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Is it possible to get whole life insurance in Australia?

Asked by Anonymous Oct 12, 2026 2 views 1 answers
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Answered Oct 13, 2026
Is it possible to get whole life insurance in Australia, yes it is possible but rare and expensive $100 to $300 per month for $100K cover, with 95% of market term life $30 to $80 per month for $500K to $1M cover which is more common and cheaper, with whole of life offering permanent cover and cash value $10K to $50K. Whole life insurance, also called permanent life, offers cover for whole life with cash value building $10K after 10 years, $30K after 20 years that you can borrow or cash in, unlike term life which expires at age 65 to 99 and has no cash value. In Australia, whole of life available from TAL, AIA, Zurich, MLC for $100K cover costing $100 to $300 per month for 35-year-old, with cash value, but largely discontinued in 1990s due to high cost and low returns, with most insurers focusing on term life $500K to $1M for $30 to $80 per month renewable to age 99 but not permanent with cash value. For example, whole of life $100K cover $200 per month at 35, cash value $15K after 15 years, while term life $750K cover $50 per month at 35, no cash value but $750K payout if you die. So possible to get whole life insurance in Australia via whole of life $100K cover $100 to $300 per month with cash value $10K to $50K, but rare and expensive, with term life $500K to $1M for $30 to $80 per month more common, cheaper and recommended for mortgage $500K and dependents, with whole of life not recommended unless you need cash value and permanent.
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