- Top pick: Features
- Top pick: Budget policy
- Top pick: Claims experience
Best life insurance in Australia
We scored over 20 direct policies on price, features and additional options. Here's who came out on top for the best life insurance.
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
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.
Finder Awards: Best Life Insurance
Winner: Best life insurance Australia
Why do we think it's the best?
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.
Why trust our picks?
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.
Finder Awards 2020: Life Insurance Finalists
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|
Top picks for direct life insurance
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.
- Best policy for features: NobleOak Life Insurance
- Best budget policy: NobleOak Life Insurance
- Best policy for smokers: Qantas Life Insurance
- Best policy for seniors: Qantas Life Insurance
- Best policy for parents: Guardian Life Insurance
- Best for claims experience: NobleOak Life insurance
Top pick for features – NobleOak Life Insurance
NobleOak scored far higher than any of the other insurance brands when it came to features.
|Rank||Brand||Score||Our favourite features||More|
Top pick for budget policy – NobleOak Life Insurance
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 get great cover for a low cost.
|Rank||Brand||Average price for non-smokers ($500k cover)||Feature score||More|
Top pick for smokers – Qantas Life Insurance
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|
Top pick for seniors – Qantas Life Insurance
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-olds||More|
Top pick for parents – Guardian Life Insurance
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 farewell.
|Rank||Brand||Price for children's cover||Price of personal cover ($500k)||Total price||Feature score||More|
Top pick for claims experience – NobleOak
We looked at brands that offer life insurance directly to see which ones were paying out claims – and paying 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|
How to find the best life insurance
We've said it before and we'll say it again; there's no life insurance policy that is perfect for everyone. However, there are steps you can take to find one that's right for you.
Step 1: Choose your policy type
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.
Get help from a broker.
Buy from an insurer.
Access via your super.
Step 2: Compare policies
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.
Step 3: Be honest
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.
Step 4: Decide on a cover amount
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.
Step 5: Read your PDS
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 that can help you get there.
More guides on Finder
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