Top 10 Life Insurance Companies In Australia
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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
- TAL Life Limited: Ranks 1st, with a market share of 17.8%
- AIA Australia Limited: Ranks 2nd, with a market share of 15.6%
- MLC Limited: Ranks 3rd, with a market share of 11.7%
- AMP Limited: Ranks 4th with a market share of 11.0%
- OnePath Limited: Ranks 5th, with a market share of 10.0%
- Comminsure: Ranks 6th, with a market share of 7.9%
- BT Financial Group: Ranks 7th, with a market share of 7.8%
- Suncorp Life: Ranks 8th, with a market share of 5%
- MetLife Insurance Limited: Ranks 9th, with a market share of 4.5%
- Zurich Australia Limited: Ranks 10th, with a market share of 4.2%
This top 10 list is based on Strategic Insight market share report as of September 2018. 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.
Buy Life Insurance Directly
|Policy||Maximum Cover||Maximum Entry Age||Expiry Age|
|NobleOak Direct Life Insurance|| |
|Protect your family with Life Insurance and pay on average 20%* less when compared with other insurers. T & Cs apply. Consider the PDS. Issuer is NobleOak Life Limited ABN 85087648708. AFSL 247302.|
|Zurich Ezicover Life Insurance|| |
|Get your first month’s premium waived. Plus, receive a 10% discount on the second life insured when two applications are submitted at the same time, and both policies are issued. Ts & Cs apply. Consider the PDS.|
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 Accelerated Protection
AIA Priority Protection
BT Protection Plans
Asteron Life Complete
Zurich Wealth Protection
Sources: Strategic Insight media release (January 2019). Standard & Poor’s rating (Nov 2017).
How many life insurance companies are there in Australia?
There are about 29 life companies in Australia (as of February 2018). Below is the complete list of registered companies in Australia, including the top 10.
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Compare a list of insurance companies in Australia
8 largest insurance groups providing lump sum insurance (2020)
|Insurance group||Market share|
|OnePath Australian Group||12.0%|
The 7 biggest companies selling group insurance (2020)
|Insurance group||Market share|
|OnePath Australian Group||6.5%|
About some of the best life insurance companies in Australia
TAL Life Limited
- Formerly known as Tower Life, now owned by Dai-Ichi Life Group (Japan).
- $1.6 billion claims paid in 2017.
- Customers might benefit from TAL's Health Sense rewards program.
- Entry ages from 16 up to age 75 for stepped premiums and age 60 for level premiums.
AIA Australia Limited
- Owned by Hong Kong based AIA Group Limited.
- Stepped, level and hybrid premiums are available.
- Get access to many savings and discounts with AIA Vitality.
- Entry age as young as 11 years old.
- Majority owned by Japan’s Nippon Life.
- Available to applicants between the ages of 11 and 70 years old. However, level premiums are only available up to your age 60.
- Get discounts with MLC On Track wellness program.
- Best Doctors worldwide network available for a medical second opinion.
- Merged with AXA in 2011.
- Sold to UK’s Resolution Life Pty Ltd in 2018.
- Eligible to clients between 16 and 60 years old.
- Save up to 10% on premiums with Amp Elevate Healthy Start.
- ING Australia was rebranded as OnePath when sold to the ANZ Bank group.
- Zurich Switzerland is in the process of acquiring OnePath.
- Open to people between the ages of 18 and 59.
- If you take out coverage for yourself and a second life insured, you will generally get discounts off your premiums.
- The insurance arm of the Commonwealth Bank Group (CBA).
- CommInsure Life has been sold to AIA Group Ltd.
- Paid $1 billion in claims in 2017.
- You must be between 18 and 50 years old to get a policy.
BT Financial Group
- Locally owned by the Westpac Group.
- Available to applicants between the ages of 17 and 59.
- Benefit from multi-policy discounts.
- A choice between stepped or level premiums.
- Owned by Suncorp Group Limited.
- In the process of being sold to TAL Dai-ichi Life Australia.
- Save on premiums with Asteron Healthy Life Discounts.
- Entry age between 18 and 62 for stepped premiums and up to age 60 for level premiums.
Zurich Australia Limited
- A global insurance company based in Switzerland.
- Once OnePath is acquired, they’ll be Australia’s largest retail life insurer.
- Entry ages between 10 and 70 years old.
- Multi-policy and multi-lives discounts are generally available.
MetLife Insurance Limited
- Paid $488 million in claims in 2017.
- Part of the Metropolitan Life Insurance company in the US.
- Entry ages between 15 and 73 for stepped premiums and up to age 59 for level premiums.
- A number of health strategies and services are typically available once they're notified of a claim.
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.
Decide who’s the best life insurance company in Australia
- A Detailed look at what AIA has to offer you. Life insurance, TPD, crisis recovery and income protection insurance, all available with AIA Vitality.
- Discover how you can get rewarded for living a healthy lifestyle. Compare insurance rewards from some of Australia’s largest life insurance companies.
- Compare AMP life insurance quotes online. AMP Life has been sold. Find out how your life, income protection, TPD or trauma insurance policy is affected.
- Review nib Value Life Insurance, income protection and funeral plans. We reveal all the benefits and exclusions you need to know about before making a decision.
- Discover the REST insurance automatically included in your superannuation and review the pros and cons of their death, TPD and income protection insurance.
- Discover what NRMA life insurance has to offer, including the numerous discounts available. Review the pros and cons of NRMA life insurance & income protection.