This category of insurance, also known as life cover, is about protecting the people around you that matter the most. It provides financial protection in the event that you were not longer around to support and provide for loved ones.
Get access to quotes and comparisons across insurers via this link : Life Insurance Quotes And Comparisons
What is life insurance ?
The definition of Life Insurance can be found in legislation such as the Life Insurance Act 1995 which regulates the registration and prudential conduct of life insurers and the Insurance Contracts Act 1984 which regulates the insurance contract. We generally define life insurance as a contract of insurance in which the policy owner pays a premium to the insurer and the insurer pays the sum insured or provides a benefit to the policy owner, or a person nominated by the policy owner, on the occurrence of the insured life event, which is commonly death or the diagnosis of terminal illness.
Each insurer will issue a Product Disclosure Statement, policy document and associated schedule that will contain the exact terms and conditions applying to each issued contract of insurance. The terms will differ from one insurer to another and may differ from one policyholder to another.
List of registered life and income protection insurers
APRA is Australia’s prudential regulator of banks, insurance companies and most superannuation funds. Click here for the list of Insurers and Friendly Societies registered with APRA for life cover.
Why is life insurance important?
We all know life is full of unexpected surprises. The death of a loved one can put enormous emotional and financial strain on a family. Life cover provides a lump sum payment in the event of death. This provides protection to loved ones and will assist in paying off any outstanding debts such as a mortgage or investments. There should also be enough to enable your family to continue to live their lives without financial difficulty.
Without any funds, your partner and family may be required to sell their home, sell their investments, shift schools and be forced to work two jobs. This is very easy to avoid through appropriate cover.
How does life insurance work?
Life cover (also known as Death Cover or Term Insurance) pays the sum insured amount as a lump sum upon the Insured’s death. This amount is usually paid to their estate, policy owner or spouse.
Some policies provide extra benefits, such as terminal illness benefit (at no extra cost), where if you are diagnosed with a terminal illness the amount insured is paid out. We will only quote on the policies that provide this.
How much life insurance cover is enough?
There can be many elements to working out this figure, depending on personal circumstances, but some major factors to consider are:
- How much would it cost to clear all debt (mortgages, personal loans etc.)?
- Do you have enough money to cover funeral and other unexpected expenses at time of death?
- What future costs do you anticipate (children’s school or university fees, retirement funds)?
- What amount of capital would your family need to have enough money to reasonably maintain their lifestyle and for how long?
Want to read testimonials from our clients that we have helped with life insurance ?
Click on the articles below to read more :
- Testimonial from the widow of a doctor who died – aged in in his 40s – from Leukemia and received a life insurance payment. She expresses gratitude for the life insurance support received, which provided financial relief during a difficult time. Read the full testimonial
- A testimonial from a doctor in Victoria who was assisted with life insurance arrangements. The doctor appreciated the help and guidance provided throughout the process. Read the full testimonial
- Testimonial from a doctor we helped with life insurance noting “You explained everything in detail and did all the difficult work of finding quotes”. Read the full testimonial.
- Another testimonial from a Victorian doctor who received help with life insurance. The feedback highlights the supportive and effective assistance provided. Read the full testimonial.
- A former Olympian shares their experience seeking disability and life insurance insurance. Despite being physically active and continuing to train and compete, insurers initially wanted to impose exclusions on their policy due to the physical stress their body had endured. These exclusions could have negatively impacted future claims. However, Experien conducted thorough research, collaborated with insurance providers, and successfully negotiated with underwriters to secure comprehensive insurance coverage without exclusions or loadings. The client expresses deep gratitude for our persistence, expertise, and dedication in finding the best insurance solution for their family. Read the full client testimonial
Want to read more about life insurance ?
Click on the articles below to read more :
Articles about buying life insurance
- How Does Life Insurance Compare to Other Insurance Types ?
This article compares life insurance with other types of insurance like car and home insurance, emphasizing that while people often insure physical assets, they overlook the value of insuring their life and income. Life insurance is positioned as a critical part of a financial safety net, offering protection for loved ones in case of death or disability. How Does Life insurance Compare To Other Insurance Types ? - How to Buy Life Insurance in Australia
Australians can buy life insurance through brokers, directly from insurers, or via superannuation funds. Brokers offer tailored advice, help with applications, and manage claims. The article highlights the benefits of using a broker for personalized service and better coverage options. How to buy life insurance in Australia - Life Insurance Considerations at Different Stages of Life
Life insurance needs evolve with age. In your 20s, income protection may be relevant; in your 30s and 40s, death and disability cover become more important due to mortgages and dependents. Regular reviews are recommended to ensure coverage matches life changes. Life insurance considerations at different stages of life - Life Insurance Broker
A life insurance broker helps clients assess risks, choose suitable cover across a range of insurers, and manage claims. Brokers offer access to multiple insurers and can negotiate better terms. They provide technical advice and ongoing support, often at no extra cost beyond premiums. Life Insurance Broker - Life Insurance Using an Adviser
Using an adviser leads to better claim outcomes and higher average payouts compared to buying insurance directly. Advisers help tailor coverage to individual needs and offer ongoing support, especially during claims. Data from APRA supports the value of advised insurance. Life insurance using an adviser - Buying Life Insurance Online
While buying life insurance online is convenient, it often lacks personal advice and may limit options to one insurer. The article warns of missing out on better coverage and claims support. It recommends using brokers for tailored advice and broader insurer access. Buying life insurance online
Articles about buying life insurance for Doctors
- Life Insurance for Doctors – Tailored Protection with Experien. This article outlines the types of life insurance commonly used by doctors, including TPD (Total and Permanent Disability), Income Protection, Trauma, and Death Cover and Needlestick Benefit for occupational exposure to bloodborne diseases. It also shares real-life examples of claims paid to doctors, highlighting the financial impact and importance of tailored coverage. Life Insurance for Doctors – Tailored Protection with Experien
- How confident are Doctors in their life insurance cover ? Based on research in 2025, 62% of doctors are confident in their income protection cover, 57% in life insurance and 53% in trauma/critical illness cover. Confidence is highest among doctors aged 60+, and the article encourages reviews to ensure coverage aligns with personal needs. How confident are Doctors in their life insurance cover ?
- Life Insurance For Doctors. This article emphasizes the importance of life insurance for doctors due to their reliance on personal exertion for income. It advocates using brokers for Tailored advice, access to multiple insurers and ongoing reviews and claims support. It also discusses structuring cover for tax benefits and affordability.. Life Insurance For Doctors
- Do Doctors Need TPD and Life Insurance ? Explains the difference between Life Insurance (death cover) and TPD Insurance (for permanent disability). It highlights the need for professional advice, the risks of relying solely on default superannuation cover and the importance of regular reviews as circumstances change. Do Doctors Need TPD and Life Insurance ?
- Why do Doctors need income protection insurance ? Income protection replaces part of a doctor’s income during illness or injury. Key points include that ,any doctors lack extensive sick leave (unless they work in the public sector), brokers help tailor cover and manage claims and it discusses features like waiting periods and benefit periods affect pricing and suitability. Why do Doctors need income protection insurance ?
- Doctors Life Insurance Considerations. Covers how doctors can determine the right types and amounts of cover. It compares Personal Advice vs General Advice, the benefits of using a broker (e.g., better pricing, tailored structuring, claims support) and it also lists key considerations like financial obligations, health status, and tax implications. Doctors Life Insurance Considerations
- Insurance for medical professionals. Focuses on the unique risks faced by medical professionals, such as exposure to bloodborne diseases and restrictions on practice due to illness. Some insurers offer flexible definitions of disability and lump sum benefits for contracting certain diseases. Insurance for medical professionals
Articles about buying life insurance for Dentists
- The article titled Life Insurance For Dentists highlights tailored insurance solutions to protect both personal income and business operations. It covers key products like income protection, trauma cover, total and permanent disability (TPD), and death cover, with special features such as needlestick benefits for occupational risks. Dentists who own practices are encouraged to consider business expenses insurance. Real-life claim examples illustrate the financial impact of these policies, and we offers expert support in selecting, managing, and claiming on insurance, with free reviews available to ensure coverage meets individual needs.
- The article titled Dentists confidence levels in their life insurance cover reports findings from a 2025 survey of 442 dentists, revealing varied confidence levels in their life insurance coverage. Dentists felt most assured about their income protection insurance, with 65% expressing confidence, while only 55% felt confident about their life insurance and 54% about trauma insurance. The research, commissioned by a life insurer, aimed to understand how well dentists feel protected against serious physical or mental illness. We encourage dentists to seek personalised reviews to ensure their coverage aligns with their individual needs and offers support in selecting and managing insurance policies.
- The article titled Dentist Life Insurance Claims In Australia explains why dentists commonly hold various types of life insurance, including income protection, trauma cover, total and permanent disability (TPD), and death cover. The article notes that income protection claims are the most frequent, often due to injuries, cancer, and mental illness, while death and TPD claims tend to be larger in value. Trauma insurance accounts for about 20% of claims by value. Experien Insurance Services, which manages thousands of dentist policies, offers expert claims support and encourages dentists to seek personalised reviews to ensure adequate coverage
- The next article titled Mental Health Insurance Claims For Dentists highlights the significant psychological challenges faced by Australian dental practitioners, with nearly one-third reporting moderate to severe distress and one in four experiencing burnout. Alarmingly, one in six reported suicidal thoughts in the past year. Despite fears around mandatory reporting, the article clarifies that such notifications are only required when a practitioner’s condition poses substantial public harm, encouraging dentists to seek help without fear. It also explains how life and disability insurance—including income protection, TPD, and trauma cover—can be accessed through brokers like us, with most policies accepted on standard terms. Mental health is now a leading cause of claims, especially for income protection and TPD, though trauma insurance typically excludes mental health conditions.
Articles about life insurance claims
- The chance of claiming on your life insurance and disability insurance. Many Australians receive life and disability insurance through superannuation, but coverage may be limited. The Actuaries Institute estimates that nearly 1 in 3 members will experience an insured event during their working life. Experien offers tailored advice to ensure individuals have adequate coverage based on personal needs.
- Life And Disability Insurance Claims Examples At the time of writing this article, Experien had helped clients secure over $150 million in claims (over $180m by Sept 25) across various insurance types. Examples include: Income Protection: Most frequent by number, average claim $100,000. Death Cover: Largest average claim size, over $1 million. Trauma Insurance: Average claim $340,000. Business Expenses Cover: Average claim $57,000. These examples highlight the importance of personalized advice and claim support. An updated article can be found here Income Protection And Life Insurance Claims Examples
- Life Insurers are supporting claimants for mental illness more than ever before This article notes how Mental Illness disability insurance claims have surged: TPD claims for mental illness rose 433% (2014–2022). Income Protection costs for mental illness increased 129%. Mental illness claims also last longer, averaging 2.3 years vs. 1.2 years for other causes.
- The Cost Of Cancer And Trauma Insurance Considerations This article discusses how Cancer impacts income and incurs high out-of-pocket costs. Many patients pay over $10,000 every two years. New cancer drugs are expensive and often delayed in PBS approval. Trauma insurance can help cover these costs, offering financial relief during treatment.
- Life insurance claim causes. This article notes that Cancer is the leading cause of death claims (43%), followed by accidents. Mental health is the top cause for TPD claims (25%) and a major factor in income protection claims. These insights emphasize the importance of comprehensive coverage.
- Total And Permanent Disability Insurance Premiums Affected By Rising Mental Illness Claims This article discusses how Mental illness is now the leading cause of TPD claims, especially among people in their 30s (732% increase over a decade). Insurers paid $2.2 billion in mental health claims in 2024. This trend is influencing premium costs and policy structures
Articles about buying life insurance for parents
- Overseas research from several years ago showed that single parents with children at home face the largest life insurance coverage gap. This is likely to be the same in Australia. Key findings include that single parents across all income levels are significantly underinsured, leaving children vulnerable in the event of a parent’s death. The article underscores the importance of life insurance for single parents and encourages seeking professional advice to close this coverage gap. Read the details here
- Australian research on the impact of a parent’s death without life insurance showed that 50% of children whose parents lacked insurance reported their family could no longer support them financially. Families without insurance experienced 33% decrease in time spent together and 15% of children changing schools due to financial strain. Read the details here
Articles about life insurance payments and beneficiaries
- The article “Who Gets a Life Insurance Benefit?” explains how life insurance payouts are distributed depending on whether the policy is held inside or outside superannuation. For policies held outside super, benefits typically go to a nominated beneficiary, surviving policy owner, or the insured’s estate. Inside super, the trustee decides the recipient based on legal and fund rules, with eligible beneficiaries including spouses, children, financial dependants, or the estate’s legal representative. The article stresses the importance of nominating beneficiaries to ensure clarity, avoid delays, and reduce disputes, and recommends regularly updating nominations to reflect life changes. Read the article here
- The article “Life Insurance in Superannuation” explains that superannuation balances, including life insurance benefits held within super, are managed by trustees and do not automatically form part of a will. When a member dies, trustees decide how to distribute the death benefit unless a formal Nomination of Beneficiary is in place. There are three types of nominations: Binding (lapsing), which expires typically after three years; Binding (non-lapsing), which remains valid indefinitely; and Non-binding, which serves only as a guide and allows trustees discretion. The article emphasizes the importance of choosing the right nomination type to ensure timely and intended distribution of benefits, and recommends regular reviews to keep nominations current. See : Life insurance in superannuation here
- The article “Estate Planning and Life Insurance” from Experien Insurance outlines the essential components of estate planning and how life insurance fits into the broader strategy of ensuring your assets and wishes are properly managed after death. It emphasizes the importance of having a valid Will, appointing guardians for children, and assigning Powers of Attorney for financial and medical decisions. Read more on Estate planning and life insurance article here.
- In July 2025, we reported here that we have arranged Life And Disability Insurance Claims for over $180m for our clients
Please speak with an Experien Insurance Adviser for further information.
Information on our website is general in nature and does not take into account your personal circumstances. You should consider personal advice that allows for your own goals and situation and always read the Product Disclosure Statement (PDS) issued by an insurer before considering buying cover.
