Life Insurance Cost Calculator
Estimate the annual premium for life (death) cover in Australia. Age and smoking status move the price far more than the cover amount does.
Your life insurance details
Your estimate sits within the typical range.
Stepped premiums rise every year as you age and are cheap early but expensive later; level premiums cost more now but rise far less. Over a long hold, level can work out cheaper, so ask for both quotes. Cover held inside super is often cheaper but is paid from your retirement savings.
💰 Ways to save
- Get quotes for both stepped and level premiums, because stepped is cheaper in your thirties and forties but becomes very expensive later, while level costs more now and barely moves, so the right choice depends on how long you will hold the cover.
- Check whether you already hold default life cover inside your super fund, because many people do and are paying for duplicate cover they forgot about, so consolidate before buying more.
- Buy only the cover you need against your real debts and dependants rather than a round number, because the premium scales with the sum insured and over-insuring is money wasted every year.
- If you smoke, re-apply to be re-rated as a non-smoker once you have been nicotine-free for 12 months, as it can roughly halve the premium.
How we estimate this
Life (death) cover in Australia in 2026 is relatively cheap for the sum insured, but the premium rises steeply with age. A healthy non-smoker in their thirties might pay $300 to $700 a year for $500,000 of cover, rising to $1,200 to $2,500 in their fifties and $3,000 to $6,000 in their early sixties. Smoking roughly doubles it.
Pricing reviewed: June 2026.
Understanding life insurance costs in Australia
Life (death) cover in Australia in 2026 is relatively cheap for the sum insured, but the premium rises steeply with age. A healthy non-smoker in their thirties might pay $300 to $700 a year for $500,000 of cover, rising to $1,200 to $2,500 in their fifties and $3,000 to $6,000 in their early sixties. Smoking roughly doubles it.
The cover amount matters less than age and health. The bigger choice is stepped versus level premiums: stepped is cheaper now and rises every year, level costs more now but barely moves, so over a long hold level can be cheaper overall.
Frequently asked questions
How much does life insurance cost in Australia?
For $500,000 of death cover in 2026, a healthy non-smoker might pay $300 to $700 a year in their thirties, $1,200 to $2,500 in their fifties and $3,000 to $6,000 in their early sixties. Smoking roughly doubles the premium, and poor health or a risky occupation adds more.
Why does my premium keep rising?
Most policies use stepped premiums, which increase every year as you age because the risk of a claim rises. Level premiums cost more at the start but rise far less over time. Over a long hold a level premium can work out cheaper, so ask for both quotes before you decide.
Is life insurance cheaper inside super?
Often yes, because super funds buy group cover at wholesale rates, and the premium is paid from your super balance rather than your cash flow. The trade-off is that it quietly reduces your retirement savings, and default cover may not match your actual needs, so review the amount and type.
Does smoking affect life insurance cost?
Significantly. Smokers typically pay around double a non-smoker's premium. Most insurers let you apply to be re-rated as a non-smoker once you have been nicotine-free for 12 months, which can roughly halve the cost, so it is worth re-applying after you quit.
Are you a insurance adviser?
Everyone on this page is working out what life insurance costs because they are ready to hire. Put your business right beneath the calculator, in your state, so you are who they find. From $50/mo.