Find the Best Life Insurance in Australia

Life insurance is tailored to your unique circumstances, so no policy is perfect for everyone. However, there are ways to find the best life insurance policies for your situation - and we're here to help.

To give you a starting point, we reviewed and scored over 20 Direct Australian life insurance policies.

Finder Award Winner 2019: Best Direct Life Insurance

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.

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.

Our 2019 Finder Awards for Best Life Insurance Insurance looked at 26 brands across 12 different personas for both male and female aged between 30 and 50.
Multiple quotes were obtained from each provider. The following product features ("metrics") were scored and weighted as follows:
- Fully underwritten: 7%
- Max sum insured: 10.5%
- Guaranteed renewability: 7%
- Expiry age: 10.5%
- Counselling benefit: 3.5%
- Premium cover suspension: 3.5%
- Interim accident cover: 7%
- Options: 7%
- Funeral advancement benefit: 3.5%
- Max entry age: 10.5%
- Cost for a nonsmoker: 20%
- Cost for a smoker: 10%
You can read in full here

Best life insurance for claims outcomes

There are three ways you can purchase life insurance in Australia:

Direct (bought from an insurance brand)
Retail (bought with an adviser)
Super (cover that's included with your superannuation)

Here are the top life insurers in regards to claims outcomes for each category.

We looked at claims data from the Australian Prudential Regulation Authority (APRA) from January 2018 to December 2018 (this is the most recent data available). The tables below focus on "death cover" claims across each purchase channel: retail (adviser), direct purchase with an insurer and purchase through super.
To get the score, we then weighted the following aspects of the claim data:
- How often a claim is accepted
- The time it takes to accept or deny a claim
- The rate of disputes

Best direct life insurer for claims outcomes: ClearView

Overall claims score: A

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Direct life insurance is when you purchase directly from an insurer, rather than through an adviser or broker. You can do this online or over the phone.
Here's why ClearView Life Insurance bought directly has an excellent claims score.

Best retail life insurer for claims outcomes: TAL

Overall claims score: B

More info

Life insurance bought retail is usually recommended through an adviser. The broker assesses your current financial situation and medical history to determine the level of cover you need.
Here's why TAL Life Insurance bought with an adviser has a high claims score.

Best super life insurer for claims outcomes: MetLife

Overall claims score: B

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In Australia, it's often the case that you can buy insurance through your super. Your life insurance through super usually comes as a group policy, which allows you to pay a premium that's standard for all members.
Here's why MetLife Life Insurance bought through super has a high claims score.

Insurer	Claims accepted rate	Average claim time (months)	Disputes per 100 lives insured	Overall claims performance score
Industry average	88.00%	3.3	15.7	C+
ClearView	97.70%	2.4	3.8	A-
Westpac	94.60%	3.1	8.3	B+
Zurich	94.30%	2.4	14.1	B
TAL	72.80%	3.1	18.9	C+
CommInsure	93.30%	4.1	22.2	C-
Suncorp/Asteron	88.00%	3.6	29.4	C-
OnePath	94.50%	5.4	66.6	C-
Hallmark	N/A	N/A	N/A	N/A
MetLife	N/A	N/A	N/A	N/A
NobleOak	N/A	N/A	N/A	N/A
AIA	N/A	N/A	N/A	N/A
MLC	N/A	N/A	N/A	N/A
AMP	N/A	N/A	N/A	N/A

Insurer	Claims accepted rate	Average claim time (months)	Disputes per 100 lives insured	Overall claims performance score
Industry average	96.30%	3.1	7	B-
TAL	98.40%	0.9	9.2	B+
Zurich	96.30%	1.4	3.4	B
MLC	97.90%	2.4	6	B-
Suncorp/Asteron	97.20%	1.9	8.8	B-
Westpac	95.00%	2.2	2.6	B-
OnePath	96.50%	4.3	5.6	C+
AMP	97.50%	5.4	7	C+
AIA	97.40%	2.3	9.4	C+
CommInsure	88.50%	2.1	11.5	C-
ClearView	N/A	N/A	N/A	N/A
Hallmark	N/A	N/A	N/A	N/A
MetLife	N/A	N/A	N/A	N/A
NobleOak	N/A	N/A	N/A	N/A

Insurer	Claims accepted rate	Average claim time (months)	Disputes per 100 lives insured	Overall claims performance score
Industry average	98.20%	1.3	0.8	C
MetLife	99.60%	0.8	0.4	A
MLC	99.10%	0.7	0.4	A
AMP	99.90%	8.4	0.4	B
TAL	98.50%	0.8	0.7	B-
Suncorp/Asteron	94.00%	1	0	B-
AIA	98.50%	0.8	1	B-
Westpac	98.40%	1.6	0.5	C
CommInsure	96.50%	1.3	0.8	C-
OnePath	97.10%	1.2	1.6	C-
ClearView	N/A	N/A	N/A	N/A
Hallmark	N/A	N/A	N/A	N/A
NobleOak	N/A	N/A	N/A	N/A
Zurich	N/A	N/A	N/A	N/A

Best life insurance for various categories

Best cover that is fully underwritten: NobleOak

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One of the big reasons NobleOak took out the Finder Award for Best Life Insurance was because it is fully underwritten.

Best cover for older Australians: TAL Lifetime Protection and Qantas Life Insurance

Getting the best cover as you get older is not so much about the ability to get the most cover dollarwise, but the right amount of cover to suit your changing needs.
When looking at which insurer offered the best choices for older Aussies, we looked at three key areas: minimum sum insured, the maximum entry age and the policy expiry age. It turns out that both TAL and Qantas scored well according to our algorithm.

It may sound counterintuitive but as you get older, the amount of cover you actually need gets less and less. Your kids have flown the nest (hopefully) and you no longer have to worry about looking after their day-to-day expenses. However, you might have a little way to go on your mortgage and want to make sure you've got enough to cover it should the worst happen. So, having the ability to take out cover for a low amount can come in handy. Both TAL and Qantas allow you to take out cover starting from as little as $50,000.

Best additional coverage: Guardian

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Life insurance is a very broad term and can offer additional coverage such as total and permanent disability (TPD) insurance and trauma cover. Others provide cover such as counselling benefits and guaranteed renewability. We looked at how well insurers covered these areas and more and found that Guardian Insurance offered the best additional coverage.

Best income protection insurance policy

Winner: Virgin Income Protection Insurance

More info

Standout feature: Up to $10,000 of income is covered (to a maximum of 85%)

Finder rank	Policy	Maximum monthly benefit	Waiting/benefit period options	Additional features
1	Virgin Tailored Income Protection	85% of monthly income to a maximum of $10,000	Choice of 4 benefit periods Choice of 4 waiting periods
2	NobleOak Income Protection Insurance	75% of monthly income to a maximum of $25,000	Choice of 2 benefit periods Choice of 2 waiting periods	Death and TPD benefit
3	ANZ Income Protection	85% of monthly income to a maximum of $10,000	Choice of 3 benefit periods Choice of 2 waiting periods	Redundancy cover option
4	NRMA Income Protection	85% of monthly income to a maximum of $10,000	Choice of 4 benefit periods Choice of 4 waiting periods	Permanent Disability Cover.
5	Insuranceline Rate Saver Income Protection	85% of monthly income to a maximum of $10,000	Choice of 4 benefit periods Choice of 4 waiting periods

Continue your search for the best life insurance...

While we don't compare all brands, the table below shows policies from Finder partners who offer direct life insurance.

Name	Maximum Cover	Maximum Entry Age	Minimum Cover	Terminal Illness Benefit
NobleOak Life Insurance Finder Award	$15,000,000	69	$50,000	$3,000,000	Get Quote View details	Compare	loading Fetching your data...
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...
Medibank Life Insurance	$2,500,000	70	$100,000	$2,500,000	You could win a $2000 Gift card when you get a Life Insurance quote by 30 August. Winner drawn fortnightly. Plus, Medibank health members save 10% every year. T&Cs apply.	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...
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...
Guardian Life Insurance	$1,500,000	64	$100,000	$1,500,000	Get Quote View details	Compare	loading Fetching your data...
InsuranceLine Life Cover	$1,500,000	65	$100,000	$1,500,000	Get a $100 bonus gift after 2 months. Plus, and get 12 months cover for the price of 11 if you pay annually. T&Cs apply.	View details	Compare	loading Fetching your data...

Compare up to 4 providers

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.

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 pay-out, 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.

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

Company	Policy	Underwriter rating (Use Omnium)	Upfront medical assessment	Future Insureability	Level premiums offered?	Price score	Finder score
TAL	Lifetime Protection	N/A	Yes - Online	Yes	Yes	D+	C+
AAMI	Life Insurance	93	Yes - Online	Yes	No	C+	C-
NRMA	Life Insurance	83	Yes - Online	Yes	No	D+	C
Allianz	Life Plan	100	Yes - Online	No	No	A	B-
Insureme Now	Superior Life Insurance Cover	N/A	Yes - Online	No	No	B+	B-
GIO	Life Protect	N/A	Yes - Online	No	No	C-	C-
Suncorp	Life Protect	N/A	Yes - Online	Yes	No	C-	C-
NAB	Essential Life	100	Yes - Online	No	No	C	D+
Bendigo	MaxLife Life Protect	N/A	Yes - Online	No	No	B-	C
NobleOak	Premium Life Direct	100	Yes (Over the phone)	Yes	No	A	A-
ANZ	Life Insurance	100	Yes - Online	Yes	Yes	B+	B-
HBF	Ezicover Life Insurance	93	Yes - Online	Yes	No	A-	B-
Zurich	Ezicover Life Insurance	N/A	Yes - Online	Yes	No	A-	B
Guardian	Life Insurance	N/A	Yes (Over the phone)	No	No	D	C+
Insuranceline	Life Cover	83	Yes - Online	Yes	No	B-	C+
Medibank	Life Insurance	100	Yes (Over the phone)	Yes	No	B	B-
NIB	Value Life Insurance	83	Yes - Online	No	No	C+	C-
Real	Family Life Cover	100	Yes (Over the phone)	No	No	C	C+
AHM	Life insurance	N/A	Yes (Over the phone)	Yes	No	B	B-

_{* 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.}

Thank you for your feedback!

Nicola Middlemiss

Nicola Middlemiss is a senior writer at Finder, focusing on all things insurance. She's been a journalist for over five years and has contributed to a wide range of industry publications including Insurance Business, MoneyMag, the Educator, Your Investment Property, Mortgage Professional Australia, and Wealth Professional. She has written over a thousand articles covering the insurance industry and now uses that insight to help Australian consumers understand their own insurance policies, and make smarter decisions. Nicola has a Tier 1 General Insurance (General Advice) certification and a Bachelor's degree from the University of Leeds.

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4 Responses

LawandaOctober 25, 2017

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?

Reply
- finder Customer Care
  
  JoanneOctober 26, 2017Staff
  
  Hi Lawanda,
  
  Thanks for reaching out.
  
  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. On this page you can make an enquiry with an adviser 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
  
  Reply
JenniferDecember 4, 2016

Is there a life insurance policy for a minimum of $50,000 payout?

Reply
- finder Customer Care
  
  RichardDecember 5, 2016Staff
  
  Hi Jennifer,
  
  Thanks for getting in touch. Several life insurance brands offer cover starting from $50,000 including ANZ, Noble Oak and Zurich.
  
  I hope this was helpful,
  Richard
  
  All the best,
  Richard
  
  Reply

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Best life insurance in Australia

Find out who we ranked as the best life insurance in the 2019 Finder Awards.

Compare Life Insurance

Types

Popular Pages

Brands

Your Needs

Guides

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Finder Award Winner 2019: Best Direct Life Insurance

Winner: NobleOak Life Insurance

High scoring on both features and price

High benefit limits and extra features

Fully underwritten

Methodology

Best life insurance for claims outcomes

Methodology

Best direct life insurer for claims outcomes: ClearView

Claims accepted rate

Average claims dispute resolution time

Disputes per 100 lives insured

Best retail life insurer for claims outcomes: TAL

Claims accepted rate

Average claims dispute resolution time

Disputes per 100 lives insured

Best super life insurer for claims outcomes: MetLife

Claims accepted rate

Average claims dispute resolution time

Disputes per 100 lives insured

Best life insurer for claims outcomes (full tables):

Best life insurance for various categories

Best cover that is fully underwritten: NobleOak

Why is a fully underwritten policy a good thing?

Highest benefit amount

Runners-up

Best cover for older Australians: TAL Lifetime Protection and Qantas Life Insurance

The minimum sum insured

Maximum entry age

Policy expiry age

Best additional coverage: Guardian

Offers both trauma and TPD

Premium suspension option

Runners-up

Best income protection insurance policy

Winner: Virgin Income Protection Insurance

Scored high on features and price

Wide range of benefit periods

While we thought Virgin Money's Income Protection policy was the standout, there were five runners-up:

Continue your search for the best life insurance...

Compare up to 4 providers

How to find the best life insurance policy

Step 1: Choose the type of life insurance policy you want

Step 2: Compare policies

Step 3: Be honest about your situation

Step 4: Understand how much cover you need

Step 5: Read your PDS

Things you should compare when finding your best option

What is the best life insurance for seniors?

Pre-existing medical conditions

Maximum entry age

Compare more life insurance features side by side

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Nicola Middlemiss

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