Compare life, TPD, trauma and income protection cover from Australia's leading insurers — plus clear guides on what each product actually does.
Canstar's 2026 Outstanding Value Awards for life insurance went to NobleOak and TAL, with Budget Direct offering a rebranded version of a leading policy at a competitive price. NobleOak leads on price, especially for younger buyers, and includes a terminal illness benefit paying the full lump sum if diagnosed within 24 months of life expectancy. TAL performs particularly well for over-40s, with increased overseas funeral benefits and child's critical illness cover included as standard.
Premiums are priced individually on age, gender, smoking status and occupation rather than a flat average — but income protection alone ranges from around $36/month in your late 20s to over $240/month in your late 50s. Smokers typically pay 38–58% more than non-smokers across every product type, and comparing insurers for identical cover can cut the price by up to 50%.
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How your premium is structured matters more than which insurer you pick — see our guide on stepped vs level premiums. Most Australians also have some default cover through their superannuation already, which is convenient but often set at a lower sum insured than you'd actually need, and typically restricted to 'any occupation' TPD.
Four different risks, four different products
Everything you need to make a confident decision