits

Backed by Zurich, OnePath policies offer a strong balance of innovation, support services, and affordability.

Why Choose OnePath

OnePath provides deep expertise with digital ease, helping individuals and families access quality life cover with minimal complexity.

  • Claims Paid (2023): $830 million
  • Acceptance Rate: 94.1%
SINCE
1961

1972

Operating Since

Over $2.3 billion

Claims Paid (2023)

95.6%

Claims Acceptance Rate
See How
Zurich
Compares

AIA Australia is one of the country’s largest insurers and part of the global AIA Group. It offers a broad range of insurance solutions with a focus on health, prevention, and long-term wellbeing. AIA is known for integrating its cover with the AIA Vitality program, which rewards healthy living.

Product Range

Life Insurance:
Offers financial protection for your family if you pass away or are terminally ill.

Income Protection
Supports your income if a health issue keeps you out of work.

TPD
Pays a lump sum if you become permanently disabled.

Trauma Cover:
Helps manage recovery after a critical illness.

Additional Benefits

Zurich offers flexible policy structures and optional features such as childcare support and grief counselling services.

Why Choose Zurich

With global scale and local service, Zurich delivers trusted protection with a focus on flexibility and claims reliability.

  • Claims Paid (2023): Over $2.3 billion
  • Acceptance Rate: 95.6%
SINCE
1972

1972

Operating Since

Over $2.3 billion

Claims Paid (2023)

95.6%

Claims Acceptance Rate
See How
AIA
Compares

AIA Australia is one of the country’s largest insurers and part of the global AIA Group. It offers a broad range of insurance solutions with a focus on health, prevention, and long-term wellbeing. AIA is known for integrating its cover with the AIA Vitality program, which rewards healthy living.

Product Range

Life Insurance:
A lump sum payment if you pass away or are diagnosed with a terminal illness.

Income Protection
Helps cover living expenses if illness or injury stops you from working.

Trauma Cover
A payout to assist with recovery from major medical conditions.

AIA Vitality
A wellness program that offers rewards and discounts for staying healthy.

Additional Benefits

AIA Vitality is one of the most comprehensive health engagement programs in the insurance industry, promoting fitness, nutrition, and preventative care.

Why Choose AIA

AIA stands out for combining financial protection with holistic health support, backed by a proven claims track record.

  • Claims Paid (2023/24): $4.2 billion
  • Acceptance Rate: 94%
SINCE
1869

1972

Operating Since

Over $2.3 billion

Claims Paid (2023)

95.6%

Claims Acceptance Rate
See How
TAL
Compares

TAL is one of Australia’s most established and widely chosen life insurers, with a history dating back to 1869. Today, TAL protects millions of Australians and is known for its broad product range, strong claims reputation, and customer-first approach. The company is part of the Dai-ichi Life Group, a global leader in life insurance.

Product Range

Life Insurance:
Financial protection for your loved ones if you pass away or are diagnosed with a terminal illness.

Income Protection
Replaces a portion of your income if you’re unable to work due to illness or injury.

Total and Permanent Disablement (TPD):
A lump sum benefit if you're permanently unable to work.

Critical Illness:
Covers serious conditions like cancer, stroke, or heart attack.

Additional Benefits

TAL provides access to rehabilitation and return-to-work services, as well as built-in grief and financial counselling in some policies.

Why Choose TAL

TAL combines scale, financial strength, and consistent claims performance, making it one of the most trusted names in Australian life insurance.

New to Life Insurance?Watch This First.

Understand what life insurance is, what it covers, and how to get the right policy. Explained in just 60 seconds.

How Our
Process Works

We help you make smart, confident choices about life insurance with simple tools, clear information, and real support every step of the way.
Compare My Options
Get Started
Online
Enter some basic details about yourself and the type of life insurance you're looking for. It only takes a few minutes to begin.
Compare and
Explore
View personalised quotes from multiple insurers side by side. You can see key policy details and start narrowing down the cover that suits you best.
Finalise Your
Application
Once you’ve chosen a policy, our team will follow up to confirm a few final details. After the insurer reviews your application, we’ll be in touch to let you know when your cover is in place and what it includes.

Why Life Insurance Matters

Because some things are too important to leave unprotected.
Protect those who depend on you
Life insurance provides financial security for your loved ones if something unexpected happens.
Take care of debts so they don’t have to
From the mortgage to personal loans and credit cards, life cover helps ensure your loved ones aren’t left with financial stress.
Keep your family’s future on track
Life insurance can help keep day-to-day life on track,  from everyday expenses to school fees.
Give your family time to adjust
A policy can offer short-term stability during a difficult period, so your family has space to make decisions without added financial pressure.

Types of Life Insurance

From income protection to cover for serious illness, life insurance includes a range of options. Here’s what each one means and how it can help.
Life Cover (also known as Term Life Insurance or Death Cover)
Life cover is the most straightforward type of life insurance. It provides a lump sum payment to your nominated beneficiaries, such as your partner or children, if you pass away or are diagnosed with a terminal illness.
What happens if I outlive my life insurance policy?
If you outlive your term life insurance policy, the coverage ends, and you don’t receive any payout. Some policies allow you to renew or convert to a permanent policy, but you may be subject to higher premiums due to your age or health status.
Total and Permanent Disability (TPD) Insurance
TPD insurance provides a lump sum payment if you suffer a permanent illness or injury that prevents you from working again. It can help cover medical expenses, rehabilitation, and living costs as you adjust to life with a disability.
How is TPD different from income protection?
TPD insurance covers you if you are permanently unable to return to work. Income protection helps cover your income temporarily while you recover from illness or injury.
Trauma
Insurance
Trauma insurance pays a lump sum if you’re diagnosed with a serious medical condition or experience a critical event like a heart attack, stroke, or cancer. This can help ease the financial pressure so you can focus on recovery.
What conditions are covered by trauma insurance?
Conditions vary by insurer, but typically include major illnesses and injuries like cancer, stroke, or heart attack. Always check the Product Disclosure Statement (PDS) for exact details.
Income Protection Insurance
Income protection insurance pays a portion of your income (typically up to 70–75%) while you recover from illness or injury. It helps cover essential living costs until you’re able to return to work.
How long does income protection last?
That depends on your policy. Some cover a set period (e.g. 2 or 5 years), while others can cover you until retirement age or until you’re able to return to work.

Factors Affecting Premiums

Life insurance premiums vary from person to person. Here are some of the main factors that influence how much you’ll pay.
Details about $1 Million Cover
Male
Female
By Age
Daily Premium
Monthly Premium
Daily Premium
Monthly Premium
45 Years Old
$1.32
$40.35
$1.08
$32.99
50 Years Old
$2.35
$71.45
$1.61
$49.10
55 Years Old
$5.39
$162.80
$3.49
$106.31
60 Years Old
$11.83
$359.97
$7.67
$233.33
65 Years Old
$23.23
$706.71
$13.60
$413.77
Age
Premiums are generally lower when you're younger and increase with age.
Health
Your medical history and overall health can impact your premiums. Conditions or risk factors may lead to higher costs.
Lifestyle
Habits like smoking, drinking, or participating in high-risk activities may increase your premium.
Occupation
Jobs with higher physical risk, like construction or mining, may result in higher premiums.
How can I reduce my premiums?
To reduce your premiums, consider purchasing a policy at a younger age, maintaining a healthy lifestyle, and comparing different policies to find the best balance between cost and coverage.
Can my premiums change over time?
Yes, some policies have premiums that increase over time, particularly if you have a term life policy. However, some insurers offer guaranteed premiums that stay the same throughout the life of the policy.
What affects the cost of my premium the most?
The biggest factors are your age, the amount of cover you choose, your health status, and whether you smoke. These can have the largest impact on what you pay each month.

Choosing the Right Life Insurance Policy

Choosing the right policy starts with understanding your needs. Here are a few important things to think about when deciding how much cover is right for you.

Mortgages and Loans
If you have debts like a mortgage or personal loan, your life insurance should be enough to help pay them off if something happens to you.
How do I know how much life insurance I need?
Start by adding up your major debts and any extra your family would need to live comfortably. This gives you a rough idea of the cover amount that makes sense.
Lifestyle and Future Plans
Think about what you want to protect in the future — education, retirement, or other long-term goals. Make sure your cover supports those plans.
Dependents
If someone depends on your income, whether it’s a partner, children or other family, it’s important to have enough cover to support them financially.

When to Review Your Policy

It’s important to check in on your policy from time to time, especially when life changes.

After Major
Life Changes
Review your policy when you experience life events like getting married, having children, starting a business, changing jobs, or purchasing a new home.
Changes in
Health
If your health improves or worsens, it could impact your premiums or your ability to get new coverage.
Policy
Renewal
Review your cover at renewal to make sure it still fits your life. You might need more or less cover based on your current goals.

Life Insurance Made Simple

Life
Insurance

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You’re in Good Company

Jessica M.
February 23, 2024

“I never thought much about life insurance until I had kids. Signing up was easy, and now I have peace of mind knowing my family is protected no matter what happens. It’s one of the best decisions I’ve made.”

Thomas B.
November 8, 2024

"After comparing several providers, I chose this company because of their transparency and customer service. The team answered all my questions with patience and made the process feel personal. Highly recommend!"

Danielle M., Newcastle NSW

"I didn’t know where to start with life insurance, but SelectLife actually made it make sense. I felt comfortable the whole way through."

Life Insurance Isn’t Just a Policy. It’s a Plan

Whatever life throws your way, make sure your family’s
protected. We’re here to help you figure it out, step by step.

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