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Top 10 Life Insurance Companies In Australia

Russell Cain
Russell Cain Updated: 25 August 2020

You’ve decided to purchase life insurance; now it’s time to decide which life insurance company will offer you the best value cover suited to your requirements. Finding the right type of protection at the right price can help ensure your loved ones will be financially supported should something happen to you.

Every person is different, so it makes sense that your policy should be specific to your unique requirements. ComparingExpert compares many of Australia’s top life insurance companies and policies, and we’ve now updated our list of insurance companies in Australia with 2020 statistics!

To help you decide which company is best for you, we’ve compiled a list of life insurance companies in Australia, highlighting the top 10 by market share.

Top 10 life insurance companies in Australia by market share

  1. TAL Life Limited: Ranks 1st, with a market share of 24.2%
  2. AIA Australia Limited: Ranks 2nd, with a market share of 15.1%
  3. Zurich Australia Limited: Ranks 3rd, with a market share of 14.5%
  4. MLC Limited: Ranks 4th with a market share of 11.6%
  5. AMP Group: Ranks 5th, with a market share of 10.5%
  6. BT / Westpac Group: Ranks 6th, with a market share of 7.6%
  7. Comminsure Group: Ranks 7th, with a market share of 6.6%
  8. MetLife Insurance Limited: Ranks 8th, with a market share of 5%
  9. Other life insurance companies: Ranks 9th, with a market share of 3.2%
  10. ClearView: Ranks 10th, with a market share of 1.6%

This top 10 list is based on the media release of Plan For Life Actuaries & Researchers (21 January 2020). Market share fluctuates over the years largely due to mergers and acquisitions within the insurance sector. Although a good indication of a company’s worth, it should not be the key determining factor when choosing the appropriate cover for your requirements.

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Which insurance company is the best in Australia?

There is no one ‘best life insurance company’. Each life insurer is different. A company that’s well suited to a family with dependent children might not be the best option for a single, career driven, 20-something young professional. Life insurance companies in Australia offer competitive premiums and benefits to suit people at different stages of their lives. However, some companies might provide you with cheaper premiums and better coverage depending on your specific requirements.

10 Major insurance companies in Australia

To find the best value life insurer for you and your loved ones, start by requesting quotes from Australia’s largest companies and comparing similar policies against one another. Review their policy benefits, features and price side-by-side.

Company Market Share Standard & Poors Rating
TAL
TAL Accelerated Protection
24.2% Not Rated
AIA
AIA Priority Protection
15.1%A+
Zurich
Zurich Wealth Protection
14.5%A+
MLC
MLC Insurance
11.6%A+
AMP
AMP Elevate
10.5% A
BT
BT Protection Plans
7.6%A+
CommInsure
CommInsure Protection
6.6% A+
New MetLife Logo
MetLife Insurance
5% A+
Other Life Insurance companies 3.2% Not Rated

ClearView Life
1.6% Not Rated

Sources: Plan For Life Actuaries & Researchers media release (21 January 2020). Standard & Poor’s rating (16 January 2020).

How many life insurance companies are there in Australia?

There are about 28 life companies in Australia (as of October 2019). Below is the complete list of registered companies in Australia, including the top 10.

Sources: Australian Prudential Regulation Authority (APRA)

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8 largest insurance groups providing lump sum insurance (2020)

Insurance group Market share
AMP Group 15.7%
MLC Insurance 13.4%
OnePath Australian Group 12.0%
TAL Group 11.6%
Comminsure Group 10.0%
BT/Westpac Group 9.8%
Suncorp Group 7.6%
Zurich Group 6.9%

Sources: Strategic Insight Individual and Group Risk Premium Inflows media release January 2019

The 7 biggest companies selling group insurance (2020)

Insurance group Market share
AIA Australia 29.0%
TAL Group 26.6%
MetLife Insurance 11.2%
MLC Insurance 8.7%
OnePath Australian Group 6.5%
Comminsure Group 5.7%
BT/Westpac Group 4.4%

Sources: Strategic Insight Individual and Group Risk Premium Inflows media release January 2019

About some of the best life insurance companies in Australia

TAL Life Limited

Go to TAL page

AIA Australia Limited

Go to AIA page

Zurich Australia Limited

Go to Zurich page

MLC Limited

Go to MLC page

BT Financial Group

Go to BT page

CommInsure

Go to CommInsure page

MetLife Insurance Limited

Go to MetLife page

ClearView Life

Go to ClearView page

How to choose the best life insurance in Australia

The best life insurance company is the one that suits your requirements and fits your budget while providing you peace of mind that your family will be protected if you pass away or get diagnosed with a terminal illness. There are various factors to consider before choosing a life insurer, including their policy features and benefits and the short and long-term affordability of your premiums.

Suited to your specific requirements

Make sure the company you choose provides you with enough coverage so that your family can keep living the life they are accustomed to, or if you’re single make sure your cover is enough for outstanding debts. Also, you might want to consider a life insurance provider that offers a funeral advancement benefit, so your final expenses can be paid while they await payment for the remainder of the lump sum.

Likelihood of claims being paid

All life insurance companies in Australia are regulated by the Australian Prudential Regulation Authority (APRA), which helps to ensure the insurer will have the funds to meet their claims obligations.

However, according to the ASIC 498 report into life insurance claims, your claim has a 71% higher chance of being declined when purchased directly from the insurer (not- Advised) compared to buying life insurance through a Retail (Advised) distribution channel.

Terms and conditions

Make sure you carefully review the company’s Product Disclosure Statements (PDS), so you know exactly what is and what is not covered. The offerings from a direct insurer vs a retail insurer and a group super fund are very different, which is why it’s so important that you carefully read the terms and conditions.

Policy price

Calculate whether you’ll be able to afford the policy premiums now and in the future. If you’re looking for short-term affordability, a stepped premium style might be best for you. On the other hand, if you’re able to start with higher premiums, which don’t increase every year due to your age, then a company offering level premiums might better.

Discounts and rewards

Consider companies that add more value with healthy living rewards – helping you save on your premiums while encouraging you to live a healthier life. Although reward programmes should not be the deciding factor when choosing a company, it does add that something extra.

Quality ratings

Ratings are given by an independent entity such as Standard & Poors. While an evaluation from an independent source does not tell you how good a company is, it does help you measure the insurers’ creditworthiness, which further indicates whether a company will be able to pay claims now and in the future.

If an insurer is rated as AAA, they are generally regarded as having solid financial security characteristics. AA is very strong, and A is strong but somewhat more likely to be affected by adverse business conditions. The (+) or (-) sign following the rating show relative standing within the major rating categories

Customer reviews

Read customer reviews and complaints about the various companies to determine how their past and current members experienced them.

Client care

You might want to consider how easy or difficult it is to talk to a real human. When you have questions or need to submit a claim, it’s essential to get hold of a competent client care person to help you.

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