There is a 3rd party LOL insurance product underwritten by Llyods and accessed via TWU membership.
There is also an international French based LOL scheme that I have read good reviews about on prune but I don't know of anyone down under who has held or claimed on it. It was discussed in the ME forums I think. There was one or two others but I dont remember the names of any of them.
Be aware there is a significant difference in protections between MBF schemes and insurance companies however.