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The best families deserve the best life insurance

It's no fun to think about, but even less fun if you don't. We analysed 15 life insurers – here's the best ones.

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Best life insurer

TAL

Finder Award
  • Cheapest policy on average
  • No set limit for maximum cover - only provider on the market to offer this
  • 2024 Finder Awards winner
Health support

Medibank

  • 24/7 access to Medibank Nurse phone service
  • Save 10% on your first year of Medibank Life Insurance
  • Up to $2.5 million payout
  • No medical tests are required to apply
Highly commended

NobleOak

Finder Award
  • Comparatively low claims processing time
  • Choose up to $25 million in cover
  • 2024 Finder Award - Highly Commended

We put every effort into ensuring information on Finder is accurate. This article was reviewed by Karen Eley from our Editorial Review Board as part of our fact checking process.

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

Pros

Cons

  • Zurich and NobleOak also offer cheap cover. They were a few dollars more expensive in our awards research.
  • Claims acceptance rate of 86.4%. The average is 90.7%.
  • 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

Pros

  • 24/7 access to Medibank Nurse to talk about any health concerns.
  • Save 10% on your first year of Medibank Life Insurance when you apply by 31 July 2024. T&Cs apply.
  • Get up to $2.5 million in cover – that's $1 million more than AAMI, Suncorp, ahm, Insuranceline and Zurich.

Cons

  • $2.5 million cap is lower than NobleOak, RAC and TAL.
  • Only offers stepped premiums (increase as you age).
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Highly commended: NobleOak life insurance

NobleOak
Best Life Insurance

Pros

  • 94.9% of claims paid out in the latest period. The industry average is 90.7%.
  • 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.

Cons

  • 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

Pros

  • 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.

Cons

  • 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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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

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

freeYou pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
expert adviceYou save time. We spend 100s of hours researching life insurance so you can sort the gold from the junk faster.
independentYou can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.

Frequently asked questions

Karen Eley is the founder of Women Talking Finance, which provides money coaching and financial literacy and education services. An experienced and former financial adviser who has worked in financial services industry for 22 years, Karen is a Certified Money Coach (CMC), holds a Bachelor of Accounting and an Advanced Diploma in Financial Planning and CFP.

Jason Loewenthal's headshot
Karen Eley's headshot
To make sure you get accurate and helpful information, this guide has been edited by Jason Loewenthal and reviewed by Karen Eley, a member of Finder's Editorial Review Board.
Gary Ross Hunter's headshot
Editor, Insurance & Innovations

Gary Ross Hunter was an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

Gary Ross's expertise
Gary Ross has written 730 Finder guides across topics including:
  • Health, home, life, car, pet and travel insurance
  • Managing the cost of living
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Co-written by

Editor

James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, WIN News, Insurance News, 7NEWS and The Guardian. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

James's expertise
James has written 258 Finder guides across topics including:
  • Car, home, life, health, travel and pet insurance
  • Managing the cost of living
  • Money-saving tips

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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