You Won't Believe How Much Life Insurance Costs in Australia

You Won't Believe How Much Life Insurance Costs in Australia

Do you think it’s too late for you to get life insurance? Think again. If the monthly premiums of life insurance intimidate you, let us clear that cloud of uncertainty and show you how much life insurance premiums will cost you.

But First, Why Do You Need Life Insurance Anyway?

Life is full of surprises, that’s a fact. And the unpleasant ones can really kick us into the curb. What would you do if something untoward happens to you, like experiencing a life-threatening accident at work, discovering that you have a terminal illness, or ending up in a man-made or natural disaster? If you are the family’s breadwinner, how will loved ones come by financially without you? Are you sure you would want them inheriting all your debts and shouldering all the future expenses because of your absence?

Often, life insurance is the last thing that most people consider when it’s already too late, and the inevitable dangers of financial ruin have come. There is a “superman” mentality among most of us. We always thought that we can take on anything that life throws at us and that we can live forever to provide for our families. Still, there is that hanging “what-if” in the air. “What if” life decides to throw a curve ball at us and leave our finances, and our loved ones who rely on it, unprotected.

Life insurance is supposed to give us that protection, that peace of mind that we desperately need once the storm hits. By setting aside a portion of your finances to pay for monthly premiums, you are guaranteed that your family can still pay for the necessary expenses when you could no longer work for a salary.

Sadly, people shun life insurance either because of misinformation or the lack of information about it. This is why we are here, to convince you to get life insurance by showing you how much you need to set aside for it.

Below is a table showing the monthly average costs of Life Insurance Premiums in Australia. This shows how much you would have to pay monthly depending on your age, gender, and health condition.

Person Average Monthly Premium
30 year old male, non-smoker $47.00
30 year-old male, smoker $77.00
50 year-old male, non-smoker $139.00
50 year-old male, smoker $286.00
30 year-old female, non-smoker $36.00
30 year-old female, smoker $58.00
50 year-old female, non-smoker $115.00
50 year-old female, smoker $206.00


Age, gender, and health condition are not the only factors that can help you save on life insurance. You also need to consider the additional packages that come with the life insurance policy you will purchase. Some of these add-ons may include:

  1. Funeral benefits
  2. Payout upon diagnosis of a terminal illness
  3. Premium waiver - the policyholder may skip payments in the event of an illness or injury
  4. Benefits for trauma and permanent disability
  5. Future insurability – allows policyholders to increase their coverage payout without the need to provide additional medical evidence

Lastly, you’ll notice in the table that the younger and healthier you are, the lower your monthly insurance premiums would be. The more time that you spend around the fence whether to buy Life Insurance or not, the more you’ll lose on the opportunity for bigger savings in the future.

So when is the Right Time to Buy Life Insurance? NOW, of course.

Let us help you in choosing the right life insurance package that will fit your current budget and lifestyle. As the old adage goes, “Failing to plan is planning to fail.”

Make sure to read our articles to help you choose the right life insurance package. Read and compare!

Latest Posts