Simple Guide to Life Insurance
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A comprehensive source of information on life insurance, TPD, trauma and income protection. With simple explanations, insurance calculators, tips and traps, how to buy guides and much more.
Note:Insurance can only be provided to permanent residents of Australia, or those people in the application process for permanent residency.
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Term Life Cover
Term life insurance provides a lump sum payment on the death of the life insured. Approximate premiums are detailed below for non-smokers.
| Age | Cover Amount | Male | Female |
| per month | per month | ||
| 30 | $250,000 | $25 | $20 |
| 30 | $500,000 | $30 | $25 |
| 40 | $250,000 | $27 | $22 |
| 40 | $500,000 | $42 | $33 |
| 50 | $250,000 | $60 | $45 |
| 50 | $500,000 | $105 | $80 |
People take term life cover to pay out their debts and leave a lump sum to provide financial security for their partner and/or children.
Total and Permanent Disability
Total and Permanent Disability (TPD) is usually taken as an extension to life cover. It provides a lump sum payment in the event that the life insured is totally and permanently disabled.
Where people take income protection the amount of TPD cover can be reduced. As if you have correct income protection, in the event of total disablement the income protection policy will replace lost income.
The costs below are for life and TPD cover combined.
| Age | Cover Amount | Male | Female |
| per month | per month | ||
| 30 | $250,000 | $30 | $27 |
| 30 | $500,000 | $50 | $40 |
| 40 | $250,000 | $45 | $35 |
| 40 | $500,000 | $70 | $60 |
| 50 | $250,000 | $110 | $95 |
| 50 | $500,000 | $195 | $165 |
Trauma Cover
Trauma policies pay a lump sum in the event of an injury or sickness as defined in the policy document, (for example cancer, heart attack, stroke). This can be taken as a stand alone policy (on its' own), or attached to a life insurance policy.
There are basic trauma policies and there are extended trauma policies that cover a greater level of events (we only quote on the extended cover). Some policies offer TPD as a definition of trauma, therefore this can provide cost savings.
The costs below are for stand alone trauma policies.
| Age | Cover Amount | Male | Female |
| per month | per month | ||
| 30 | $100,000 | $25 | $25 |
| 30 | $200,000 | $35 | $35 |
| 40 | $100,000 | $35 | $38 |
| 40 | $200,000 | $65 | $65 |
| 50 | $50,000 | $50 | $45 |
| 50 | $100,000 | $100 | $80 |
Lifebroker is an Authorised Representative of National Financial Solutions Pty Ltd, holder of AFSL 284182
(life insurance and income protection insurance broker).