Life Insurance in Austria for Expats
Last updated: March 2026
Updated March 2026. Life insurance (Lebensversicherung) in Austria comes in two forms: term life (Ablebensversicherung) for pure death benefit protection from EUR 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.
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 Expats 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?
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:
| Policy Type | Monthly Cost | Coverage Amount |
|---|---|---|
| Term life (age 30, non-smoker) | EUR 5-10/month | EUR 100,000-200,000 |
| Term life (age 40, non-smoker) | EUR 10-20/month | EUR 100,000-200,000 |
| Endowment life (age 30) | EUR 50-200/month | Depends on savings goal |
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
Here is a side-by-side comparison to help you decide which type of life insurance is right for your situation:
| Feature | Term Life | Endowment Life |
|---|---|---|
| Monthly cost | EUR 5-20 | EUR 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) |
Top 3 Life Insurance Providers in Austria
These providers offer the most popular life insurance products for expats in Austria:
Wiener Staedtische Lebensversicherung
Wiener Staedtische is one of Austria's largest and most trusted insurance providers. Their term life insurance offers competitive rates, and their extensive branch network makes it easy to get personalized advice.
Best for: Expats who want a trusted Austrian provider with competitive term life rates and in-person consultation
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
- Term life insurance with flexible terms (10-30 years)
- Coverage amounts from EUR 50,000 to EUR 500,000
- Competitive premiums for non-smokers
- In-person consultation at local branches
- Bundle discounts with household or liability insurance
- Starting from approximately EUR 6/month (term life, age 30)
Uniqa Lebensversicherung
Uniqa offers a streamlined online experience for purchasing life insurance. Their comparison tools make it easy to see exactly what you are paying for, and the application process can be completed entirely online.
Best for: Expats who want to compare and purchase life insurance online with transparent pricing
Pros
- +Transparent online comparison tools
- +Fast online application process
- +English-language support available
Cons
- −Slightly higher premiums than Wiener Staedtische
- −Limited endowment product options
- Term and endowment life insurance options
- Online quote and application process
- Coverage amounts from EUR 50,000 to EUR 400,000
- English-language customer support
- Flexible payment options (monthly, quarterly, annual)
- Starting from approximately EUR 7/month (term life, age 30)
Generali Lebensversicherung
Generali offers flexible life insurance products that can be adjusted as your life circumstances change. Their international presence is an advantage for expats who may relocate within Europe.
Best for: Expats who want flexible life insurance with the option to adjust coverage as their situation changes
Pros
- +Flexible coverage adjustments during policy term
- +Strong international presence for expats who may relocate
- +Mortgage-linked life insurance available
Cons
- −Higher premiums for smokers
- −Complex product range can be confusing
- Term and endowment life insurance
- Mortgage-linked life insurance (Kreditrestschuldversicherung)
- Coverage adjustable during policy term
- International portability within EU
- Online and branch-based service
- Starting from approximately EUR 8/month (term life, age 30)
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 expats 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 EUR 5-20/month for EUR 100,000-200,000 coverage depending on your age and health. Endowment life insurance costs EUR 50-200/month because it includes a savings component. Non-smokers pay significantly less.