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10 Best Life Insurance Companies In Australia 2022

Russell Cain Updated: 23 June 2022

A life insurance policy may be one of the most important purchases you ever make. However, finding the best life insurance for your requirements often feels challenging. With 27 different insurers registered with APRA, you may want to familiarise yourself with the features and benefits offered by top Australian insurance companies so that you are equipped with the knowledge to make the best decision for your family. 

Typically, there are several factors that you may want to consider when choosing a life insurance company. You may want to examine the likelihood of your claim being paid, the premiums you’ll pay or whether or not you’ll be eligible for a discount when you purchase a policy. Compare features and benefits from leading insurers to find an option that suits you and your family.

Top 10 life insurance companies in Australia by market share

Generally, examining a company’s market share is a good way to judge its worth. However, it shouldn’t be the main determining factor you look at when finding a company that suits your requirements. Market shares fluctuate yearly because of various mergers and acquisitions in the insurance industry.

Compare 2022’s best life insurance companies by market share:

  1. TAL Life Limited: Ranks 1st, with a market share of 27%
  2. AIA Australia Limited: 2nd, with a market share of 18.9%
  3. Zurich: Ranks 3rd, with a market share of 14.1%
  4. MLC Limited: Ranks 4th with a market share of 10.9%
  5. Resolution Group: Ranks 5th, with a market share of 8.4%
  6. BT/Westpac Financial Group: Ranks 6th, with a market share of 5.6%
  7. Metlife Insurance: Ranks 7th, with a market share of 1.7%
  8. Others: Ranks 8th, with a market share of 10.3%

Source: Plan For Life Actuaries & Researchers (21 December 2021)

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  • TAL
  • AIALife
  • MLC
  • OnePath
  • Zurich
  • ClearView
  • NEOS
  • Metlife

How to choose the best life insurance company in Australia

Top life insurance companies usually share a few common aspects. Most importantly, the best life insurance company usually meets your requirements and offers you adequate protection to ensure that your loved ones are taken care of should you pass away unexpectedly or are diagnosed with a critical illness and have a life expectancy of less than two years.

However, there are still several other factors that you should consider:

If you need assistance in finding a policy to meet your requirements you may want to seek the services of a specialist. Please give us a call at 1300 743 254.

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About the best life insurance companies Australia  

TAL Life Limited: Accelerated Protection

Tal is one of the leading insurers in Australia with over 150 years of experience in the insurance industry. Formerly known as Tower Life, they became a subsidiary of the Dai-Ichi Life Group, one of Japan’s largest insurers in 2011. They then went on to acquire Suncorp’s Australian life insurance business in 2019. In 2020 alone, TAL paid out over $2.7 billion in claims.

Common Built-in Benefits – Accelerated Protection

Go to TAL page

AIA Australia Limited: Priority Protection

AIA Australia is the second-largest life insurance company, with a 18.9% market share. The AIA Group is the largest Hong Kong-headquartered company on the Hong Kong stock exchange and has a presence in over 18 markets around the world. Currently, AIA offers protection to over 3.8 million Australians and has paid out more than $2.2billion dollars in claims in 2020

Common Built-in Benefits – Priority Protection

Go to AIA page

Zurich Australia Limited: Wealth Protection

Zurich Insurance is a Swiss-based global insurance company founded in 1872. They have been in operation in Australia since 1920. For over 135 years, they have offered high-quality life risk, general insurance, and investment products to personal and corporate customers.

Common Built-in Benefits – Wealth Protection

Go to Zurich page

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MLC Limited: MLC Insurance

MLC is owned by Nippon Life and the National Australia Bank (NAB) and are considered one of the largest life insurers in Australia. Currently, they protect more than 1.4 million lives and have paid out over $1.1 billion in claims to their customers in 2020.

Common built-in benefits – MLC Insurance

Go to MLC page

BT Financial Group: Protection plan

BT Insurance was founded in 1969 and is owned by the BT Financial Group, part of the wealth management branch of the Westpac Group. According to the Standards & Poor’s Financial Strength report of December 2021, BT scored an A+ rating, which shows it as strong and stable.

Common built-in benefits – Protection Plans

Go to BT page

MetLife Insurance Limited: Protect life cover

MetLife Australia is owned by MetLife Incorporated, the holding company for the Metropolitan Life Insurance Company (MLIC) and its associates. The company has grown to the third-largest group insurer in Australia and paid out more than $504.1million in claims in 2020.

Common built-in benefits – Life Care

Go to MetLife page
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Compare the leading life insurers in Australia

Company nameClaims accepted rateMonthly premium*Market share
AIA97% $42.8318.9%
New MetLife Logo$38.904.8%
Other life Insurance CompaniesN/AN/A10.3%

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

Source: (This table shows claims information for death cover purchased through a financial adviser Period 01/07/2020 -30/06/2021), Plan For Life Actuaries & Researchers, Life Insurance Direct Comparison Engine (December 2021; Premium estimates for $1million of death cover with stepped premiums for a 35-year-old non-smoking male living in NSW)

How many life insurance companies are there in Australia?

There are 27 life companies in Australia (as of October 2019). Below is the complete list of registered companies in Australia:

Sources: Australian Prudential Regulation Authority (APRA)

When to review your life insurance policy provider

There are several instances when you may want to consider reviewing your life insurance policy. Your personal circumstances typically change throughout your life, which will impact the kind of life insurance you may require. The following instances are examples of times when you may want to review Australian life insurance companies to find the right insurer for you and your family.

  1. When your financial situation changes: If you get a new job or become financially independent, it may be a good idea to compare policies from leading life insurers.
  2. If you’ve recently bought a home: When you buy a home, your personal circumstances typically change dramatically. You’ll be responsible for repaying your mortgage, so a life insurance policy could help your family cover these costs should you pass away unexpectedly.
  3. You’re thinking about starting a family: If you decide to expand your family, it may be a good time to review your term life insurance. By adding members to your family, you’ll have more financial responsibilities and it’s important that you ensure that you’ll be able to continue paying for your childs ongoing costs, for instance school fees.
  4. You have financial dependants: Investing in a term life insurance policy is generally a good idea if you have family members who are financially dependent on you. 

Final questions to ask before choosing a life insurance company

Once you’ve compared the top life insurers you may want to ask yourself the following questions before you make a final decision on the life insurance that suits your requirements.

Frequently asked questions and answers

  • Who has the best life insurance in Australia?

    Generally, the best life insurance company in Australia is the company that best suits your requirements. To find an insurer that offers features and benefits suited to your needs, it’s usually a good idea to compare all of the options available. If you’d like to discuss your requirements, please give us a call on 1300 743 254 and a specialist will get back to you.
  • How much does life insurance cost?

    Generally, there are several different factors that influence the cost of your life insurance premium. You’ll find that you are often able to find affordable life cover by avoiding lazy tax and comparing life insurance products regularly. The cost of life insurance coverage is also impacted by the type and level of life insurance coverage you have, how frequently you pay as well as your participation in your providers healthy lifestyle programs.
  • How much cover do you need?

    The amount of life cover you need is typically influenced by several factors. Your financial situation, your debts, whether you have a mortgage and the general cost of living for your family all impact the amount of coverage you may require. Please give us a call on 1300 743 254 to discuss your life insurance requirements.
  • How long does life insurance take to pay in Australia?

    Typically, this depends on your insurer as well as your personal requirements. If you’re making a claim on death cover, you should generally expect to learn about the outcome of your claim between a month to three months after you inform your insurer of the claim.
  • 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’leading life insurereach 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 might provide you with cheaper premiums and better coverage depending on your specific requirements.
  • Which are the top 5 life insurance companies in Australia

    The best life insurance companies generally vary each year due to changes in market share, customer satisfaction and claims accepted rates. Given this, the top ranking insurers for 2022, according to market share are TAL, AIA, Zurich, MLC and the BT group.
  • Who regulates life insurance companies?

    The Australian Prudential Regulation Authority (APRA) regulates life insurance companies registered under the Life Insurance Act in Australia. The regulator is responsible for the management of life insurers to ensure that they continue to meet their financial obligations under all circumstances.
  • Which company offers the best income protection insurance?

    Income protection typically provides you with cover if you are unable to work due to an illness or accident. The company which offers the best income protection is one that offers you features and benefits suited to your personal situation. Compare policies from leading insurers to find an option which protects your ability to earn an income and take care of your loved ones.
  • Does your medical history affect the insurer you choose?

    Having pre existing medical conditions may have an impact on the life insurer you choose. Generally, insurance companies have different underwriting guidelines and will thus assess your medical history differently. It is generally a good idea to get a pre assessment from several insurance companies if you suffer from any pre existing medical conditions.
  • Can you buy policies from different life insurance companies?

    Yes, generally you will be able to purchase life insurance from multiple insurers. Most insurers offer you the opportunity to mix and match life insurance from several different insurers. However, to maintain your cover, you’ll need to ensure that all policies held in your name are kept up to date. Additionally, you may find that it is more beneficial to bundle your cover with one insurer as most leading life insurers will offer you a discount when you buy more than one policy.

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