Life Insurance in Austria (2026)
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Life insurance (Lebensversicherung) in Austria comes in two forms: term life (Ablebensversicherung) for pure death benefit protection from €5-20/month, and endowment life (Er- und Ablebensversicherung) combining savings with insurance. Austrian employers do not typically provide life insurance, so coverage is your personal responsibility if you have dependents.
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Sorting changes the order of the provider cards below.
Our overall pick below is Wiener, from From €6/month.
Wiener Staedtische Lebensversicherung
Best Overall. Vienna-based VIG-group insurer with strong term life policies and family-friendly riders.
Get a Wiener Staedtische Quote- Monthly premium (Best)
- From €6/month
- Coverage
Coverage
What the policy pays for, and up to how much. Only meaningful read together with the reimbursement rate and the deductible.
- Term life, €50k to 500k
- Policy term
- 10 to 30 years
- English support
- Limited
More details
- Service
- Branch network for face-to-face advice
- Discounts
- Bundles with other policies
Prices as of August 2026, verify on the provider site.
Pros
- Competitive term life premiums
- Extensive branch network for face-to-face advice
- Bundle discounts with other policies
Cons
- Limited English-language online resources
- Endowment products have lower returns than direct investments
Best for People who want a trusted Austrian provider with competitive term life rates and in-person consultation
Uniqa Lebensversicherung
Best Online Experience. Largest Austrian insurer with the broadest range of term and endowment life products.
Compare Uniqa Life Plans- Monthly premium
- From €7/month
- Coverage
Coverage
What the policy pays for, and up to how much. Only meaningful read together with the reimbursement rate and the deductible.
- Term and endowment, to €400k
- Policy term
- 1 to 30 years, to age 75
- English support (Best)
- Yes
More details
- Application
- Fast online process
- Tools
- Transparent online comparison
Prices as of August 2026, verify on the provider site.
Pros
- Transparent online comparison tools
- Fast online application process
- English-language support available
Cons
- Slightly higher premiums than Wiener Staedtische
- Limited endowment product options
Best for People who want to compare and purchase life insurance online with transparent pricing
Generali Lebensversicherung
Best digital application flow and English-language support on Austrian life insurance.
Explore Generali Options- Monthly premium
- From €8/month
- Coverage
Coverage
What the policy pays for, and up to how much. Only meaningful read together with the reimbursement rate and the deductible.
- Term, endowment and mortgage-linked
- Policy term
- Agreed per contract
- English support (Best)
- Yes
More details
- Flexibility
- Adjust cover during the term
- Relocation
- Strong international presence
Prices as of August 2026, verify on the provider site.
Pros
- Flexible coverage adjustments during policy term
- Strong international presence for people who may relocate
- Mortgage-linked life insurance available
Cons
- Higher premiums for smokers
- Complex product range can be confusing
Best for People who want flexible life insurance with the option to adjust coverage as their situation changes
These providers offer the most popular life insurance products in Austria:
What Types of Life Insurance Exist in Austria?
Austria offers two main categories of life insurance. Understanding the difference is essential before choosing a product.
Ablebensversicherung (Term Life Insurance)
Pure death benefit protection. If you die during the policy term, your beneficiaries receive a lump-sum payment. If you survive the term, nothing is paid out. This is the simplest and cheapest form of life insurance, ideal for protecting dependents during your working years. Typical terms are 10, 15, 20, or 25 years.
Er- und Ablebensversicherung (Endowment Life Insurance)
Combines a death benefit with a savings component. If you die during the policy term, your beneficiaries receive the death benefit. If you survive, you receive the accumulated savings (Erlebensleistung) at maturity. This product is significantly more expensive and is often used as a long-term savings vehicle. However, returns are typically low compared to other investment options.
Term Life Is Usually Better Value
Financial advisors generally recommend term life insurance over endowment policies. Term life is significantly cheaper, and you can invest the difference in premium savings into index funds or other investments with higher returns.
Do Residents Need Life Insurance in Austria?
Life insurance is not mandatory in Austria. Whether you need it depends on your personal circumstances. Consider life insurance if:
- 1.You have dependents: A spouse, partner, or children who rely on your income would face financial hardship if you passed away unexpectedly.
- 2.You have a mortgage: Austrian banks often require life insurance (Kreditrestschuldversicherung) as a condition for a home loan to ensure the mortgage is repaid.
- 3.You have outstanding debts: Ensuring your debts do not pass to your family provides peace of mind.
If you are single with no dependents and no mortgage, life insurance is generally not necessary. Austria's social security system provides a Witwenpension (widow's pension) and Waisenpension (orphan's pension) to surviving family members, but the amounts may be insufficient for families accustomed to a higher income. For more on the social system, see our health insurance guide.
Austrian Employer Benefits
Unlike some countries, Austrian employers do not typically include life insurance in their benefits package. Group life insurance is uncommon. If you want coverage, you need to arrange it privately.
How Much Does Life Insurance Cost in Austria?
| Policy Type | Monthly Cost | Coverage Amount |
|---|---|---|
| Term life (age 30, non-smoker) | €5-10/month | €100,000-200,000 |
| Term life (age 40, non-smoker) | €10-20/month | €100,000-200,000 |
| Endowment life (age 30) | €50-200/month | Depends on savings goal |
Life insurance costs depend on the type of policy, your age, health status, smoker status, and the coverage amount. Here are typical monthly costs as of 2026:
Smoker Surcharge
Smokers pay significantly higher premiums, often 50-100% more than non-smokers. If you quit smoking, most insurers will reduce your premium after 12 months of being smoke-free with a medical confirmation.
Term Life vs Endowment Life: Comparison
| Feature | Term Life | Endowment Life |
|---|---|---|
| Monthly cost | €5-20 | €50-200 |
| Death benefit | Yes | Yes |
| Savings component | No | Yes |
| Payout if you survive | Nothing | Accumulated savings |
| Best for | Protecting dependents affordably | Combined savings and protection |
| Flexibility | High (invest savings elsewhere) | Low (locked into policy) |
Here is a side-by-side comparison to help you decide which type of life insurance is right for your situation:
Should You Pick Accident Insurance or Disability Insurance?
Accident insurance or disability insurance (Berufsunfähigkeit)?
| Feature | Accident insurance | Disability insurance |
|---|---|---|
| Price | About €10 to €30 a month for €100,000 disability cover with 225 to 500% progression; children from about €5 | No dated Austrian sample premium found; depends on age, job and health history |
| Pays for | Accidents only | Accidents and illness |
| Pays out as | A lump sum by the limb table (Gliedertaxe) times progression: 500% turns €100,000 into €500,000 at full disability | A monthly pension |
| Gap it closes | Statutory accident cover only pays for accidents at work or school, not in your free time | The statutory disability pension is low and hard to get |
Accident insurance wins if
- you insure a child, where lasting injury matters and cover starts at about €5 a month
- you do sport with a real accident risk
- you failed the health check for disability cover, because accident cover asks fewer questions
Disability insurance wins if
- your household depends on your income, since illness causes most cases of disability
- you work in an office with little accident exposure
- you want a monthly pension rather than one lump sum
Accident insurance and disability insurance (Berufsunfähigkeitsversicherung) are not substitutes. Accident cover pays a lump sum for lasting injury from an accident, scaled by the Gliedertaxe and a progression of up to 500%, for about €10 to €30 a month. Disability cover pays a monthly pension when you can no longer do your job, whether the cause is an accident or an illness. A heart attack while skiing is an illness, so accident cover pays nothing.
Life Insurance in Austria: Frequently Asked Questions
What types of life insurance exist in Austria?
Austria offers term life insurance (Ablebensversicherung) for pure death benefit protection, and endowment life insurance (Er- und Ablebensversicherung) that combines a death benefit with a savings component. Term life is cheaper and more straightforward.
Do residents need life insurance in Austria?
Life insurance is not mandatory. It is most relevant if you have dependents who rely on your income, or if your mortgage requires it. Austrian employers do not typically provide life insurance as a benefit.
How much does life insurance cost in Austria?
Term life insurance costs €5-20/month for €100,000-200,000 coverage depending on your age and health. Endowment life insurance costs €50-200/month because it includes a savings component. Non-smokers pay significantly less.
Do you have to take the bank's credit life insurance for a mortgage in Austria?
No. A lender may require insurance linked to a mortgage, but § 23 Abs. 4 HIKrG obliges it to accept a policy from another provider if that policy offers equivalent cover. A term life policy with a falling sum (Risikoableben mit fallender Summe) can meet the requirement and is not tied to the loan. Ask the bank to state the required cover in writing before you sign.
How much does credit life insurance (Restschuldversicherung) cost in Austria?
Market ranges compiled in August 2026 put it at 2 to 7 percent of the loan, usually as a single premium: 1.5 to 3 percent on a mortgage and 3 to 7 percent on a consumer loan. On a €300,000 mortgage that is €4,500 to €9,000. Banks often add the premium to the loan, so you pay interest on it too. Premiums for private loans are not tax-deductible.
What happens to credit life insurance if you repay early, divorce or lose your job?
Repay early and the cover ends with the loan; check whether your contract refunds the unused part of a single premium. Divorce is not an insured event, and both borrowers stay liable for the full rate. Job loss only pays if you bought the unemployment module, and only for involuntary dismissal. Complaints go to the insurer first, then to the VVO, or to the FMA if the bank mis-sold the policy.