Best life insurance in Australia

We scored 16 direct policies on price, features and add-ons. Here's who came top for the best life insurance.

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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.

Finder Awards: Best Life Insurance

Winner: Best life insurance Australia

Finder Awards
NobleOak Life Insurance
Get quote
Why do we think it's the best?

NobleOak won the Finder Award for Best Life Insurance in 2021 for a third year running. With high scores in pricing and features, it's an all-rounder that works for thousands of Aussies.

Why trust our picks?

20

Brands compared

12

Different profiles

240

Quotes generated

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.

Get into the nitty-gritty of our methodology.

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.

PolicyMaximum coverage offeredStand out features and benefitsApply
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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

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TAL Life Insurance

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

$2,500,000
  • Future insurability
  • Guaranteed renewability
  • Premium suspension
  • Interim accident cover
  • Trauma option
  • $15,000 funeral advancement

Get quote

ahm logo

ahm Life Insurance

$1,500,000
  • Future insurability
  • Guaranteed renewability
  • Premium suspension
  • Interim accident cover
  • TPD and trauma options
  • $15,000 funeral advancement

More info

Guardian life insurance

Guardian

$1,500,000
  • Guaranteed renewability
  • Interim accident cover
  • TPD and trauma option
  • Child trauma option
  • $15,000 funeral advancement

More info

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.

  1. Best policy for features: NobleOak Life Insurance
  2. Best budget policy: NobleOak Life Insurance
  3. Best policy for smokers: Qantas Life Insurance
  4. Best policy for seniors: Qantas Life Insurance
  5. Best policy for parents: Guardian Life Insurance
  6. 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.

RankBrandScoreOur favourite featuresMore
1NobleOak9.06
  • Benefit payouts of up to $15 million
  • Terminal illness benefit of up to $3 million
  • Interim accident, TPD and trauma cover available
  • Grief counselling and financial advice benefits
Get quote
2Medibank6.42
  • Benefit payouts of up to $2.5 million
  • Full-policy payout for terminal illness
  • Maximum entry age of 70
  • No expiry age as long as premiums are paid
Get quote
3ahm5.57
  • Benefit payouts of up to $1.5 million
  • Full-policy payout for terminal illness
  • Interim accident, TPD and trauma cover available
  • Premium pause for financial hardship
Get quote

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.

RankBrandAverage price for non-smokers ($500k cover)Feature scoreMore
1NobleOak$83.449.06Get quote
3Allianz$89.472.77More info

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.

RankBrandSmoker scoreAverage monthly price for smokersMore
1NobleOak8.75$177.66Get quote
3ahm8.12$186.16Get quote

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.

RankBrandMax entry ageExpiry ageAverage price for 60-year-oldsMore
1NobleOak6999$259.39Get quote

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.

RankBrandPrice for children's coverPrice of personal cover ($500k)Total priceFeature scoreMore
1Guardian$9.52$34.74$44.264.55More info
2Real$9$32.86$41.863.78Get quote
3Kogan$8.96$32.78$41.743.48More info

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.

BrandClaims paidAverage claim time (months)Disputes (per 100,000 lives insured)More
NobleOak95.2%0.80Get quote
CommInsure92.8%45.4More info
Westpac92.6%3.312.9More info

What is the best life insurance

There's no one life insurance policy that's the 'best'. After all, everyone's needs and circumstances differ. But there are ways you can find cover that's right for you.

5 tips for finding the best policy for you

1. Work out the cover benefits you need

Be clear on your options and what you're looking for. Do you want a significant lump sum payout to make sure your family's looked after if you die or suffer a terminal illness? Is it important your policy comes with a funeral benefit that pays out quickly? Are you aware that taking out joint cover with your partner could unlock a premium discount of up to 10 per cent?

2. Pick the right cover amount

Don't just choose a benefit amount randomly. Work out how much your family would need to get by – and maintain their lifestyle – if you were no longer around. Knowing how much life insurance you need means you'll avoid paying more than you should. Try our quick quiz to help you calculate how much cover you'll need.

3. Compare a range of policies

Use Finder's comparison tool to compare life insurance brands. View each policy's key features side-by-side and filter by the features that matter most to you. Or click "view details" to see a more in-depth breakdown of each policy. If you're not certain what you need or how to find the best cover, speak to a life insurance adviser.

4. Be accurate when applying

You'll need to be upfront if you smoke or have any pre-existing conditions. Not being accurate during your application can invalidate your policy. This means you or your beneficiaries could have a future claim rejected.

5. Read the Product Disclosure Statement (PDS)

The PDS (found on the insurer's website) contains the key points about your policy including its benefits, restrictions and exclusions. Knowing exactly what you're insured for will bring peace of mind. Thankfully, insurers are getting better at writing them without all the jargon.

Need more help?

Life insurance is a big decision, but we've got heaps of guides that can help you find good cover for your needs.

More guides on Finder

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4 Responses

    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 to Finder.

      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. You can make an enquiry with adviser offering pre-existing medical conditions cover 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

    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.

      All the best,
      Richard

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