Best Life Insurance Companies in Australia

The goal of life insurance companies in Australia is to give the policyholder's family some degree of financial security in the event that the life insured passes away, becomes permanently disabled, or becomes seriously ill. With the correct policy, this kind of insurance can give families the financial means to pay off loans and debts as well as cover their daily living expenditures.

There are around 25 registered life insurance companies in Australia, according to APRA. The following list contains a complete listing of the businesses authorized to do business under Section 21 of The Life Insurance Act of 1995:

• AIA Australia Limited
• Allianz Australia Life Insurance Limited
• Challenger Life Company Limited
• ClearView Life Assurance Limited 
• Combined Life Insurance Company of Australia Ltd 
• General Reinsurance Life Australia Ltd
• Hallmark Life Insurance Company Ltd.
• Hannover Life Re of Australasia Ltd
• H C F Life Insurance Company Pty Limited
• Integrity Life Australia Limited 
• Macquarie Life Limited
• MetLife Insurance Limited
• MLC Limited
• Munich Reinsurance Company of Australasia Limited
• Pacific Life Re (Australia) Pty Limited
• QInsure Limited
• Resolution Life Australasia Limited
• RGA Reinsurance Company of Australia Limited
• RLNM Limited
• SCOR Global Life Australia Pty Limited
• St Andrew’s Life Insurance Pty Ltd
• Swiss Re Life & Health Australia Limited
• TAL Life Insurance Services Limited
• TAL Life Limited
• Zurich Australia Limited

• Market share: It refers to the company's overall sales enforce premiums over a given time period in comparison to the sector it serves. A company's profit potential increases with market share, which may be a sign of a company's competitiveness or strategic placement in the market.
• Products offered:  Examine the products a company offers for life insurance.
• Financial strength: A measurement of the insurer's potential to cover customer claims.
• The underwriting procedure and claims paid: The insurer's policy for calculating your risk to them and their propensity, based on historical data, to honor your claim.
• Pricing: The average monthly cost of a policy in comparison to its rivals.

This will depend on your specific personal circumstances because the ideal life insurance companies in Australia for one individual may be completely different for another. Some of the leading insurers currently doing business in Australia, including the following:

AIA Australia

The multinational insurance corporation AIA opened its first office in Australia in 1972 under the name AIA Australia. It provides a variety of services, including retirement planning, health insurance, and investments. The life insurance division of the Commonwealth Bank of Australia, CommInsure Life, was merged with AIA Australia in 2021.

Common Built-in benefits:

• Provides life insurance, TPD, crisis recovery, and income protection core coverage
• The maximum reward for life insurance is unlimited ($2 million for domestic responsibilities)
• Provides up to $750,000 or 25% of your total insured for partial permanent Disablement under TPD insurance
• Up to $20,000 in complimentary coverage is available if a dependant child is diagnosed with a terminal illness or dies
• Covers people from the age of 11 to 100

Zurich

More than 215 nations and territories are served by the Swiss multinational insurance company Zurich. Via its Australian operation, it provides life and business insurance as well as a variety of financial services. It also owns OnePath, another of the leading life insurance companies in Australia.

Common Built-in benefits:

• Provides income protection, TPD, trauma, and death benefits
• No upper benefit restriction exists for life insurance
• With a long list of health disorders and events that are covered, Zurich Active offers packaged protection
• Upon filing a claim, an advance payment of up to $15,000 is available
• Maximum entry age of 70 for life insurance and 99 for both life insurance and TPD expiration

TAL Life Limited

TAL was founded in New Zealand in 1869 and has since grown into a top life insurance company in Australia. It has since acquired a variety of additional life insurance companies, most recently Westpac's BT Life Insurance and Lifebroker, the life insurance division of Suncorp.

Common Built-in benefits:

• Coverage for critical illness, life, total and permanent disability (TPD), and income security
• No upper benefit restriction exists for life insurance
• TAL Health Sense, which offers a discount of up to 15% on some plans if your BMI is between 19.0 and 28.0
• Life insurance coverage is available to purchase for anyone between 19 and 75 years old
• In-built critical illness benefits for children between the ages of two and 19 of up to $10,000

MLC Life Insurance

The Nippon Life Insurance Group owns MLC Life Insurance, a life insurance company based in Australia that was established in 1886. Super, investment, and retirement-related goods are available under its more general brand, MLC.

Common Built-in benefits:

• Provides coverage for life insurance, income protection, TPD, critical illness, occupationally acquired infections, and child critical illness
• For life insurance, the maximum benefit cap is $3 million, and for TPD insurance, it is $5 million
• Maximum $20,000 in advance payment for urgent charges
• Vivo Bonus, which provides a lifelong premium discount of 7.5% for individuals with a BMI of 18.5 to 28.5
• Entrance age of between 16 and 70 for life insurance and expiry age of 100 for life insurance and TPD

ClearView

Australian-based ClearView specializes in offering life insurance and wealth management services, including superannuation, pensions, and other types of investments. The insurer, formerly known as NRMA Life, no longer provides life insurance under its own name.

Common Built-in benefits:

• Provides life, income, trauma, TPD, and kid insurance
• Life insurance coverage is offered up to $20 million
• Flexi linking enables life insurance to be connected to both within and outside of super, allowing for various owners for each policy
• Up to $25,000 will be paid in advance for urgent expenses
• Entry age for life insurance is as high as 75 (60 for other types of insurance)

OnePath 

For more than 140 years, Australians have been able to purchase plans from OnePath OnePath Life Insurance. It also provides options for superannuation and further investments. Zurich Australia acquired the business in 2022.

Common Built-in benefits:

• Offers people coverage for life, income, severe illnesses, and TPD
• Depending on your individual circumstances, the maximum benefit limit for life insurance
• Each dollar you spend on premiums will earn you one Qantas Frequent Flyer point
• Up to $25,000 in advance payment for essential expenses
• For life insurance, TPD, and income protection insurance, the maximum entry age is 75, and life insurance expires at 130 and TPD at 100

MetLife

The global insurance giant MetLife has its main office in New York. In addition to providing life and business insurance options, MetLife Australia also provides other sorts of protection, such as loan protection and credit card insurance.

Common Built-in benefits:

• Provides life insurance, TPD, income protection, and trauma coverage
• No upper benefit restriction exists for life insurance
• Up to $30,000 in advance payment for funeral costs
• If you need to travel more than 100 kilometers to get treatment, trauma insurance will pay up to $5,000 in expenses
• Insurance that can be acquired up to 73 years old and has a 130-year expiration date

NobleOak

NobleOak is an Australian life insurance company that is supported by Hannover Life Re. It was first established as a mutual organization, the UAOD Friendly Society of NSW, in 1877. In 2011, it underwent demutualization and changed its name to NobleOak.

Common Built-in benefits:

• Delivers life insurance, income protection, TPD coverage, and trauma insurance through SMSFs
• Coverage up to $15 million is offered
• Up to $15,000 will be paid in advance for urgent expenses
• If a benefit is received, coverage for up to $1,000 of grief counseling for the policyholder or their partner is provided
• Insurance can be bought by anybody between the ages of 16 and 69, with some policies extending coverage up to 99 years

NEOS Protection

Life insurance products are available from NEOS Protection, an Australian-owned business. The products for NEOS, which has its headquarters in Sydney, are made by NobleOak and reinsured by a division of Pacific Life Re, which is run by US insurer Pacific Life.

Common Built-in benefits:

• Offers people with life, TPD, critical illness, income, and kid coverage
• Maximum $5 million in life insurance coverage
• $10,000 benefit if a dependent kid dies, is given a terminal diagnosis, or develops a serious illness
• Up to $25,000 in advance payment for urgent costs
• High maximum entry age of 75 for life insurance, with coverage ending at 99 years for life and TPD insurance

Integrity Life

Integrity Life Australia specializes in retail life insurance for advisers, but they also provide a variety of products to people and those wishing to purchase life insurance for themselves. The business has only recently entered the Australian market, having launched its life insurance service in 2019.

Common Built-in benefits:

• Coverage for life, income, severe illnesses, and TPD
• No maximum benefit cap for life insurance
• Care Support Package, which includes all coverage (apart from income) and provides coverage for housing, grieving support, and other services
• Up to $25,000 in advance payment for essential expenses
• 75 is the high entry age for life insurance, and the coverage expires at 135 years

Final word

The best life insurance companies in Australia is typically the one that better fits your individual needs. To find the most suitable solution for you and your family, it may be a good idea to compare policies. Each insurer will normally evaluate your situation in accordance with its own set of standards and may provide a variety of advantages and discounts.