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Best life insurance in Australia

Find out who we ranked as the best life insurance in the 2019 Finder Awards.

Updated

Fact checked

Life insurance is tailored to your unique circumstances, so no policy is perfect for everyone. However, there are ways to find the best life insurance policies for your situation - and we're here to help.

To give you a starting point, we reviewed and scored over 20 Direct Australian life insurance policies.

Finder Award Winner 2019: Best Direct Life Insurance

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.

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
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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

Best life insurance for older Australians
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 policy

Winner: Virgin Income Protection Insurance

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

Continue your search for the best life insurance...

While we don't compare all brands, the table below shows policies from Finder partners who offer direct life insurance.

Name Product Maximum Cover Maximum Entry Age Minimum Cover Terminal Illness Benefit
NobleOak Life Insurance
$15,000,000
69
$50,000
$3,000,000
Real Family Life Cover
$1,000,000
64
$100,000
$1,000,000
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ .
Medibank Life Insurance
$2,500,000
70
$100,000
$2,500,000
You could win a $2000 Gift card when you get a Life Insurance quote by 30 August. Winner drawn fortnightly. Plus, Medibank health members save 10% every year. T&Cs apply.
ahm Life Insurance
$1,500,000
65
$100,000
$1,500,000
ahm Health members can save 10% off premiums.
Zurich Ezicover Life Insurance
$1,500,000
69
$50,000
$1,500,000
Get your first month free. T&Cs apply.
Guardian Life Insurance
$1,500,000
64
$100,000
$1,500,000
InsuranceLine Life Cover
$1,500,000
65
$100,000
$1,500,000
Get a $100 bonus gift after 2 months. Plus, and get 12 months cover for the price of 11 if you pay annually. T&Cs apply.
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Compare up to 4 providers

How to find the best life insurance policy

Step 1: Choose the type of life insurance policy you want

There are three ways to buy life insurance - retail, direct, or through your super. They all have their pros and cons, so it's important to know which one is right for you, before you make your decision.

  • Retail: Buy from a broker. Tailored to your needs. Medical underwriting.
  • Direct: Buy online or over the phone. Little or no medical underwriting.
  • Super: Acces via your super. Typically automatic acceptance. No upfront costs, but withdraws from your retirement funds.

Step 2: Compare policies

Use Finder's online tool to compare the benefits of life insurers. Our table shows your key features at a glance but remember, if you click 'view details' below the quote button, you'll be able to see a more in-depth breakdown of each policy.

Step 3: Be honest about your situation

However you choose to buy insurance, always be honest about your personal information. Don't be tempted to lie if you have a smoking habit, and if you're asked to disclose any pre-existing medical conditions - don't hold back.

Step 4: Understand how much cover you need

Getting the benefit right is important. Accept that you might have to stomach a slightly larger premium if you want a bigger payout. Remember, Australians are chronically underinsured.

Step 5: Read your PDS

Before buying an insurance policy, always read the product disclosure statement (PDS) carefully. It contains everything you need to know about your life insurance.

Things you should compare when finding your best option

At first glance all life insurance policies might look the same - but there are a few key features to keep an eye on, so you can see if you're getting the best option for you.

  • Maximum cover - Some life insurance policies will cap benefits at $1 million, but if you're looking for a higher pay out there are still options out there. For example, Noble Oak offers benefits of up to $15 million.
  • Minimum sum insured - On the flipside, if you're only looking for a modest pay-out, it's important to consider the minimum sum insured. Some insurers won't offer benefits for less than $100,000 but both Noble Oak and Zurich will provide policies with a $50,000 benefit.
  • Maximum entry age - Finding life insurance gets a little trickier once you get into your 60s, with some insurers only accepting new customers under the age of 65. However, both Noble Oak and Zurich have a maximum entry age of 69.
  • Optional extras - If you want to bundle your life insurance with other policies - such as TPD or trauma, it may be worth looking for companies that offer optional add-ons.

What is the best life insurance for seniors?

No policy is perfect for everyone - but there are some important features to look out for, if you're a senior on the hunt for the best life insurance.

Pre-existing medical conditions

If you have a pre-existing medical condition, and you want your life insurance to cover it, it's worth considering a policy which includes medical underwriting. You might pay more for your policy, but you'll have peace of mind that it'll pay out when it matters.

Maximum entry age

Some insurance policies have a maximum entry age of 60 - but Noble Oak and Zurich have a maximum entry age of 69.

Compare more life insurance features side by side

CompanyPolicyUnderwriter rating (Use Omnium)Upfront medical assessmentFuture InsureabilityLevel premiums offered?Price scoreFinder score
TALLifetime ProtectionN/AYes - OnlineYesYesD+C+
AAMILife Insurance93Yes - OnlineYesNoC+C-
NRMALife Insurance83Yes - OnlineYesNoD+C
AllianzLife Plan100Yes - OnlineNoNoAB-
Insureme NowSuperior Life Insurance CoverN/AYes - OnlineNoNoB+B-
GIOLife ProtectN/AYes - OnlineNoNoC-C-
SuncorpLife ProtectN/AYes - OnlineYesNoC-C-
NABEssential Life100Yes - OnlineNoNoCD+
BendigoMaxLife Life ProtectN/AYes - OnlineNoNoB-C
NobleOakPremium Life Direct100Yes (Over the phone)YesNoAA-
ANZLife Insurance100Yes - OnlineYesYesB+B-
HBFEzicover Life Insurance93Yes - OnlineYesNoA-B-
ZurichEzicover Life InsuranceN/AYes - OnlineYesNoA-B
GuardianLife InsuranceN/AYes (Over the phone)NoNoDC+
InsurancelineLife Cover83Yes - OnlineYesNoB-C+
MedibankLife Insurance100Yes (Over the phone)YesNoBB-
NIBValue Life Insurance83Yes - OnlineNoNoC+C-
RealFamily Life Cover100Yes (Over the phone)NoNoCC+
AHMLife insuranceN/AYes (Over the phone)YesNoBB-

* 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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