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| Fund | Maximum Cover | Maximum Entry Age | Fully Underwritten | Terminal Illness Benefit | Optional Extras | Apply |
|---|---|---|---|---|---|---|
 Real Term Life Cover | $100,000 | 79 | No | $100,000 | No optional | |
| $100,000 | 79 | No | $100,000 | No optional | |
 HCF Smart Term Life Cover | $1,000,000 | 54 | No | $500,000 | No optional | |
 BT | Call BT at 1300 553 764 to get a personalised quote for your circumstances | 69 | Yes | Call BT at 1300 553 764 to get a personalised quote for your circumstances | TPD Benefit, Living Benefit, Business Cover Benefit | |
 Westpac | Call Westpac at 132 135 to get a personalised quote for your circumstances | 69 | Yes | Call Westpac at 132 135 to get a personalised quote for your circumstances | TPD Benefit, Living Benefit, Business Cover Benefit | |
 St.George | Call St. George at 132 135 to get a personalised quote for your circumstances | 69 | Yes | Call St. George at 132 135 to get a personalised quote for your circumstances | TPD Benefit, Living Benefit, Business Cover Benefit |
Term life insurance is a type of life insurance that provides a set amount of cover for a set amount of time (or, 'term'). It can protect your family or anyone else who's financially dependent on you if you pass away or are diagnosed with a terminal illness, before what's known as the policy's expiry age. Term life insurance can help your family pay debts and ongoing payments, such as a mortgage, if you're no longer around.
There is no cash payout or 'surrender cash value' in term life insurance. You pay a premium to have cover in place. If the term ends or you cancel your policy, you won't receive payment.
Below is a quick view of how much life insurance could cost you, per month.
| Policy | Cover amount | Monthly premium* | Apply |
|---|---|---|---|
NobleOak | $500,000 | $23.11 | |
Zurich | $500,000 | $35.88 | |
AHM | $500,000 | $42.14 | |
Insuranceline | $500,000 | $49.76 | |
Medibank | $500,000 | $44.34 | |
AAMI | $500,000 | $49.76 | |
Allianz | $500,000 | $32.65 | |
Suncorp | $500,000 | $49.76 | |
| Bendigo | $500,000 | $56.99 | |
| Woolworths | $500,000 | $62.85 | |
| AIA | $500,000 | $27.55 | |
| AMP | $500,000 | $26.52 | |
| BT | $500,000 | $27.68 | |
| Clearview | $500,000 | $25.02 | |
| MLC | $500,000 | $25.58 | |
| Onepath | $500,000 | $26.61 | |
| TAL | $500,000 | $25.59 |
*Prices are an estimate based on a 35 year old non-smoking male office worker. Quotes last checked on September 2021 and are subject to change.
This will really depend on your own situation and what you would need to cover in the event of your death.
Some key triggers that lead people to take out cover or review their existing cover include buying a house, getting married and having their first child.
| 18-25 | 25-35 | 35-45 |
|---|---|---|
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|
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| 45-55 | 55-65 |
|---|---|
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The maximum entry age may also change based on the type of premium you choose and how much cover you apply for.
There are a number of extra features you can add to your term life insurance policy to tailor it to your needs, and so you may want to consider:
Keep in mind: By adding more features to your policy, you'll likely pay more for your premium. Read more about the cost of life insurance in our guide.
The payout from term life insurance can be used for any purpose. Common usages include as follows:
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Australian Seniors Term Life
Is a ‘TERM’ life policy – start 45, finish 60 for a non increasing benefit of $1,000,000 – cheaper than a similar ‘TERM’ policy start 45 to age 99, all other things being equal. (This used to be called a ‘Whole of Life’ policy I think.) If so, roughly what is the $$ difference ?
Hi there,
Thanks for your question. Generally, the longer the life of the policy is, the more expensive the premium is.
I hope this helps,
Maurice