
- Top pick: Features
- Top pick: Budget policy
- Top pick: Claims experience
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Want options? We've got you. The table below shows the 3 highest-scoring life insurance brands (out of 21) overall in the 2021 Finder Award for Best Life Insurance.
21
Brands compared
16
Different profiles
336
Quotes generated
We scored policies based on more than 10 different factors including price, specific benefits, claims outcomes and extra features. Using 16 different customer profiles, we sourced quotes from 21 different insurance brands to help us settle on our top picks in 5 key categories.
NobleOak won the Finder Award for Best Life Insurance in 2021 for a third year running. With high scores in pricing and features, it's an all-rounder that works for thousands of Aussies.
Using data from our Awards research, we selected some of the stand-out brands you need to know about. Keep in mind that prices, features and your suitability for life insurance will vary based on your individual circumstances.
Whether you're in your 20s or your later years, NobleOak is likely to have something for you.
HBF came second with an average price of $94.29 per month, while ANZ was placed third at $95.56 monthly.
Read more on the benefits and features offered by NobleOak.
*We requested quotes from 16 different insurers, using 8 different smoker profiles. All figures shown here are average costs for $500,000 of cover for a non-smoker. We also took into account policy features – the more valuable the features, the higher the overall score.
TAL is our pick as it's a brand that tailors its policies to meet the needs of older Australians:
Read more on the features and benefits of TAL.
If you're looking to add cover for your children, you can get insurance in the event of a serious medical conditions or passing.
We selected Guardian as our best pick for families* for the second year running as:
Find out more about Guardian Life Insurance in our review.
*We looked at 21 brands and 6 of those offered child cover. Most offer cover up to $50,000 for each child so we also reviewed the number of conditions covered. We awarded each insurance brand a score that correlates to its performance across all categories.
We chose this category based on the latest bi-annual claims data from Moneysmart, a government site run by the Australian Securities & Investments Commission (ASIC).
NobleOak took the spoils for its claims experience* because:
*The Moneysmart figures are for Death Cover bought directly from an insurer between 1 July 2020 and 30 June 2021.
We chose AIA Life Insurance for its flagship wellbeing program, AIA Vitality. By signing up to a life cover plan with AIA, you'll enjoy automatic eligibility for the rewards. It means you can:
Other reward schemes we liked were OnePath/Qantas frequent flyer points and TAL Health Sense, both of which you can read more about in our guide to life insurance rewards programs.
There isn't a single life insurance policy that's the "best". However, there are useful tips for finding the best life insurance for your needs.
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? Are you aware that taking out joint cover with your partner could unlock a premium discount of up to 10%?
Work 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. Try our quick quiz to help you calculate how much cover you'll need.
Use Finder's comparison tool to compare life insurance brands. View each policy's key features side by side and filter by the features that matter most to you. Or click "View details" to see a more in-depth breakdown of each policy. If you're not certain what you need or how to find the best cover, speak to a life insurance adviser.
You'll need to be upfront if you smoke or have any pre-existing conditions. Not being accurate during your application can invalidate your policy. This means you or your beneficiaries could have a future claim rejected.
The PDS (found on the insurer's website) contains the key points about your policy including its benefits, restrictions and exclusions. Knowing exactly what you're insured for will bring peace of mind. Thankfully, insurers are getting better at writing them without all the jargon.
Life insurance is a big decision, but we've got heaps of guides that can help you find good cover for your needs.
Learn about the different types of life insurance available in Australia, and when you might need to take out cover.
Having the right life insurance policy is invaluable if something happens to you unexpectedly. Find out what makes your policy worthwhile.
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?
Hi Lawanda,
Thanks for reaching out to Finder.
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. You can make an enquiry with adviser offering pre-existing medical conditions cover 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
Is there a life insurance policy for a minimum of $50,000 payout?
Hi Jennifer,
Thanks for getting in touch.
Several life insurance brands offer cover starting from $50,000 including ANZ, Noble Oak and Zurich.
All the best,
Richard