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.
Winner: NobleOak Life Insurance
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
Here's why ClearView Life Insurance bought directly has an excellent claims score.
Best retail life insurer for claims outcomes: TAL
Here's why TAL Life Insurance bought with an adviser has a high claims score.
Best super life insurer for claims outcomes: MetLife
Here's why MetLife Life Insurance bought through super has a high claims score.
Best life insurance for various categories
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 income protection insurance policy
Winner: Virgin Income Protection Insurance
While we don't compare all brands, the table below shows policies from Finder partners who offer direct life insurance.
Compare more life insurance features side by side
|Company||Policy||Underwriter rating (Use Omnium)||Upfront medical assessment||Future 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-|
|Real||Family Life Cover||100||Yes (Over the phone)||No||No||C||C+|
|AHM||Life insurance||N/A||Yes (Over the phone)||Yes||No||B||B-|
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
* 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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