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Best life insurance Australia

We created a shortlist based on price, claims data and value for money to help you find the best life insurance policy for your needs.

Top pick:
Best life insurer
TAL Accelerated Protection Life Insurance
Finder Award
  • Cheapest policy on average
  • No set limit for maximum cover - only provider on the market to offer this
  • 2024 Finder Awards winner
Top pick:
Health support
Medibank Life Insurance
  • 24/7 access to Medibank Nurse phone service
  • Medibank health members get 10% off
  • Up to $2.5 million payout
  • No medical tests are required to apply
Top pick:
Highly commended
NobleOak Life Insurance
Finder Award
  • Comparatively low claims processing time
  • Choose up to $25 million in cover
  • 2024 Finder Award - Highly Commended

Get help finding the best life insurance

Life insurance can be daunting. It's a big decision and there's a lot of confusing and intimidating jargon.

To make your decision easier, our insurance experts have analysed 15 life insurance policies.

The shortlist is based on 2024 Finder Awards, customer reviews and APRA data. All the policies selected can pay your beneficiaries a lump sum if you pass away.

There are 24 life insurance companies in Australia, according to the Australian Prudential Regulation Authority. We've only analysed direct life insurance policies. These are ones that can be bought directly from an insurer, as opposed to through a broker.

Keep in mind, what's best for you might not be best for someone else. You can use our top picks as a starting point, but you should find the best cover for your specific needs.

Why you can trust our research

15 life insurance policies analysed

170+ prices gathered

100+ hours of research

Gary Ross Hunter
Expert picks selected by Gary Ross Hunter – insurance and innovations editor at Finder

Best life insurer: TAL life insurance

TAL Accelerated Protection Life Insurance
Best Life Insurance
  • Zurich and NobleOak also offer cheap cover. They were a few dollars more expensive in our awards research.
  • Claims acceptance rate of 89.9%. The average is 91.2%.
  • Some negative reviews online; in part because it's Australia's largest insurer, with 33% of the market share.
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Top pick for health support: Medibank life insurance

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).
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Highly commended: NobleOak life insurance

NobleOak
Best Life Insurance
  • 93.2% of claims paid out in the latest period. The industry average is 91.1%.
  • Get up to $25 million in cover – most offer up to $1.5 million.
  • Above-average claims processing time of 0.9 months. The industry average is 2.5 months.
  • Only offers stepped premiums (they increase as you age).
  • Out of 190+ quotes, TAL was typically cheaper on average, although only by a few dollars.
  • NobleOak has a $25 million life insurance cap. TAL has no cap.
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Top pick for features: RAC life insurance

RAC Life Insurance
  • Get up to $25 million in cover. The average is $1 million.
  • Add up to $5 million for total and permanent disability cover. Out of the 10 insurers we researched, that's double the average.
  • Access RAC benefits – discounts on shopping, accommodation and money off fuel.
  • RAC is WA based but services all of Australia.
  • It's competitively priced. However, TAL and NobleOak tend to be slightly cheaper according to Finder Awards research.
  • Only offers stepped premiums (these increase as you age).
  • It has a $25 million benefit cap. TAL has no cap.
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Tips on finding the best life insurance

"Work out the cover benefits you need and be clear on what you're looking for. Do you want a significant lump sum payout to make sure your family's looked after if you die or suffer a terminal illness? Is it important your policy comes with a funeral benefit that pays out quickly? Knowing these answers before you dive into your research can help to narrow down the search."

"Pick the right cover amount by working out how much your family would need to get by – and maintain their lifestyle – if you were no longer around. Knowing how much life insurance you need means you'll avoid paying more than you should."

Life insurance glossary: Key terms to know

A rundown of the tricky definitions for life insurance. Plus, what to look for when you're comparing.

Why you can trust Finder's life insurance experts

free

We're free

You pay the same as buying directly from the life insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
expert advice

We're experts

Our team of life insurance experts have researched and rated dozens of policies as part of our Finder Awards and published 250+ guides to make it easier for you to compare.
independent

We're independent

Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of life insurance brands, making it easier for you to find a good deal.
help

We're here to help

Since 2016, we've helped 270,000+ people find life insurance by explaining your cover options, simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

Frequently asked questions

More guides on Finder

  • Do I need life insurance?

    Learn about the different types of life insurance available in Australia, and when you might need to take out cover.

  • Is life insurance worth it?

    Having the right life insurance policy is invaluable if something happens to you unexpectedly. Find out what makes your policy worthwhile.

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