Strong features and high sum insured
The "best" life insurance policy depends largely on your personal circumstances. To give you a better idea however, we've done the hard yards. We examined and scored 11 providers and 22 policies (not the entire market, but a large portion of it), to help you pick the best life insurance for your circumstances.
Here's who we rated as the best life insurers in 2019.
Up to $15 million in life cover and fully underwritten medically.
No cover limit (subject to approval) and flexible premium options.
Higher claims accepted rate
To see our full methodology and as well as our score for all policies, continue reading our study below.
Scored on their features
Scored on claims outcomes
Our insurance experts spent the time assessing the data and looking at what was important for someone buying life insurance
In January 2019, we reviewed the products from 22 Australian life insurance brands (11 direct and 11 retail brands) and rated them out of 5. Here's how we came up with those scores.
We simply looked at who had the lowest chance of a claim dispute using 2018 data from The Financial Ombudsman Service (FOS) - an Australian external dispute resolution service for when it comes to financial products like insurance. This year's data is missing a few insurers so as it get's updated, we'll update this page too.
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Doing your own research? We asked various members of finder's insurance content team to find out which inclusions were the most important and why.
Richard Laycock - Insurance Editor:
"A guaranteed future insurability benefit allows you to increase the amount you're insured in the future as your life changes, for example if you get married or have children.
"The real advantage of having this inclusion is that you can increase your cover without having to take a medical reassessment. So if you develop a pre-existing medical condition after you have bought life insurance, you'd still be able to increase your cover.
Maurice Thach - Life Insurance Publisher:
"If you have a pre-existing medical condition or a dangerous job then you'll want to ensure your cover is fully underwritten. This means your health is checked up-front. While it does take longer, it also means you'll get to know if you're covered when you apply instead of receiving a nasty surprise at claim time.
"Generally, life insurance you buy through an adviser will be fully underwritten. For policies that are direct, only some are fully underwritten".
Zahra Campbell-Avenell - Insurance Publisher:
"The expiry age is the age you reach where you're no longer covered. A higher expiry age means you'll be able to stay covered for longer meaning there's less chance of outliving your policy. Look for a higher expiry age to ensure the money you pay in premiums doesn't go to waste".
Richard Laycock - Insurance Editor:
"Not understanding what you're not covered for can be detrimental when you actually need to claim. Imagine suffering a major injury, then being knocked back because you didn't realise you weren't covered for the time period for where you worked previously".
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 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 heart attack or stroke.|
|Income protection cover||A usually optional extra that can be bundled 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.|
Although there a few choices out there, the best life insurance is dependant 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 with a wife and three kids, who also smokes regularly.
There also some are 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.
If you already have cover in place, you should review your policy regularly to ensure you are not overinsured or underinsured. Events that can affect your policy include:
Most advisers recommend that you review your life insurance policy at least once every 12 months. There may be additional or less cover needed.
* 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.
Learn the types of cover available and what's right for you
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