Compare Insurance Types in Australia
Understand the 5 main types of insurance to protect your income, health, and family. From life insurance to business expenses cover, we explain what each type covers, who needs it, and how much it costs.
Insurance Types at a Glance
Compare coverage, costs, and key features across all 5 insurance types
| Insurance Type | What It Covers | Waiting Period | Benefit Period | Expiry Age | Tax Deductible | From (monthly) |
|---|---|---|---|---|---|---|
| Life Insurance | A lump sum payment to your loved ones when you pass away. | None (pays on death) | One-time lump sum payment | 99 | No | $35 |
| Total and Permanent Disability Insurance | A lump sum if you can never work again due to illness or injury. | Typically 3-6 months after disability | One-time lump sum payment | 70 | No | $45 |
| Trauma Insurance | A lump sum if diagnosed with a serious illness like cancer or heart attack. | Typically 14-90 days (varies by condition) | One-time lump sum payment | 75 | No | $52 |
| Income Protection Insurance | Monthly payments replacing up to 85% of income if unable to work. | 14, 30, 60, or 90 days (your choice) | 2 years, 5 years, to age 65, or to age 70 (your choice) | 70 | Yes | $68 |
| Business Expenses Insurance | Covers your business running costs if you can't work due to illness or injury. | 14, 30, or 60 days (your choice) | 12 months (standard) | 65 | Yes | $124 |
Explore Each Insurance Type
Click any insurance type to learn more about coverage, benefits, exclusions, and premium examples
Life Insurance
A lump sum payment to your loved ones when you pass away.
Key Benefits:
- Lump sum payment to beneficiaries upon death
- Replaces your income to support dependents
- Pays off mortgage and debts
Starting from
$35/month
Age 30, $500,000 cover
Total and Permanent Disability Insurance
A lump sum if you can never work again due to illness or injury.
Key Benefits:
- Lump sum payment if permanently unable to work
- Covers both "own occupation" and "any occupation" definitions
- Pays off mortgage and other debts
Starting from
$45/month
Age 30, $500,000 cover
Trauma Insurance
A lump sum if diagnosed with a serious illness like cancer or heart attack.
Key Benefits:
- Covers 40+ critical illnesses including cancer, heart attack, stroke
- Lump sum payment upon diagnosis (not death)
- Immediate funds for treatment and recovery
Starting from
$52/month
Age 30, $200,000 cover
Income Protection Insurance
Monthly payments replacing up to 85% of income if unable to work.
Key Benefits:
- Monthly payments replacing up to 85% of income
- Covers sickness and injury
- Premiums are tax deductible
Starting from
$68/month
Age 30, $5,000 cover
Business Expenses Insurance
Covers your business running costs if you can't work due to illness or injury.
Key Benefits:
- Covers ongoing business expenses (rent, wages, utilities)
- Separate from personal income protection
- Keeps your business operational during recovery
Starting from
$124/month
Age 35, $10,000 cover
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