Best life insurance in Australia

Finder Award Winner 2020: Best Life Insurance Australia

Winner: NobleOak Life Insurance

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

• High scoring on both features and price

  NobleOak came out on top for its NobleOak Premium Life Direct offering one of the more affordable premiums on the market. At the same time, NobleOak's policy has a wide range of features like the option to cover total permanent disability (TPD) and trauma.

• High benefit limits and extra features

  What really separates NobleOak Premium Life Direct from the rest of the pack is the maximum sum, as you're able to apply for a death benefit of up to $15,000,000. This is over seven times more than the maximum coverage offered by its closest competitor.
  NobleOak has one of the higher maximum entry ages, as you're able to take out a new policy up to 69 years of age. It's also one of the few direct policies that come with a counselling benefit.

• Fully underwritten

  NobleOak is also the only direct policy that's "fully underwritten" over the phone. This means you'll need to answer a full health questionnaire up-front when you apply. Although it sounds like extra work, this requirement will ensure there are no surprises come claim time (versus a policy that just accepts you automatically).

Methodology - How did we make this choice?

Our 2020 Finder Awards for Best Life Insurance looked at 20 brands across 12 different personas for both male and female aged between 30 and 50. We compared direct life insurance brands only and our comparison is not representative of the entire market.

Multiple quotes were obtained from each provider. The following product features ("metrics") were scored and weighted as follows:

• Fully Underwritten Score: 10%
• Max Sum Insured Score: 15%
• Guaranteed Renewability Score:10%
• Expiry Age Score: 15%
• Counselling Benefit Score: 5%
• Premium Cover Suspension Score: 5%
• Interim Accident Cover Score: 10%
• Options Score: 10%
• Funeral Advancement Benefit Score: 5%
• Max Entry Age Score: 15%

Overall score was calculated as follows:

• Smoker Quote Score 10%
• Non Smoker Quote Score 20%
• Features Score 70%

You can read our methodology in full here.

Finder Award 2020 Finalists: Best life insurance Australia

Policy	Maximum coverage offered	Stand out features and benefits	Apply
NobleOak Life Insurance	$15,000,000	Fully underwritten Future insurability Guaranteed renewability Counselling benefit Premium suspension Interim accident cover TPD and Trauma options $15,000 funeral advancement	Get quote
Medibank Life Insurance (non-member)	$2,500,000	Future insurability Guaranteed renewability Premium suspension Interim accident cover Trauma option $15,000 funeral advancement	Get quote
ahm Trauma Insurance	$1,500,000	Future insurability Guaranteed renewability Premium suspension Interim accident cover TPD & Trauma options $15,000 funeral advancement	Get quote
Qantas	$2,000,000	Future insurability Guaranteed renewability Premium suspension (up to 3 months) TPD option $25,000 funeral advancement	More info
Guardian	$1,500,000	Guaranteed renewability Interim accident cover TPD & Trauma option Child trauma option $15,000 funeral advancement	Get quote

* See methodology above to find out how we ranked these policies.

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.

Still unsure about life insurance and how it can work for you? It can be a tricky subject to tackle with lots of different factors to consider. So we put together a beginner's guide to life insurance which can help you if you're just starting out on your insurance journey.

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Finder Award Winner 2020: Noble Oak Life Insurance

Fully underwritten with Trauma and TPD options. NobleOak offer up to $15 million maximum cover level.

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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 payout, 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.

Compare life insurance and get quotes in Australia

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Name	Product	Maximum Cover	Maximum Entry Age	Minimum Cover	Terminal Illness Benefit
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™ .	Get Quote View details	Compare	loading Fetching your data...
NobleOak Life Insurance Finder Award		$15,000,000	69	$50,000	$3,000,000	First month free for NobleOak Life Insurance. T&Cs apply.	Get Quote View details	Compare	loading Fetching your data...
AAMI Life Insurance		$1,500,000	65	$100,000	$1,500,000	Existing AAMI car & home insurance customers or family policies can get a 5% discount.	Get Quote View details	Compare	loading Fetching your data...
ahm Life Insurance		$1,500,000	65	$100,000	$1,500,000	ahm Health members can save 10% off premiums.	Get Quote View details	Compare	loading Fetching your data...
Guardian Life Insurance		$1,500,000	64	$100,000	$1,500,000	Get Quote View details	Compare	loading Fetching your data...
Zurich Ezicover Life Insurance		$1,500,000	69	$50,000	$1,500,000	Get your first month free. T&Cs apply.	Get Quote View details	Compare	loading Fetching your data...
Medibank Life Insurance		$2,500,000	70	$100,000	$2,500,000	Medibank health members save 10% every year. T&Cs apply.	Get Quote View details	Compare	loading Fetching your data...

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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

_{* 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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