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Best life insurance in Australia

We scored over 20 direct policies on price, features and additional options. Here's who we ranked as the best life insurance 2020.

Updated . What changed?

Fact checked

Award Winner: NobleOak Life Insurance

NobleOak Life Insurance logo image
Promoted

First month free until 30/11/2020

  • Fully underwritten
  • Up to $15 million cover
  • TPD and Trauma options
Get Quote
Terms and conditions apply.

We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .

Finder Award Winner 2020: Best Life Insurance Australia

Winner: NobleOak Life Insurance

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

Must read: The best option is the one that meets your needs and circumstances, so the best for one person might not be the best for you.

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

PolicyMaximum coverage offeredStand out features and benefitsApply
Picture not described

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

Picture not described

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 logo

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 logo

Qantas

$2,000,000
  • Future insurability
  • Guaranteed renewability
  • Premium suspension (up to 3 months)
  • TPD option
  • $25,000 funeral advancement

More info

Guardian life insurance

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.

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

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

Data indicated here is updated regularly
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™ .
NobleOak Life Insurance
$15,000,000
69
$50,000
$3,000,000
First month free for NobleOak Life Insurance. T&Cs apply.
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.
ahm Life Insurance
$1,500,000
65
$100,000
$1,500,000
ahm Health members can save 10% off premiums.
Guardian Life Insurance
$1,500,000
64
$100,000
$1,500,000
Zurich Ezicover Life Insurance
$1,500,000
69
$50,000
$1,500,000
Get your first month free. T&Cs apply.
Medibank Life Insurance
$2,500,000
70
$100,000
$2,500,000
Medibank health members save 10% every year. T&Cs apply.
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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

CompanyPolicyUnderwriter rating (from Omnium)Upfront medical assessmentFuture insurabilityLevel premiums offered?Price scoreFinder score
TALLifetime ProtectionN/AYes - OnlineYesYesD+C+
AAMILife Insurance93Yes - OnlineYesNoC+C-
NRMALife Insurance83Yes - OnlineYesNoD+C
AllianzLife Plan100Yes - OnlineNoNoAB-
Insureme NowSuperior Life Insurance CoverN/AYes - OnlineNoNoB+B-
GIOLife ProtectN/AYes - OnlineNoNoC-C-
SuncorpLife ProtectN/AYes - OnlineYesNoC-C-
NABEssential Life100Yes - OnlineNoNoCD+
BendigoMaxLife Life ProtectN/AYes - OnlineNoNoB-C
NobleOakPremium Life Direct100Yes (Over the phone)YesNoAA-
ANZLife Insurance100Yes - OnlineYesYesB+B-
HBFEzicover Life Insurance93Yes - OnlineYesNoA-B-
ZurichEzicover Life InsuranceN/AYes - OnlineYesNoA-B
GuardianLife InsuranceN/AYes (Over the phone)NoNoDC+
InsurancelineLife Cover83Yes - OnlineYesNoB-C+
MedibankLife Insurance100Yes (Over the phone)YesNoBB-
NIBValue Life Insurance83Yes - OnlineNoNoC+C-
RealFamily Life Cover100Yes (Over the phone)NoNoCC+
AHMLife insuranceN/AYes (Over the phone)YesNoBB-

* 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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4 Responses

  1. Default Gravatar
    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?

    • Avatarfinder 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

  2. Default Gravatar
    JenniferDecember 4, 2016

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

    • Avatarfinder 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

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