Top 10 Life Insurance Companies In Australia
You’ve made the decision to purchase life insurance; now you’re wondering which life insurance company is the best. Finding the right type of cover at the right price can help ensure your loved ones will be financially supported when you pass away.
Life insurance in 2018 promises to be a very interesting year, especially with all the changes that occurred the year before. In case you missed some things, here’s a quick breakdown of everything that happened:
- AMP closed its Flexible Lifetime Protection (FLP) option to new business, as of 31 December 2017;
- CommInsure is being sold to AIA, subject to regulatory approval;
- MLC relaunched its wellness program, MLC OnTrack and
- OnePath is being sold to Zurich, pending regulatory approval.
With all these insurance renovations and improvements, we’ve updated our list of Top 10 Life Insurance companies in Australia to reflect the most recent data.
Every person is different, so it makes sense that your policy should be specific to your unique requirements. ComparingExpert compares a number of Australia's top life insurance companies and policies free of charge.
Your life insurance journey
There is no one 'best life insurance company'. If there were, we’d all buy from that company and have similar life insurance policies. The reality is, each life insurer is different. A company that’s well suited to a non-smoking father of 4 with a family history of heart disease might not be the best option for a single, career driven, 20-something male, smoking a pack a day.
Life insurance companies in Australia offer competitive premiums and benefits to suit people at different stages of their lives. However, some companies might offer better rates and coverage than other companies.
To help you get started with your insurance journey, 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:
- TAL Life Limited: Ranks 1st, with a market share of 17.6%.
- AIA Australia Limited: Ranks 2nd, with a market share of 15.1%.
- MLC Limited: Ranks 3rd, with a market share of 11.9%.
- AMP Limited: Ranks 4th with a market share of 11.8%.
- OnePath Limited: Ranks 5th, with a market share of 10.0%.
- Comminsure: Ranks 6th, with a market share of 9.8%.
- BT Financial Group: Ranks 7th, with a market share of 6.5%.
- Suncorp Life: Ranks 8th, with a market share of 5%.
- Zurich Australia Limited: Ranks 9th, with a market share of 4.1%.
- Metlife Insurance Limited: Ranks 10th, with a market share of 4.1%.
This top 10 list is based on Strategic Insight market share report as of September 2017. Market share fluctuates over the years due to a number of 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 needs and circumstances.
All insurers are regulated by APRA to ensure they have sufficient financial reserves to meet their obligations.
How to choose the best life insurance company
The best life insurance company is the one that suits your needs and fits your budget while providing you peace of mind that your family will be protected when you pass away. There are various factors to consider before choosing a life insurer, like the features and benefits they provide in their policy and the short and long-term affordability of their premiums.
Compare top 10 best life insurance companies (2018)
Following your understanding of the cover you need, the best way to find the life insurer for you is to compare their products against other companies offering similar products and review the differences in premiums and coverage offered.
Note: The below example premium per month is based on $1Million of cover for a non-smoking male, aged 35 as of 15 January 2018. The cost of coverage will vary amongst companies, which is why you might want to consider getting life insurance quotes from at least a few companies for comparison.
|Company||Market Share||Policy||Standard & Poors Rating||Example premium p/m||Rewards & Discounts|
|TAL Life Limited||17.6%||TAL Accelerated Protection||Not Rated||$37.87||TAL Health Sense|
|AIA Australia Limited||15.1%||AIA Priority Protection||A+||$33.31||AIA Vitality|
|MLC Limited||11.9%||MLC Insurance||AA-||$43.52||MLC On Track|
|AMP Limited||11.8%||AMP Flexible Lifetime||AA-||$40.85||AMP Elevate|
|OnePath Limited||10.0%||OnePath Onecare||A+||$47.80||Frequent flyer points|
|Comminsure||9.8%||Comminsure Protection||A+||$49.34||Earn discounts & frequent flyer points|
|BT Financial Group||6.5%||BT Protection Plans||A+||$52.42||Loyalty benefits & multi-policy discounts|
|Suncorp Life (Owner of Asteron Life)||5.0%||Asteron Life Complete||Not Rated||$42.17||Healthy lifestyle discount|
|Zurich Australia Limited||4.1%||Zurich Wealth Protection||A+||$46.15||Multi-life discounts|
|Metlife Insurance Limited||4.1%||MetLife Insurance||Not Rated||-||-|
Start Saving on your Life Insurance
About the top life insurance companies in Australia
How many life insurance companies are there in Australia?
There are about 29 life companies in Australia (as of July 2016). Below is the complete list of registered companies in Australia, including the top 10.
- AIA Australia Ltd
- Allianz Australia Life Insurance Ltd
- AMP Life Ltd
- Challenger Life Company Ltd
- ClearView Life Assurance Ltd
- Colonial Life Insurance Company of Australia Ltd
- General Reinsurance Life Australia Ltd
- Hallmark Life Insurance Company Ltd
- Hannover Life Re of Australasia Ltd
- HCF Life Insurance Company Pty Ltd
- Macquarie Life Ltd
- MetLife Insurance Ltd
- MLC Ltd
- Munich Reinsurance Company of Australia Ltd
- OnePath Life Ltd
- Pacific Life Re (Australia) Pty Ltd
- QBE Life (Australia) Ltd
- QInsure Ltd
- RGA Reinsurance Company of Australia Ltd
- SCOR Global Life Australia Pty Ltd
- St Andrew’s Life Insurance Pty Ltd
- George Life Ltd
- Suncorp Life & Superannuation Ltd
- Swiss Re Life & Health Australia Ltd
- Tal Life Ltd
- The National Mutual Life Association of Australasia Ltd
- Westpac Life Insurance Services Ltd
- Zurich Australia Ltd
Frequently asked questions about life insurance companies
ComparingExpert will help you compare and review life insurance companies so you can decide which one will provide you with the best coverage at the best price.
Explore Leading Life Insurance Companies
All the information you need about Clearview Life Insurance to make a confident and fully informed decision. Start reviewing their LifeSolutions products, including life cover, trauma, TPD and income protection insurance. Compare ClearView with other top life insurance companies for immediate price on screen.
Everything you need to know about BT Life Insurance Revealed. We review what is and isn’t covered, with a long list of benefits to consider during your decision making process. Simply compare BT life insurance Australia with other leading life insurance companies and choose the one best suited to your needs.
If you’re wondering whether MetLife is a good insurance company for your unique requirements, then read our review of MetLife Life Insurance products; Term Life, TPD, Trauma and Income Protection insurance. Get a MetLife quote in less than 60 seconds and compare them to other top life insurance companies.
Investigating Suncorp life insurance. Revealing all that the leading life insurance company has to offer, including benefits, features and exclusions. Tailor your cover and access additional features when combining life and income protect with Suncorp MyStyle. Compare and get price on-screen now!
A detailed analysis of NobleOak Insurance. We meticulously unpack the features and benefits of each product offered in their My Protection Plan. Discover whether this 2-time Outstanding Value Award winner is worth your monthly premium by comparing them to other top life insurance companies.
Top 10 life insurance companies in Australia reviewed and compared. Now with 2018 data, positions have shifted slightly. We reveal what’s changed and how you can benefit. Start comparing quotes and features form the leading insurers to find a policy that fits your requirements and budget.