Life Insurance Premium Information

What is a life insurance premium? A life insurance premium is the price that you pay (monthly, half-yearly or yearly) for your insurance.

If you take a life insurance policy, it will provide your nominated beneficiary with an agreed upon lump sum payout, in the event of your death.

Below are general life insurance premiums that you may pay for life insurance in Australia. All rates are based on that of a non-smoker.

Age Cover Amount Male per month Female per month
25 $300,000 $23 $18
25 $600,000 $35 $25
25 $900,000 $49 $34
35 $300,000 $23 $19
35 $600,000 $34 $27
35 $900,000 $47 $35
45 $300,000 $38 $29
45 $600,000 $62 $47
45 $900,000 $87 $66

The following provides indicitave premiums of the various other life insurance products available in the market.

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 per month Female per month
30 $250,000 $21 $18
30 $500,000 $30 $25
40 $250,000 $24 $20
40 $500,000 $37 $30
50 $250,000 $56 $43
50 $500,000 $94 $70

Income Protection

The biggest variable with income protection is the waiting period; with the table below we have assumed a benefit of $3,500 per month to age 65. We have run quotes with two waiting periods, 30 and 90 days. Please note that these are before tax premiums, and income protection premiums are tax deductible (non-smoker rates).

Age Waiting Periods Male per month Female per month
30 30 Day $50 $65
30 90 Day $40 $50
40 30 Day $72 $107
40 90 Day $60 $85
50 30 Day $140 $205
50 90 Day $120 $170

TPD

Total and Permanent Disablement (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. The premiums below are for life and TPD cover combined (non-smoker rates).

Age Cover Amount Male per month Female per month
30 $250,000 $27 $24
30 $500,000 $41 $36
40 $250,000 $35 $31
40 $500,000 $61 $52
50 $250,000 $95 $80
50 $500,000 $172 $150

Trauma Insurance

Trauma Insurance pays 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 per month Female per month
30 $100,000 $21 $22
30 $200,000 $35 $35
40 $100,000 $35 $38
40 $200,000 $60 $65
50 $50,000 $50 $45
50 $100,000 $93 $70



 

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