Best life insurance in Australia

Compare features and benefits to find the best life insurance.

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The best life insurance policy depends largely on your personal circumstances, and our "best" pick may not always be the best for you. To give you a starting point, we reviewed and scored 21 Australian life insurance policies (and another 14 for income protection).

The best life insurance in Australia 2019

Brand Best Category Features Apply
Noble oak logo Finder Award Winner: Best life insurance policy overall
  • Scored highly for both features and price
  • Death benefit of up to $15,000,000
  • Maximum entry age is 69
Get quote
Guardian Life Insurance Logo Best policy for additional coverage
  • Option to add both trauma and TPD insurance
  • Option to suspent payments during financial hardship
Get quote
TAL logo Best brand for claims outcomes
  • TAL accepted 98.4% of claims when it came to retail life insurance policies
  • This is higher than the industry average of 96.3%
Picture not described Best policy with fully underwritten cover
  • Only direct policy to be fully underwritten
  • Highest maximum sum insured policy by a wide margin.
Get quote
Qantas / TAL logo Joint Winners: Best policy for older Australians
  • Cover starts from as little as $50,000
  • Maximum entry age is 74
Go to Qantas
Virgin Money Logo Finder Award Winner: Best income protection insurance policy overall
  • Up to 85% of your income is covered
  • Option to add redundancy cover
  • Range of benefit periods from 6 months to 5 years.
Get quote

Finder Award Winner: Best life insurance policy overall

Winner: NobleOak Life Insurance

NobleOak takes home the Finder Award for the Best Life Insurance in Australia because of its combination of competitive price and strong features.

Compare the best life insurance in Australia

Company Policy Underwriter rating (Use Omnium) Upfront medical assessment Futre Insureability Level premiums offered? Price score Finder score
TAL Lifetime Protection N/A Yes - Online Yes Yes D+ C+
AAMI Life Insurance 93 Yes - Online Yes No C+ C-
NRMA Life Insurance 83 Yes - Online Yes No D+ C
Allianz Life Plan 100 Yes - Online No No A B-
Insureme Now Superior Life Insurance Cover N/A Yes - Online No No B+ B-
GIO Life Protect N/A Yes - Online No No C- C-
Suncorp Life Protect N/A Yes - Online Yes No C- C-
NAB Essential Life 100 Yes - Online No No C D+
Bendigo MaxLife Life Protect N/A Yes - Online No No B- C
NobleOak Premium Life Direct 100 Yes (Over the phone) Yes No A A-
ANZ Life Insurance 100 Yes - Online Yes Yes B+ B-
HBF Ezicover Life Insurance 93 Yes - Online Yes No A- B-
Zurich Ezicover Life Insurance N/A Yes - Online Yes No A- B
Guardian Life Insurance N/A Yes (Over the phone) No No D C+
Insuranceline Life Cover 83 Yes - Online Yes No B- C+
Medibank Life Insurance 100 Yes (Over the phone) Yes No B B-
NIB Value Life Insurance 83 Yes - Online No No C+ C-
Qantas Life Insurance N/A Yes - Online Yes Yes B- B-
Real Family Life Cover 100 Yes (Over the phone) No No C C+
Virgin Tailored Option 83 Yes (Over the phone) No No D+ C-
AHM Life insurance N/A Yes (Over the phone) Yes No B B-

Best life insurance for claims outcomes

There are three ways you can purchase life insurance in Australia:

  • Direct (bought from an insurance brand)
  • Retail (bought with an adviser)
  • Super (cover that's included with your superannuation)

Here are the top life insurers in regards to claims outcomes for each category.

Best direct life insurer for claims outcomes: ClearView

Best life insurance for claims
Overall claims score: A
Get a quote More info
Direct life insurance is when you purchase directly from an insurer, rather than through an adviser or broker. You can do this online or over the phone.
Here's why ClearView Life Insurance bought directly has an excellent claims score.

Best retail life insurer for claims outcomes: TAL

Tal Logo
Overall claims score: B
More info
Life insurance bought retail is usually recommended through an adviser. The broker assesses your current financial situation and medical history to determine the level of cover you need.
Here's why TAL Life Insurance bought with an adviser has a high claims score.

Best super life insurer for claims outcomes: MetLife

Metlife logo
Overall claims score: B
Get a quote More info
In Australia, it's often the case that you can buy insurance through your super. Your life insurance through super usually comes as a group policy, which allows you to pay a premium that's standard for all members.
Here's why MetLife Life Insurance bought through super has a high claims score.

Best life insurance for various categories

Best cover that is fully underwritten: NobleOak

One of the big reasons NobleOak took out the Finder Award for Best Life Insurance was because it is fully underwritten.

Best cover for older Australians: TAL Lifetime Protection and Qantas Life Insurance

Getting the best cover as you get older is not so much about the ability to get the most cover dollarwise, but the right amount of cover to suit your changing needs.
When looking at which insurer offered the best choices for older Aussies, we looked at three key areas: minimum sum insured, the maximum entry age and the policy expiry age. It turns out that both TAL and Qantas scored well according to our algorithm.

Best additional coverage: Guardian

Life insurance is a very broad term and can offer additional coverage such as total and permanent disability (TPD) insurance and trauma cover. Others provide cover such as counselling benefits and guaranteed renewability. We looked at how well insurers covered these areas and more and found that Guardian Insurance offered the best additional coverage.

Best income protection insurance banner

Best income protection insurance policy

Winner: Virgin Income Protection Insurance

Standout feature: Up to $10,000 of income is covered (to a maximum of 85%)

Bottom line

There is no one-size-fits-all best life insurance policy, which is why it pays to compare your options. If you're ready to compare you can use the tables below to review your options or complete the contact form and an adviser will be in touch to walk you through your options.

You can also find out who did the research for this guide and read our extra tips to finding the best cover.

Receive a quote from these direct brands

Name Product Maximum cover Maximum Entry Age Minimum Sum Insured Cooling-off
(days)
Expiry Age Short Description
$1,000,000
60
$100,000
30
99
Get life cover up to $1 million.
$15,000,000
69
$50,000
30
99
Get a quote for up to $15 million in life insurance cover. Switch to the Best Life Insurance policy as awarded by Finder and save on average 20% (See NobleOak website for details).
$1,000,000
64
$100,000
30
No expiry age as long as premiums are paid
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™.
$2,000,000
74
$100,000
30
99
Join Qantas Life Insurance and earn up to 100,000 Qantas points. T&CS apply including minimum premium and policy hold periods apply to earn points.
$1,500,000
69
$50,000
30
99
Receive a 10% discount on the second person when two applications are submitted at the same time, and both policies are issued.
$1,500,000
65
$100,000
No expiry age as long as premiums are paid
Get life cover up to $1.5 million. Plus, Medibank health insurance members can save 10% off premiums.
$1,000,000
65
$100,000
30
80
Receive one month's premiums off every year if you pay annually upfront. T’s and C’s apply.
$1,500,000
65
$100,000
30
No expiry age as long as premiums are paid
Get life cover up to $1.5 million. Plus, ahm health members can save 10% off premiums.
$1,500,000
69
$50,000
30
99
Get your first month free when you buy HBF Ezicover Life Insurance.
$1,500,000
64
$100,000
30
No expiry age as long as premiums are paid
Cover up to $1.5 million with Guardian Life Insurance.
$1,500,000
65
$100,000
30
99
Tailored life insurance so you know what you're covered for upfront. Take out a policy and get a $100 bonus gift after holding cover for 2 months. T&Cs apply. Ends 31 March 2020.

Compare up to 4 providers

Get the right cover with a qualified consultant

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An adviser can help you find cover from trusted life insurance brands.

  • Get competitive quotes from up to 10 policies
  • Lower rate of declined claims (according to ASIC)
  • Save time and effort

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Types of life insurance

Life insurance policies will always include a death benefit (life cover), which will pay a lump-sum benefit in the event that you die.

However, you'll also need to decide which of the following extras you would also like to include (e.g. cover for situations like critical illnesses or permanent disability). Your life insurance policy can consist of one or more of the following:

Other types of cover Details
Total and permanent disablement (TPD) If you suffer total and permanent disability, your policy will pay out to cover home modifications, the expense of ongoing assistance, income cover and anything else you want to spend it on.
Trauma cover Your life insurance policy will pay benefits if you suffer a defined health event listed in the policy, such as a heart attack or stroke.
Income protection cover This is an optional extra that you can bundle with life insurance to pay out a portion of your regular income (typically 70-80%) in the event of a sickness or injury that temporarily prevents you from being able to work.

What type of life insurance is best for me?

Consider your life stage

Although there are a number of choices out there, the best life insurance is dependent on your personal circumstances.

For instance, an insurer that has great cover for a 25-year-old with no health conditions won't be the same for a father who smokes regularly and has a wife and three kids.

There are also some easy things you can do to find the policy that is most suitable for you:

The graph below shows the different insurance needs based on your life stage. This should only be used as a guide as requirements can change depending on your own situation.

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* The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.

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4 Responses

  1. Default Gravatar
    LawandaOctober 25, 2017

    Is there life insurance coverage available for someone who has Sickle Cell Disease, which is a genetic, inherited disease from birth and not something that you contract?

    • Avatarfinder Customer Care
      JoanneOctober 26, 2017Staff

      Hi Lawanda,

      Thanks for reaching out.

      There are life insurances available to cover pre existing medical conditions. However, it is very important that you disclose any relevant medical history during the application process.

      Moreover, in applying for a life insurance, it is a standard practice that a client will be asked to fill out a questionnaire which would ask you some pertinent questions. The questions might ask you to disclose details about any health issues. On this page you can make an enquiry with an adviser to get possible quotes. And by entering your phone number you will get an accurate, personalized no obligation quote from an experienced life insurance adviser.

      If you can find an insurer who specialises in your particular condition, they will be able to assess your risk factors in a detailed way and give you the best value life insurance coverage.

      Cheers,
      Joanne

  2. Default Gravatar
    JenniferDecember 4, 2016

    Is there a life insurance policy for a minimum of $50,000 payout?

    • Avatarfinder Customer Care
      RichardDecember 5, 2016Staff

      Hi Jennifer,

      Thanks for getting in touch. Several life insurance brands offer cover starting from $50,000 including ANZ, Noble Oak and Zurich.

      I hope this was helpful,
      Richard

      All the best,
      Richard

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