Best life insurance in Australia

Looking for life insurance that stands above the rest?

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The "best" life insurance policy depends largely on your personal circumstances. To give you a better idea however, we've done the hard yards. We examined and scored 11 providers and 22 policies (not the entire market, but a large portion of it), to help you pick the best life insurance for your circumstances.

The 3 best life insurers as chosen by finder

Here's who we rated as the best life insurers in 2019.

NobleOak Life Insurance

Best for...
Strong features and high sum insured

strength

Up to $15 million in life cover and fully underwritten medically.


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Pros
  • Flexibility to increase cover, without another medical assessment
  • Full underwritten cover so there's no surprises at claims time
  • Counselling benefit
Cons
  • No level premiums offered so your premium will go up as you get older

OnePath logo

OnePath OneCare Life Cover

Best for...
All around comprehensive cover

strength

No cover limit (subject to approval) and flexible premium options.


Get a quote

Pros
  • Flexibility to increase cover for a large range of circumstances, without another medical assessment
  • Terminal illness accommodation benefit offered
  • Option to waive your premiums if you become disabled
Cons
  • Minimum sum insured for death and TPD cover is $50,000 (some brands are more flexible e.g. have no minimum)

Picture not describedtal life insurance

TAL Life Insurance

Best for...
Confidence during claim time

strength

Pros
  • Level premium options offered
  • Complimentary child insurance
  • Strong financial underwriter rating
Cons
  • Future insurability benefit (ability to increase cover without another medical exam for certain events) doesn't cover as many events as other insurers


To see our full methodology and as well as our score for all policies, continue reading our study below.

The best life insurance in Australia (full tables)

Finding the best life insurers: Our methodology

22 policies

Scored on their features

11 providers

Scored on claims outcomes

50+ hours of research

Our insurance experts spent the time assessing the data and looking at what was important for someone buying life insurance

Richard Laycock

Insurance Editor

5+ years insurance writing experience

Maurice Thach

Maurice Thach

Life Insurance Publisher

Tier 1 Life Insurance General Advice Certification from ASIC

Zahra Campbell-Avenell

Insurance Publisher

All around insurance guru

Choosing the best policy

In January 2019, we reviewed the products from 22 Australian life insurance brands (11 direct and 11 retail brands) and rated them out of 5. Here's how we came up with those scores.

Choosing the best provider

We simply looked at who had the lowest chance of a claim dispute using 2018 data from The Financial Ombudsman Service (FOS) - an Australian external dispute resolution service for when it comes to financial products like insurance. This year's data is missing a few insurers so as it get's updated, we'll update this page too.


Life insurance guides for specific circumstances

What's next?

Compare policies & get quotes Tips to finding the best cover

What features do the best policies have?

Doing your own research? We asked various members of finder's insurance content team to find out which inclusions were the most important and why.

Richard Laycock - Insurance Editor:

1. A guaranteed future insurability benefit

"A guaranteed future insurability benefit allows you to increase the amount you're insured in the future as your life changes, for example if you get married or have children.

"The real advantage of having this inclusion is that you can increase your cover without having to take a medical reassessment. So if you develop a pre-existing medical condition after you have bought life insurance, you'd still be able to increase your cover.

"There may be some limitations like the not being to make a claim in the first year of increasing your sum insured as well as an age where you can no longer use the benefit".

Maurice Thach - Life Insurance Publisher:

2. Full underwriting (Lifestyle and medical questionnaire)

"If you have a pre-existing medical condition or a dangerous job then you'll want to ensure your cover is fully underwritten. This means your health is checked up-front. While it does take longer, it also means you'll get to know if you're covered when you apply instead of receiving a nasty surprise at claim time.

"Generally, life insurance you buy through an adviser will be fully underwritten. For policies that are direct, only some are fully underwritten".

Zahra Campbell-Avenell - Insurance Publisher:

3. A higher expiry age

"The expiry age is the age you reach where you're no longer covered. A higher expiry age means you'll be able to stay covered for longer meaning there's less chance of outliving your policy. Look for a higher expiry age to ensure the money you pay in premiums doesn't go to waste".

Richard Laycock - Insurance Editor:

4. A clear list of exclusions

"Not understanding what you're not covered for can be detrimental when you actually need to claim. Imagine suffering a major injury, then being knocked back because you didn't realise you weren't covered for the time period for where you worked previously".

Types of life insurance to choose from

Life insurance policies will always include a death benefit (life cover), which will pay a lump sum benefit in the event that you die.

However, you'll also need to decide which of the following extras you would also like to include (e.g. cover for situations like critical illnesses or permanent disability).Your life insurance policy can consist of one or more of the following:

Other types of cover Details
Total and permanent disablement (TPD) If you suffer total and permanent disability your policy will pay out to cover home modifications, the expense of ongoing assistance, income cover and anything else you spend it on.
Trauma cover Your life insurance policy will pay benefits if you suffer a defined health event listed in the policy, such as heart attack or stroke.
Income protection cover A usually optional extra that can be bundled with life insurance to pay out a portion of your regular income (typically 70-80%) in the event of a sickness or injury that temporarily prevents you from being able to work.

What type of life insurance is best for me?

Consider your life stage

Although there a few choices out there, the best life insurance is dependant on your personal circumstances.

For instance, an insurer that has great cover for a 25 year old with no health conditions won't be the same for a father with a wife and three kids, who also smokes regularly.

There also some are some easy things you can do to find the policy that is most suitable for you:

The graph below shows the different insurance needs based on your life stage. This should only be used as a guide as requirements can change depending on your own situation.

Life stages
Calculate your life insurance needs

Tip: Review your policy regularly

If you already have cover in place, you should review your policy regularly to ensure you are not overinsured or underinsured. Events that can affect your policy include:

  • Marriage or divorce
  • Buying a new home
  • Children moving out or becoming financially independent
  • Retirement
  • Changes in health

Most advisers recommend that you review your life insurance policy at least once every 12 months. There may be additional or less cover needed.

Receive a quote from these direct brands

Name Product Maximum cover Maximum Entry Age Minimum Sum Insured Guaranteed Future Insurability Expiry Age Short Description
$1,000,000
64
$100,000
No
No expiry age as long as premiums are paid
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™.
$1,500,000
65
$3,000
No
80
Protect what matters with a new Virgin Life Insurance policy. If eligible, you can earn 25,000 Velocity Points. Ends 02 September 2019. Min $80/month, min. 6 month policy to earn Points.
$1,500,000
65
$100,000
Yes
No expiry age as long as premiums are paid
Get life cover up to $1.5 million. Plus, Medibank health insurance members can save 10% off premiums.
$1,000,000
60
$100,000
Yes
99
Get life cover up to $1 million.
$2,000,000
74
$100,000
Yes
99
Join Qantas Life Insurance and earn up to 100,000 Qantas points. T&CS apply including minimum premium and policy hold periods apply to earn points.
$15,000,000
69
$50,000
Yes
99
Get a quote for up to $15 million in life insurance cover. Plus, get two months free when you combine life insurance with another type of cover. T’s and C’s apply. Ends 29 August 2019.
$1,500,000
65
$100,000
Yes
No expiry age as long as premiums are paid
Get life cover up to $1.5 million. Plus, ahm health members can save 10% off premiums.
$1,500,000
69
$50,000
Yes
99
Receive a 10% discount on the second person when two applications are submitted at the same time, and both policies are issued.
$1,000,000
65
$100,000
No
80
Receive one month's premiums off every year if you pay annually upfront. T’s and C’s apply.
$2,000,000
59
$50,000
Yes
99
Get flexible life insurance up to the sum of $2,000,000.
$1,500,000
64
$100,000
No
No expiry age as long as premiums are paid
Cover up to $1.5 million with Guardian Life Insurance.

Compare up to 4 providers

Get the right cover with a qualified consultant

Sex
Do you smoke?

An adviser can help you find cover from trusted life insurance brands.

  • Get competitive quotes from up to 10 policies
  • Lower rate of declined claims (according to ASIC)
  • Save time and effort

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* 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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