A Budget Direct survey of 950 Australians has found that most respondents bought their life cover in their 30s, with almost two-thirds first searching online before asking friends and family for advice.
The survey also found that more than half (52%) of those who have life cover have a stand-alone policy, with the rest settling on their super scheme’s cover.
Of those who bought cover, the majority (54%) obtained it to protect loved ones, and 51% wanted to provide financial security to family members.
Just over a quarter (26%) got their life insurance policy as mortgage and/or debt protection, and almost 20% wanted it for personal health factors.
While almost a third of respondents pointed to a life change as the reason to buy life cover, more than 70% said there was no significant reason for doing so.
However, it was clear that having dependents was the most common (25%) significant life stage that motivated people to take out insurance, followed by marriage (21%).
Women were more likely to have acquired cover due to having dependents (30%) while marriage prompted men to get cover (27%).
The survey also found more people (39.1%) in their 30s obtained life cover than any other age group. Just 54% of those with life insurance have a will.
The online survey of 18 to 65-year-olds was carried out in February 2025.
