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Everything Life Insurance

Feeling lost looking up life insurance? iSelect can help you catch up with lots of handy information below.

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Types of life insurance

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Life insurance

Life insurance is an umbrella term for all kinds of policies, whether they’re to help soften the impact of you falling ill, being too injured to work, or passing away.

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Income protection

Your work isn’t your whole life, but your income plays a big role in your lifestyle. Income protection can mean you would still receive some of your income if you can’t work.

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Term life insurance

Sometimes called death cover, term life insurance pays your family a lump sum if you pass. This money can’t replace you, but it can help your loved ones at an extremely difficult time.

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Total and permanent disability insurance

Often shortened to TPD insurance, this kind of life insurance pays a lump sum if you become totally and permanently disabled. These funds could help cover medical costs and other bills.

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Trauma insurance

If you’re seriously unwell or injured, trauma insurance could make it easier to focus on getting better. The benefit may help cover medical fees, as well as allow you to take time off work.

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Is life insurance tax deductible?

Most types of life insurance aren’t tax deductible, but income protection premiums can be. But there’s a catch. Your income protection policy needs to live outside your superannuation.

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How long does a life insurance claim take?

How long it takes depends on individual factors, like your policy type, but 50% or more of most types of life insurance claims made in 2023–24 were processed within a fortnight.¹

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How much life insurance do I need?

The cover you need can depend on your financial situation, as well as if you have any dependents. You might want to think about your budget and what bills need to get paid.

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Is income protection tax deductible?

Income protection is usually the only form of life insurance that’s tax deductible. Whether it is or not however will depend on whether you hold it through an insurer or your superannuation.

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Income protection vs mortgage protection

A mortgage is probably the biggest loan any of us will ever take out, and both mortgage protection and income protection insurance could help you keep making those repayments. But what’s the difference?

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Term life insurance vs income protection

Income protection is a financial safety net if you’re too unwell to work, while term life cover gifts your loved ones with a lump sum if you pass away. You might only be interested in one or want both.

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Income protection for self-employed

Self-employment comes with plenty of highs and lows. But if it’s the latter keeping you up at night, like worrying about being too unwell to work, income protection could give you peace of mind.

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Income protection for doctors and dentists

While you play a critical role in society, it’s no excuse to keep soldiering on when your body says no more. Income protection can take the pressure off, helping keep bills paid while you rest up.

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Income protection for tradespeople

Accidents happen, and they can leave you worse for wear. Income protection could be your way of looking out for yourself, your family, and your wallet if you need to hang up your tools for a bit.

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Key person insurance

Sometimes called key man insurance, this sort of policy can help a business weather the loss of a critical employee. The lump sum can help find a replacement and offset lost revenue for a time.

iSelect’s partnered with Lifebroker (AFS Licence number: 400209) to help you compare a range of Life Insurance policies. iSelect earns a commission from Lifebroker for each customer referred through the website or contact centre. Lifebroker do not compare all life insurers or policies in the market.

iSelect Life Pty Ltd – ABN 89 124 304 347, AFS Licence Number 331128. Any advice provided by iSelect is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect’s advice or purchasing any policies. You should consider iSelect’s Financial Services Guide which provides information about iSelect services and your rights as a client of iSelect.’