How much does life and living insurance really cost?

Taking out life insurance is one of the most important financial decisions you can make to protect your loved ones, ensuring they’re financially secure no matter what the future holds. But when you're managing everyday expenses, like rent or mortgage payments, groceries, and bills, it can feel like just another cost to weigh up.

However, you don’t have to choose between protecting your family’s future and blowing the budget today. With the right plan in place, you can have both.

How much does life and living insurance cost?

Life and living insurance costs vary for everyone. Factors such as your age, gender, health, lifestyle habits (like smoking), and the type and amount of cover you select all affect your premium.

Life and living insurance costs differ considerably depending on these factors, but at nib, you could get Life & Living insurance starting from as little as $15 per month.

Does my life and living insurance cover funeral costs?

Funeral insurance, or funeral expenses cover, is designed to help your loved ones pay for the immediate costs associated with a funeral, burial, cremation or other expenses when you pass away. Depending on your provider and policy, funeral cover may be a standalone product or included in a larger life or living insurance product.

With nib’s Life & Living insurance, every policy includes complimentary Funeral Expenses Cover, giving your family one less thing to worry about during a difficult time. This means they’ll get one lump sum payment of $15,000 to help with funeral expenses if you pass away, or if you’re diagnosed as terminally ill and expected to pass away within the next 12 months.

Planning for the future

It’s important to remember that premiums generally increase as you get older. This is because life and living insurance is based on risk, and with age, the likelihood of needing to claim increases. By planning ahead and choosing a policy that allows for flexibility, you can ensure your coverage remains both sufficient and cost-effective.

At nib, we offer a range of Life and Living Insurance options to help protect what matters most. Whether it’s Life Cover, Serious Illness Trauma Cover, Income Protection Illness Cover or a combination, our flexible options can provide financial support for you and your loved ones so you’re prepared for whatever life throws your way.

We also offer easy helpful resources, like our handy online estimator tool, that can give you an idea of the types and levels of cover you might want to consider and how these choices could affect your premiums.

At the end of the day, life and living insurance is about ensuring financial security for you and your loved ones so you can focus on the things that really matter. And wellbeing is priceless.