How to get cheapest life insurance in Australia

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Life insurance is very much essential to protect you or your family and other people who may depend on you for financial support. Since there is no guarantee that someone’s life is good or healthy, everybody should be aware and prepared about for sudden danger. Moreover, Life insurance can stand by you or your family during a severe crisis if you have received a life insurance plan. However, sometimes insurance premiums may not be affordable for all in Australia. As a result, Australian citizens seek the cheapest life insurance in Australia. An Australian citizen can reduce his/her premium by following some rules. So here has been illustrated on the cheapest life insurance in Australia.

cheapest life insurance in Australia

11 important Tips of finding the cheapest life insurance in Australia

All citizens of Australia want the cheapest life insurance in Australia. You can get the cheapest life insurance by following some tips.

Tip # 01: Apply for insurance policies as young as possible

Life Insurance Company calculates insurance premium base on mobility and mortality rate. Age is an important factor that affects your illness or death. That is why the insurance company has comparatively cheaper premium rates for a younger person. So to get the cheapest life insurance in Australia you should take a life insurance plan as soon as possible.

Tip # 02: Consideration of Level premiums

This premium type can provide far more affordable premiums in the long term. But steeped premiums might be better when you choose the cover for the short term.

Tip # 03: Give up smoking

If you smoke, your premium rates will be higher. You can reduce your premium rates as much as 30%-50% by quitting smoking.

Tip # 04: Discount for a healthy lifestyle

Sometimes many companies announce healthy lifestyle discount for healthy persons. If you are a healthy person you reduce your premium rates up to 20% by receiving this discount.

Tip # 05: Annual Premiums

If you pay your premium on a monthly or fortnightly basis you can save 5-8% of your premium.

Tip # 06: Reduce your drinking

If you enjoy taking more drinks a day, you will have to consider to reduce your alcohol intake for lower rates.

Tip # 07: Lose your weight

You can also save money by reducing your weight. If your weight is too much that is called obese as medical classification, you will have to pay higher insurance rates than you have a moderate weight that includes a healthier weight category.

Tip # 08: Drive carefully & safely

If you drive irresponsibly and recklessly you will have to pay higher life insurance rates. Insurance companies verify your driving record. If you are classified as higher risk category you will have to count more money for insurance premium. So drive carefully and safely for getting the cheapest life insurance in Australia.

Tip # 09: Choose your hobbies wisely

Life insurers consider your hobbies when they determine your premium rates. Different risky activities like scuba diving, sky diving, Rock climbing, motorcycling, racing, and even hunting can raise your insurance rates. So give up your risky hobby for getting the cheapest life insurance in Australia.

Tip # 10: Take multiple policies and get discounts

You can reduce your premium by purchasing multiple policies from the same company.  For example, you can get up to 10% discount by purchasing premiums for both you and your spouse.

Tip # 11: Be honest

Life insurance companies sincerely monitor your information.  If they find any fraud in your form they can raise questions on your other information that will reflect on your premium price. That is why you will have to fill up your form honestly.

Cheapest life insurance in Australia for Female with Ranking

Ranking Policy Monthly premium
1 AIA priority Protection with vitality $26.65
2 Tal Accelerated Protection with Health Sense  $31.01
5 AMP Elevate Insurance Solutions with Healthy Start $31.92
6 Asteron Life Complete with Healthy Life Option $35.98
3 Clearview Life Solutions $36.55
4 MLC Insurance with On Track $36.56
7 Comminsure Protection $39.14
8 Zurich Wealth Protection $39.42
9 Onepath OneCare $40.56
10 BT Protection Plans $42.76

The monthly premium rates of the above table were calculated on 37 years old, non-smoking female and $1million worth of term life insurance.

Source: Life Insurance Direct App (August 2018)

Cheapest life insurance in Australia for Female with Ranking
Cheapest life insurance in Australia for Female with Ranking Chart

Cheapest life insurance in Australia for male with Ranking

Ranking Policy Monthly premium
1 AIA priority Protection with vitality $36.7
4 AMP Elevate Insurance Solutions with Healthy Start $39.63
2 Tal Accelerated Protection with Health Sense  $41.33
5 Asteron Life Complete with Healthy Life Option $43.24
3 MLC Insurance with On Track $47.00
6 Clearview Life Solutions $48.02
8 Zurich Wealth Protection $49.70
7 Comminsure Protection $50.21
9 Onepath OneCare $51.13
10 BT Protection Plans $55.44

The monthly premium rates of the above table were calculated on 37 years old, non-smoking male and $1million worth of term life insurance.

Source: Life Insurance Direct App (August 2018)

Cheapest life insurance in Australia for Male with Ranking
Cheapest life insurance in Australia for Male with Ranking Chart

What impacts on cheapest life insurance in Australia?

  • Age
  • General Physical condition
  • Health history of the family
  • Smoker/non-smoker
  • Gender
  • Lifestyle (Risky activities)
  • Location
  • Occupation

Average cost of life insurance in Australia

The cost of life insurance depends on your benefit amount. Therefore, the higher your benefit amount, the higher the cost. An average cost of life insurance in Australia and its benefit amount for 35 years old man here have been mentioned. But it may be varied for different factors such as health condition, lifestyle, location etc. It is presented for tentative concepts. 

Average cost of life insurance in Australia
Average cost of life insurance in Australia Chart

Although life insurance is essential for people, it is often difficult for people to bear. But if you follow the above-mentioned tips you can get the cheapest life insurance in Australia. However, this information will help you to get a general concept of life insurance in Australia. But to get legal or financial advice you should consult a professional to learn which policy products are right for you.

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