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Top 10 Life Insurance Companies In Australia | 2021 Ranking

Russell Cain
Russell Cain Updated: 01 January 2021
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Looking for the best life insurance company is a crucial life decision to ensure your loved ones are financially supported should something happen to you. It involves weighing things like customer service data, monthly premiums and the insurer’s policies terms and conditions offered.

Every person is different, so it’s essential to look for a policy that is specific to your unique requirements. To help you evaluate your options Comparing Expert compares many of Australia’s top life insurance companies and policies.

Finding the right life insurance provider can feel like a formidable task, which is why we’ve compiled a list of life insurers in Australia, highlighting the top 10 by market share.

Top 10 life insurance companies in Australia by market share

  • TAL Life Limited: Ranks 1st, with a market share of 27.5%
  • AIA Australia Limited: 2nd, with a market share of 17.2%
  • Zurich: Ranks 3rd, with a market share of 14.4%
  • MLC Limited: Ranks 4th with a market share of 11.2%
  • Resolution Group: Ranks 5th, with a market share of 9.9%
  • BT Financial Group: Ranks 6th, with a market share of 7.5%
  • Others: Ranks 7th, with a market share of 6.2%
  • ClearView Life: Ranks 8th, with a market share of 1.7%

This top 10 list is based on market size research from Plan For Life Actuaries & Researchers (19 October 2020).

Market share fluctuates over the years, primarily due to mergers and acquisitions within the insurance sector. Although a good indication of a company’s worth, it should not be the critical determining factor when choosing the appropriate cover for your requirements.

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.

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  • TAL
  • AIA
  • MLC
  • BT
  • OnePath
  • Zurich
  • ClearView
  • NEOS
  • Metlife

How to choose the best life insurance

The best life insurance 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 to their accustomed standard of living they are accustomed to. If you’re single, make sure your cover is enough for outstanding debts.

Included free built in policy benefits

Also, you might want to consider a life insurance provider that offers additional benefits such as a funeral advancement benefit, so your final expenses can be paid while they await payment for the remainder of the lump sum. There are a number of these benefits that may be of benefit to you.

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 don’t increase every year due to your age, then a company offering level premiums might be 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 only 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, independent source evaluation does not tell you how good a company is, it does help you measure the insurers’ insurers’ creditworthiness, which further indicates whether a company will be able to pay claims now and in the future.

Customer reviews

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

Customer Service

You might want to consider how easy or difficult it is to talk to someone. When you have questions or need to submit a claim, it’s essential to get hold of a competent customer representative to help you.

Alternatively, if you need assistance in finding a policy to meet you and your families requirements you may want to seek the services of a broker, comparison website or financial adviser (However generally financial advisers charge additional fees).

About some of the leading life insurers, their policies, and built in benefits*

TAL Life Limited

Common Built-in Benefits – Accelerated Protection

Go to TAL page

AIA Australia Limited

Common Built-in Benefits – Priority Protection

Go to AIA page

Zurich Australia Limited

Common Built-in Benefits – Wealth Protection

Go to Zurich page

MLC Limited

Common built-in benefits – MLC Insurance

Go to MLC page

Life Insurance Quotes

  • Protect your family
  • Easy and convenient
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BT Financial Group

Common built-in benefits – Protection Plans

Go to BT page

CommInsure

Common built-in benefits – Life Care

Go to CommInsure page

MetLife Insurance Limited

Common built-in benefits – Protect

Go to MetLife page

ClearView Life

Common built-in benefits – LifeSolutions

Go to ClearView page

*Take note: Some of the benefits might not necessarily be available when purchasing life insurance through your super fund.

Compare the leading life insurers in Australia

Company nameClaims accepted rateMonthly premium*Market share
TAL
TAL Life Limited
96.6%$41.0227.5%
AIA
AIA Australia Limited
93.3%$51.4417.2%
Zurich
Zurich Australia Limited
97.7%$40.2714.4%
MLC
MLC Limited
95.4%$42.9411.2%
AMP
AMP Group
95.5%Closed for new customers9.9%
BT
BT / Westpac Group
$27.727.5%
CommInsure
Comminsure Group
95.5%Closed for new customers6.6%
New MetLife Logo
MetLife Insurance Limited
$39.954.5%
ClearView 90
ClearView
$41.591.7%
Other life insurance companiesN/A3.2%

‡ The number of finalised claims is too small to provide a reliable result.

Take note: The above claims statistics are based on Death cover purchased through a financial adviser. The data covers 1 July 2019 to 30 June 2020. Source: moneysmart.gov.au

*LifeInsuranceDirect.com.au Comparison Engine, January 2021. The above monthly premium information is based on a Retail death cover policy for $1 million for a non-smoking 30-year-old male adult living in Queensland.

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)

Frequently asked questions and answers

  • How do life insurance companies check medical background?

    When you apply for life insurance, you’ll need to provide full and complete answers to all of their questions (ensuring you comply with your duty of disclosure), as well as providing them with access to your full medical history. The amount and type of medical information a consumer authorises a life insurer to access and share is typically broad, particularly at the time of policy acquisition & claim time.
  • Is it better to buy life insurance directly from the company?

    If you decide to purchase insurance directly, you are limited to the policies offered by the company, which might be more expensive than competing insurers in Australia. Different life insurance companies offer different rates because each company has its own underwriting guidelines and might view your lifestyle and health risks differently.
  • Who is the best life insurance provider?

    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.
  • Can I switch life insurance companies?

    You can generally switch your life insurance to another company. First, you’ll need to apply to your new life insurance company, wait to be underwritten and accepted and then cancel your existing policy and start the new policy with your selected insurer.
  • What are the benefits of life insurance in Australia?

    Life insurance might be worth considering if you want to: Support your family financially after your death. Pay for your burial expenses and funeral service. Provide for your child’s future care and education. Pay outstanding debts, personal loans and the mortgage. Leave an inheritance.
  • Who regulates life insurance companies?

    The Australian Prudential Regulation Authority (APRA) regulates life insurance companies registered under the Life Insurance Act in Australia.

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