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10 Best Life Insurance Companies in Australia 2024

When it comes to securing your family’s future, choosing from the top 10 life insurance companies in Australia is a smart move. In 2024, the leaders in this space – TAL, AIA, Zurich, MLC, and Resolution Life – stand out for their reliability and comprehensive coverage options. Each of these companies brings something unique, ensuring you have access to the best policy for your personal requirements.

Russell Cain

Fact Checked

Updated: 21 May 2024

The best life insurance providers in Australia generally offer a diverse range of products catering to different requirements and circumstances. Their reputation is typically built on strong customer service, financial stability, and tailored policies. Discover how each of these industry leaders can provide the security and peace of mind you need.

2024’s Top 10 Life Insurance Companies

Source: Plan For Life Actuaries & Researchers (January 2024; Total Market inflows)

Key facts

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Choosing the Best Life Insurance Company

Choosing the right life insurance can be a complex task. Many people face challenges like understanding policy details, comparing different plans, and deciding on a coverage amount. It’s about finding a provider that offers comprehensive coverage and aligns with your personal and financial requirements.

Factors to consider when choosing life insurance

It is crucial for policyholders to stay informed and adapt their coverage plans accordingly. Exploring options for managing insurance expenses, such as reviewing policies and considering different coverage levels, can help mitigate the impact of premium increases.

Overview of Top 10 Life Insurance Companies in Australia 2024

In this section, we delve into the top 10 life insurance companies in Australia for 2024, providing an overview of each to help you make an informed choice for your insurance requirements.

TAL

Renowned for its customer-centric approach, TAL serves over 5 million Australians, offering tailored solutions that go beyond financial security. With a substantial market share of 34.2%, their impressive track record, including $3.5 billion in claims paid in the 2022/2023 financial year, underscores their dedication to policyholder support.

AIA

AIA Australia is a member of the AIA Group, the largest pan-Asian life insurance group, serving 18 markets in the Asia-Pacific region since 1919. Established in Melbourne in 1972, AIA Australia has grown to assist over 3.8 million Australians with life and health insurance requirements.

AIA Priority Protection

ZurichLogo

Zurich Wealth Protection offers a versatile range of life insurance solutions, encompassing death, Total and Permanent Disability (TPD), trauma, and income protection cover. Every policy within Zurich Wealth Protection comes with built-in benefits designed to provide essential protection.

Wealth Protection

MLC

MLC Life Insurance, established in 1886, has a rich history of providing insurance services to individuals and families. The company is 80% owned by  Nippon Life, a leading international insurer. MLC offers a comprehensive range of products to safeguard you and your loved ones from potential financial hardships.

MLC Insurance

Resolution Life 2024

Resolution Life (formerly AMP Life) is transitioning significantly as it rebrands to Resolution Life. In 2018, AMP sold its life insurance business to Resolution Life, which now offers insurance covers like life, TPD, income protection, and trauma cover to existing policyholders only.

Elevate Insurance

How To Get Life Insurance Quotes

Obtaining and comparing life insurance quotes is crucial in securing the right coverage for your requirements. It starts with a clear understanding of what you require from your policy. Begin by assessing your financial situation, outstanding debts, and your family’s long-term requirements. This will help you determine the appropriate coverage amount and policy type.

MetLife Logo 200x200 1

MetLife Australia is a trusted and experienced life insurance provider. Their commitment to excellence was acknowledged as Life Insurance Company of the Year at the ANZIIF Australian Insurance Industry Awards in 2021.

MetLife Protect

ClearViewClearView ClearChoice is an ASX-listed Australian financial services group supporting customers’ financial well-being. With a commitment to supporting your financial future, ClearView offers a suite of insurance policies designed to provide you with the peace of mind and financial security you deserve.

ClearChoice

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NobleOak, an Australian company specialising in life insurance, is supported by Hannover Life Re. Its roots trace back to 1877 when it was established as the UAOD Friendly Society of NSW, functioning as a mutual organisation. In 2011, NobleOak underwent demutualisation and rebranded to its current name.

Premium Life Direct

NEOSNEOS Protection, underwritten by NobleOak, is a comprehensive life insurance product designed to provide you with the necessary protection for what matters most. Offering five types of cover – Life Cover, Total and Permanent Disability (TPD) Cover, Critical Illness Cover, Child Cover, and Income Support Cover – NEOS Protection allows you to customize your insurance to suit your specific requirements.

NEOS Protection

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Life Stages

Life insurance requirements vary significantly depending on your life stage. Understanding these stages can help you make informed decisions about your coverage. Here are some key considerations for different life stages:

Singles Life Insurance
Life insurance may not be a top priority for young, single individuals. However, it’s a good time to secure a policy while you’re young and healthy, as premiums are typically lower. Life insurance can provide financial protection for any outstanding debts and ensure your loved ones are not burdened with financial responsibilities in the event of your passing.
Couples Life Cover
Couples, whether married or in a committed relationship, often have shared financial responsibilities. Life insurance for couples becomes crucial to protect each other and any dependents, such as children or aging parents. Consider coverage that can replace lost income, pay off debts like mortgages, and provide for your family’s future requirements.
Family Cover
Growing families have increased financial responsibilities. Life insurance is essential to safeguard your spouse and children’s financial security. Policies should cover outstanding debts, educational expenses, and daily living costs. Reviewing and adjusting your coverage to meet evolving requirements is essential as your family grows.
Seniors Life Insurance
In retirement, life insurance requirements may shift from income replacement to covering end-of-life expenses and leaving a financial legacy for heirs. Policies can help cover funeral costs, medical bills, and estate planning. Seniors should explore insurance options tailored to their specific circumstances and goals.

List of life insurance companies in Australia

There are 24 life companies currently registered with APRA in Australia (as of January 2023). Below is the complete list of registered companies in Australia:

  • AIA Australia Limited
  • Allianz Australia Life Insurance Limited
  • Challenger Life Company Limited
  • ClearView Life Assurance Limited
  • Combined 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 Limited
  • Integrity Life Australia Limited
  • MetLife Insurance Limited
  • MLC Limited
  • Munich Reinsurance Company of Australasia Limited
  • Pacific Life Re (Australia) Pty Limited
  • QInsure Limited
  • Resolution Life Australasia Limited
  • RGA Reinsurance Company of Australia Limited
  • RLNM Limited
  • SCOR Global Life Australia Pty Limited
  • St Andrew’s Life Insurance Pty Ltd
  • Swiss Re Life & Health Australia Limited
  • TAL Life Insurance Services Limited
  • TAL Life Limited
  • Zurich Australia Limited

Source: Australian Prudential Regulation Authority (APRA; January 2024)

* Discounts correct at the time of publishing subject to change without notice

Frequently Asked Questions and Answers

Financial stability, customer service, and product range are key indicators of a reliable life insurance company. Look for a company with a strong financial rating, a reputation for timely claims processing, and a range of policies that meet your requirements.

Choosing the right policy involves considering factors such as coverage amount, built-in benefits, premium affordability, exclusions and the insurance company’s reputation. Assess your financial and family requirements to determine which policy aligns with your circumstances.

In 2024, the insurance industry continues to innovate, offering unique policy types and features. Some insurers may provide policies that cater to specific requirements, such as income protection for gig workers or policies with integrated wellness programs.

Customer service plays a crucial role in insured  experience. A responsive and efficient customer support team can ease the claims process during challenging times. Look for insurers known for their excellent customer service track record.

Yes, life insurance policies can often be customized to suit your individual requirements. Insurers offer various riders and add-ons to tailor coverage to your requirements. You can adjust coverage levels, choose riders, and even modify premium payment options to create a policy that fits your requirements.

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Specialist

Russell is the founder and CEO of Life Insurance Direct and has been quoted in The Sydney Morning Herald, The Age, Independent Financial Adviser, Risk Adviser, Adviservoice, and Insurancenews. Russell has over 15 years’ experience in the Australian life insurance & financial services sector and is instrumental in driving the latest innovations in our insuretech platform.

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