How much life insurance costs in Australia per month is $30 to $80 per month for $500K to $1M cover for 30 to 40-year-old non-smoker, average $50 per month for $750K cover, with 20-year-old $20 per month for $500K, 50-year-old $80 to $150 per month for $500K, smoker double. Life insurance, also called term life, pays lump sum $500K to $1M if you die or terminal illness 12 months, costing $20 to $50 per month for $500K cover for 30-year-old non-smoker male, $30 to $60 for 40-year-old, $50 to $100 for 50-year-old, with female 10% cheaper. For example, 35-year-old non-smoker male office job $750K cover costs $40 to $60 per month via TAL $50, AIA $45, Zurich $60, with $1M cover $60 to $90 per month. Inside superannuation, life insurance cheaper $20 to $40 per month for $500K as group cover with less underwriting but lower cover $100K to $200K default, top up extra. Factors include age, smoking, health, occupation, with hazardous occupation like mining 50% loading, and sum insured. So life insurance costs $30 to $80 per month for $500K to $1M cover for 30 to 40-year-old non-smoker, $20 per month for 20-year-old $500K, $80 to $150 for 50-year-old $500K, smoker double $100 to $200, with average $50 per month for $750K, essential if mortgage $500K and dependents, costing $600 to $1,000 per year.
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