Category: Cost
Life insurance premiums vary by age, gender, smoking status, occupation, sum insured, premium structure, and whether the cover sits inside or outside super. There is no single market price. The only accurate cost figure is a live quote on your specific structure.
IMFL's quote engine pulls live rates from each panel insurer (AIA, Zurich, TAL, OnePath, ClearView, NEOS, Encompass, Acenda, Futura) using your specific age, occupation, and structure. The framework below explains what drives the number.
The largest single factor. Claim probability rises sharply through your 40s, 50s, and 60s, so premiums rise with each year of cover on stepped premium structures.
Females pay materially less than males for life cover at most ages. Industry mortality statistics drive the differential.
Smokers pay materially more than non-smokers across all 9 panel insurers. The differential is one of the biggest controllable factors on the quote.
Hazardous occupations may attract a per-mille loading on top of standard rates. NEOS, Encompass, and Futura adviser guides flag this for heavy manual and hazardous workers. See library Topic 15 for the per-insurer treatment.
The larger the cover amount, the higher the premium. Some insurers cap the sum insured (NEOS at $5 million, Encompass at $7 million, Acenda and Futura at $15 million). Others apply financial underwriting beyond stated thresholds. See NEOS Protection PDS (6 December 2024), Life Cover; Encompass Protection PDS (26 September 2025), Section 1 Life Cover; Acenda Insurance PDS (27 September 2025), Life Cover Benefit; Futura Protection PDS (1 October 2025), Life Cover.
Stepped premiums start cheap and rise each year with your age. Level premiums start higher and hold steadier to a stated trigger age (typically 65 or 70). See the stepped vs level FAQ for the structural detail.
Super-held life cover is often cheaper at default group rates but can be lower in coverage, may expire earlier (commonly age 65 or 70), and reduces your retirement balance. Retail cover outside super is generally fully underwritten, portable, and continues to later ages.
For the same insured person and the same cover structure, panel premiums can vary materially across the 9 insurers because each underwrites occupation, smoker status, and medical history differently. The cheapest quote is not always the best fit, because cover terms (terminal illness threshold, indexation floor, buy-back availability) differ. Compare structure first, then price.
This is general advice only. Any premium figure depends on your specific application, the underwriting outcome, and the structure you choose.
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