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iSelect’s partnered with Lifebroker to help you compare a range of Life Insurance policies. Not all policies are available at all times or in all areas. Any advice provided on this website is general in nature and does not consider your situation or needs. Please consider if any advice is appropriate for you before acting on it. Learn more.

What is life insurance?

Life insurance refers to a range of insurance products designed to protect you and your loves ones financially if something were to happen to you, whether that’s your death,  your inability to work for a time or permanently, or a diagnosis of a specific illness or injury.

What are the benefits of life insurance?

You may want life insurance for the peace of mind that comes with knowing there’s a financial safety net for you and your family. Knowing you can still pay the bills in the event of serious illness, injury or even death can mean one less worry during a stressful time.

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Tell us a little about yourself and the level of cover you’re looking for.

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Compare a range of life insurance options from different providers to find your policy.

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Ask the consultant any questions you have, then get that application done and dusted.

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Last Updated 11/02/2025
What changed?
Reviewed and added helpful tip from Eliza Ryan, Senior Marketing and Growth Channels Manager, Lifebroker
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Fact checked
Our aim is to help you make better informed decisions. That’s why iSelect’s content is produced in accordance with our fact-checking and editorial guidelines.
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Last Updated 11/02/2025

What changed?

Reviewed and added helpful tip from Eliza Ryan, Senior Marketing and Growth Channels Manager, Lifebroker
Our aim is to help you make better informed decisions. That’s why iSelect’s content is produced in accordance with our fact-checking and editorial guidelines.

Edited by

Laura Crowden

Reviewed by

Eliza Ryan

Find out more about how we make money.

View our Privacy Policy.

Types of life insurance

Life insurance can refer to standalone life cover or be used as an umbrella term for a range of different insurance products to cover illness, injury and death. Let us explain. 

Life cover

Sometimes called term life insurance or death cover, this is a lump sum paid to your nominated beneficiaries, like your partner or kids, when you pass away or if you’re diagnosed with a terminal illness.

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Total and permanent disability (TPD) insurance

A permanent illness or injury may mean you can no longer work. Having TPD Insurance means you could be paid out a lump sum to help you manage rehabilitation, medical and living costs.

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Income protection insurance

If you can’t work because of a total or partial disability, income protection insurance could mean you still have a percentage of your regular income flowing in.

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Trauma insurance

Sometimes your most important job is to look after yourself. Trauma insurance pays a lump sum if you suffer from a specific critical illness or serious injury, like a heart attack or cancer diagnosis. Make sure to read the insurers product disclosure statement (PDS), as each insurer may have different medical definitions or what is and isn’t covered under the policy.

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How much cover could I need?

Life insurance can be an important financial safety net, but it helps to know how much cover you and your family could need if something was to happen to you. For instance, funeral costs alone can range from $4,000 to $15,000.1Moneysmart – Paying for your funeral Ongoing living costs too, like rent or mortgage repayments, groceries, utilities and even clothes, may need to be considered too. This chart shows the average Australian’s monthly spends for these kinds of things to give you an idea of what your family might need.

When it comes to life insurance, don’t necessarily just go for the cheapest option, as this could leave you or your loved ones under financial stress should the unfortunate happen. 

Instead, take the time to carefully think about how much it would cost you to maintain your family’s current lifestyle should you be unable to work, or how much your loved ones would need to maintain their lifestyle if you were to pass away.    

Remember, you don’t have to take out all four types of cover (life, TPD, trauma and income protection) but instead should decide which are most relevant to your personal situation.   

Finally, you should regularly review your life insurance cover to make sure it is still suitable, particularly around major milestones that change your financial situation, such as getting married, having a baby, buying a home or starting a business.  

Eliza Ryan

Senior Marketing and Growth Channels Manager, Lifebroker

Your life insurance questions answered

What is the best life insurance policy?

What benefits does life insurance include?

How do you compare life insurance policies?

How much does life insurance cost?

How much cover can I apply for?

What is the difference between variable aged stepped and variable premiums?

Is life insurance tax deductible?

What is life insurance underwriting?

Will I still be covered if I travel overseas?

Will I need to provide medical information?

Does life insurance cover pre-existing conditions?

How do I claim life insurance?

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iSelect’s partnered with Lifebroker (AFS Licence number: 400209) to help you compare a range of Life Insurance policies. iSelect earns a commission from Lifebroker for each customer referred through the website or contact centre. Lifebroker do not compare all life insurers or policies in the market.

iSelect Life Pty Ltd – ABN 89 124 304 347, AFS Licence Number 331128. Any advice provided by iSelect is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect’s advice or purchasing any policies. You should consider iSelect’s Financial Services Guide which provides information about iSelect services and your rights as a client of iSelect.’

^To understand what’s covered by a Life Insurance policy, please read the relevant Product Disclosure Statement (PDS).