Award Winner: NobleOak Life Insurance
Get 1 month free until 31/01/2021
- Fully underwritten
- Up to $15 million cover
- TPD and Trauma options
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Life insurance comes in all shapes and sizes. None of them will be perfect for everybody. Luckily, you only need to find one that's right for you, and we can help.
NobleOak won the Finder Award for Best Life Insurance in 2020, for a second year running. With high scores in pricing and features, it's an all rounder that works for thousands of Aussies.
We created an algorithm that scores policies based on more than 10 different factors, including price, specific benefits, claims outcomes, and extra features. Using 12 different customer profiles we requested quotes from 20 different insurance brands.
That's a total of 240 quotes! We then applied our algorithm to those 240 quotes to come up with an overall score for each brand. the highest-scoring brand was our winner!
Keep in mind: There's no single insurance brand that's best for everyone as all our needs are different - and what's best for you might not be best for someone else.
Want options? We've got you. The table below shows the five highest-scoring life insurance brands from the 2020 Finder Award for Best Life Insurance.
|Policy||Maximum coverage offered||Stand out features and benefits||Apply|
Using the data we collected from our awards research we selected some of the standout brands we thought you should know about.
Remember to keep in mind that prices and features of life insurance will vary based on your personal circumstances. While we've tried our best to cover as many different details as possible, our picks don't reflect personal circumstances and may not be right for you.
NobleOak scored far higher than any of the other insurance brands when it came to features.
|Rank||Brand||Score||Our favourite features||More|
NobleOak came out with the cheapest average price for non-smokers, at $83.44 a month for $500,000 of cover. It's a particularly impressive feat considering NobleOak also scored highest on the feature score, so you can great cover for low cost.
|Rank||Brand||Average price for non-smokers ($500k cover)||Feature score||More|
Smokers get hit with higher life insurance premiums because they're considered higher risk. However, it is still possible to get affordable cover in some cases. Here, we've highlighted the three cheapest brands for smokers, out of the 20 we analysed.
|Rank||Brand||Smoker score||Average monthly price for smokers||More|
Not all life insurance policies are geared towards older Australians. We found some brands had a maximum entry age as low as 59, while Qantas allowed 74-year-olds to buy a policy. That's the highest maximum entry age of all the insurance brands we looked at.
We also found a notable price difference in the cost of cover for seniors. With some brands charging as much as $407 a month for 60 year olds to get $500,000 worth of cover.
|Rank||Brand||Max entry age||Expiry age||Average price for 60 year old||More|
Some life insurance policies also let you add cover for your kids. This means you can claim if they suffer a serious medical condition that's listed on the insurance policy, or if they die.
It might sound strange, but that benefit lets parents take time off work to care for their kids, pay for the best medical professionals, or arrange a fitting fairwell.
|Rank||Brand||Price for children's cover||Price of personal cover ($500k)||Total price||Feature score||More|
We looked at brands that offer life insurance directly, to see which ones were paying out claims - and promptly. NobleOak came out on top, with a 95.2% paid claim rate for 2019-2020.
|Brand||Claims paid||Average claim time (months)||Disputes (per 100,000 lives insured)||More|
We've said it before and we'll say it again. There's no life insurance policy which is perfect for everyone. However, there are steps you can take to find one that's right for you.
There are three ways to buy life insurance – retail, direct or through your super. They all have their pros and cons, so take the time to understand which one is right for you.
Use Finder's online tool to compare life insurance. Our table shows key features at a glance but click "view details" and you'll see a more in-depth breakdown of each policy.
Don't be tempted to lie if you have a smoking habit or any pre-existing conditions. If you do, you might find your claim is denied further down the line.
Don't just pick a benefit amount arbitrarily. Sit down and work out how much your family would really need to get by if the worst was to happen.
We know it's boring, but do your best. The PDS contains everything you need to know about your policy and insurers are getting better at writing them without all the jargon.
Life insurance is a big decision, but we've got heaps of guides which can help you get there.
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finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
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