Understand the factors insurers use and compare personalised premiums
There is no single representative price for life insurance. Each insurer calculates a personalised premium using the applicant's circumstances and the requested cover.
Compare the premium alongside the amount and type of cover, policy term, exclusions and other conditions. A lower premium does not necessarily mean the policy is suitable for your needs.
Compare Personalised Quotes »Insurers commonly consider factors such as:
The final premium and terms are set by the insurer after it assesses the application. An initial quote can change if the information supplied changes or additional underwriting is required.
Level term, decreasing term, family income benefit, whole-of-life and over-50s policies work differently. Their cover, eligibility, qualifying periods and payment terms are not directly interchangeable.
For example, decreasing term cover reduces over time, while level term cover keeps the insured amount level during the term. Over-50s products may have age-based eligibility and a qualifying period. Review the current policy documents before deciding.
If you have a repayment mortgage and a young family, advisers will often suggest splitting cover — a level term plan sized to family living costs plus a separate decreasing term plan tracking the mortgage. Two smaller policies frequently beat one big one on total monthly cost. There's no universally cheapest insurer — only the cheapest for *your* profile.
LifePro can compare personalised quotes available from its insurer panel. There is no broker fee or obligation to buy; if a policy starts, the insurer pays LifePro commission.
A general average may not reflect the price offered to you. Premiums are personalised using the applicant's age, health, tobacco and nicotine use, occupation, requested cover, policy type and term. Compare current quotes for your own circumstances.
The answer depends on the applicant and the cover being compared. Policy types provide different benefits and may reduce, remain level or continue for life, so compare equivalent cover and review the terms rather than relying on a general price claim.
Tobacco and nicotine use can affect the premium and terms. Definitions vary by insurer, so disclose all current and recent use and compare personalised quotes.
It may be, but premiums are personalised. A joint policy commonly pays once and then ends, while two single policies can provide separate cover. Compare both structures, their terms and their quoted premiums.
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