No cap on how much you can insure yourself for. All other insurers have a limit, including NobleOak ($25,000,000).
Zurich and NobleOak also offer cheap cover. They were a few dollars more expensive in our 2023 Finder Awards research.
Lower-than-average claims acceptance rate of 90.1%. The average is 92.4%.
Lower-than-average claim time payout of 3.1 months. The average is 2.8 months.
Optional Total and Permanent Disability (TPD) cover. Max cover $3 million Optional Trauma cover
Claims acceptance rate: Data not available
Average claims processing time: 1 months
Maximum cover amount: No set limit
Terminal illness benefit: Not stated Funeral benefit: $25,000 Maximum entry age: 73
We sourced quotes from 10 different insurers and reviewed pricing for both male and female smokers and non-smokers in NSW. In total, we ran more than 190 life insurance quotes. TAL was the cheapest brand overall, based on an average of 3 age groups in our research. The age groups were: 30-, 40- and 50-year-olds. All figures shown here are average costs for $500,000 cover.
Top pick for health support: Medibank life insurance
24/7 access to Medibank Nurse to talk about any health concerns.
Medibank health members save 10% every year.
Get up to $2.5 million in cover – that's $1 million more than AAMI, Suncorp, ahm, Insuranceline and Zurich.
$2.5 million cap is lower than NobleOak, RAC and TAL.
Discount only applies if you have Medibank health insurance.
Only offers stepped premiums (increase as you age).
Optional Total and Permanent Disability (TPD) cover. Max cover $1.5 million Optional Trauma cover
Claims acceptance rate: Data not available
Average claims processing time: Data not available Maximum cover amount: $2,500,000 Terminal illness benefit: $2,500,000 Funeral benefit: $15,000 Maximum entry age: 70
We selected Medibank because it's offering a potentially very helpful benefit that you can't get access to with any other life insurer we researched. It also gives you a discount if you're a Medibank health insurance member. ahm offers a similar discount but it doesn't have as high a maximum payout limit ($1.5 million).
96.90% of claims paid out in the latest period. That's higher than the industry average of 92.4%.
You can get up to $25 million in cover which is more than the industry average.
Above-average claims processing time of 1.1 months. The industry average is 2.8 months.
Only offers stepped premiums (increase as you age).
Out of 190+ quotes, TAL was typically cheaper on average.
NobleOak has a $25 million life insurance cap. TAL has no cap.
Optional Total and Permanent Disability (TPD) cover. Max cover $5 million Optional Trauma cover Claims acceptance rate: 96.90% Average claims processing time: 1.1 months Maximum cover amount: $25,000,000 Terminal illness benefit: $25,000,000 Funeral benefit: $15,000 Maximum entry age: 74
We selected NobleOak because it came in first place in our life insurance awards. It won for several reasons. You can get up to $25 million in cover which is more than the industry average. You can also get a policy up to the age of 74. Most stop offering cover at 65.
It also has a strong claims record. We sourced this information from Moneysmart's bi-annual claims data, a government site run by the Australian Securities & Investments Commission (ASIC). These latest figures shown – issued on 18 April 2023 – refer to death cover bought directly from an insurer between 1 January 2022 and 31 December 2022.
Gary Ross Hunter is an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146).
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