Life insurance in Austria is available from 1 insurer across term life, whole-of-life and decreasing-cover products designed to protect mortgage and family obligations. Compare the guaranteed premiums and sum assured for the full policy term — some plans offer fixed premiums while others increase with age, making early lock-in significantly cheaper.
Compare the top 20 Austrian life insurance providers, with premiums from €13 /month. Data current as of 23 October 2026 and updated daily from the Giraffy database.
Live offers
20 live offers compared from 20 providers, from €13 /month. Updated daily.
Wiener Städtische Risikoleben is a life insurance offer from Wiener Städtische in Austria. Key details — Monthly Premium: From ~EUR 13/mo; Cover Amount: EUR 100k-EUR 1m; Policy Term: 10-35 Jahre; Key Feature: Vienna Insurance Group; oldest AT insurer; Wiener Städtische Risikoleben.
Monthly Premium: From ~EUR 13/mo
Cover Amount: EUR 100k-EUR 1m
Policy Term: 10-35 Jahre
Key Feature: Vienna Insurance Group; oldest AT insurer; Wiener Städtische Risikoleben
Life insurance in Austria falls into two families: term (risk) life insurance (Ablebensversicherung), which pays a lump sum to your beneficiaries if you die during the policy term, and endowment or unit-linked life insurance (Er- und Ablebensversicherung / fondsgebundene Lebensversicherung), which combines death cover with a savings or investment element. Term cover is the pure protection product; the savings variants blend protection with wealth-building.
How the Austrian market works
Pure term life is inexpensive and widely used to protect a mortgage or a family's income, often required by lenders when taking out a home loan. Savings-linked policies were historically popular but now compete with separate investing and pension products. Premiums for term cover depend on the sum insured, the term, your age and health, while investment-linked policies also carry fund charges. Insurers assess health through a questionnaire and sometimes medical checks. Because Austria has strong statutory social insurance, life cover is bought chiefly to protect dependants and secure large debts rather than to fund healthcare. A common local structure is decreasing term cover that tracks a shrinking mortgage balance, ensuring the loan is cleared if the borrower dies, and couples buying a home together often take joint or mirrored policies so the survivor is not left with the full debt.
Benefits
Family protection — a term policy pays out to cover a mortgage or replace lost income.
Low cost for pure cover — Ablebensversicherung offers high sums insured for modest premiums.
Mortgage security — lenders often accept a life policy as collateral for a home loan.
Optional savings element — unit-linked variants combine cover with investment growth.
How to choose
For most families, pure term cover gives the most protection per euro; keep investing separate unless you specifically want a bundled product. Set the sum insured to cover outstanding debt and your dependants' needs, and match the term to your mortgage or your children's dependency period. Compare premiums across insurers, check whether the premium is guaranteed, and read health-declaration requirements carefully to avoid claim disputes. Decide whether you want a level sum insured throughout the term or a decreasing sum that mirrors a falling mortgage, check whether the premium is guaranteed for the whole term or can be reviewed, and consider adding cover for serious illness or accidental death if that fits your family's needs and budget.
Leading providers in Austria
Established life insurers including Allianz, Wiener Städtische, Generali, Helvetia, ERGO, Donau Versicherung and HDI offer term and savings-linked policies. They compete on premium, guaranteed-premium terms, health-underwriting flexibility and the investment options in unit-linked plans. Choice depends on the sum insured you need and whether you want pure protection or a combined savings product.
What it costs
Monthly premiums for term life commonly range from around €13 to €22 for typical sums insured, varying strongly with age, health, term and coverage amount. Unit-linked and endowment policies cost more because they include a savings contribution and fund charges. Younger, healthier applicants secure the lowest term-cover rates.
Protections and regulation
Life insurers are supervised by the FMA under the Insurance Contract Act and EU insurance-distribution rules, with mandatory pre-contract disclosure and, for investment-linked products, a key information document (KID). Policyholders typically have a cooling-off period and clear information rights. Accurate health disclosure is essential, as non-disclosure can void a claim.
Common questions
Term or savings-linked? Term gives the most protection per euro; savings variants bundle investment. Do I need it for a mortgage? Lenders often require or accept life cover as collateral. What sum should I insure? Enough to clear debt and support dependants. Are health questions important? Yes, inaccurate answers can invalidate a payout.
The cheapest Life Insurance in Austria is €13 /month from Wiener Städtische.
Life Insurance in Austria — FAQ
How much does life insurance cost in Austria?
Giraffy tracks 20 life insurance products across 20 insurers in Austria. The lowest tracked monthly premium is €13 /month. Premiums vary significantly by age, health, cover amount, and policy type — a healthy non-smoker in their 30s can typically get a large sum of level term cover for a modest monthly premium. Compare quotes to see rates for your specific profile.
What is the difference between term life and whole-of-life insurance?
Term life insurance pays out only if you die within the policy term (e.g. 20 or 25 years) — premiums are lower and it suits protecting a mortgage or dependants during working years. Whole-of-life insurance guarantees a payout whenever you die, with higher premiums. Most people with dependants and a mortgage benefit most from term cover.
How much life insurance cover do I need?
A common starting point is 10× your annual income, or enough to pay off your mortgage plus 3–5 years of income replacement for your dependants. Consider: outstanding debts, partner's income, number of dependants, childcare costs, and funeral expenses. A financial adviser can model your specific needs.
What is the difference between level term and decreasing term life insurance?
Level term pays a fixed lump sum if you die during the term — suitable for covering a fixed obligation like family living costs. Decreasing term reduces in line with an outstanding debt (typically a repayment mortgage) — it's cheaper but pays less over time as it mirrors your reducing debt.
Can I get life insurance with a pre-existing medical condition?
Yes — most insurers will cover pre-existing conditions, but may charge a higher premium, exclude the specific condition from the payout, or add a postponement period. Using a specialist broker increases your chances of finding the right cover at the best price without unnecessary application declines.
Is the life insurance payout tax-free for my beneficiaries?
In many markets — including the UK and most GCC countries — life insurance payouts to named beneficiaries are exempt from income tax. However, the payout may form part of your estate for inheritance tax purposes. Writing your policy in trust removes it from your estate and speeds up the claims process significantly.
