Life insurance companies in Australia

Compare 25+ life insurance companies in Australia — see our top picks and check out prices to find the right brand.

Best life insurance

Key takeaways

Top life insurance companies in Australia: 2022 finalists

Top pick:
Winner
NobleOak Life Insurance
Finder Award
  • $25 million sum insured
  • 1st place in Finder Awards: 8.45 final score
  • Fully underwritten policy
  • Cheapest average policy price
Top pick:
Finalist
TAL Accelerated Protection Life Insurance
Finder AwardBonus
  • Pays up to $5 million in TPD
  • 2nd place in Finder Awards
  • Interim accident cover
  • $25,000 funeral advancement
Top pick:
Finalist
RACWA Life Insurance
  • Pays up to $25 million
  • 3rd place in Finder Awards
  • TPD and trauma options
  • $15,000 funeral advancement

Finder survey: What is the main reason people take out life insurance?

ResponseMaleFemale
Peace of mind10.39%9.14%
I have a mortgage6.12%4.04%
I have financial dependents5.94%3.69%
Other2.23%2.28%
I'm self-employed0.93%0.88%
I'm worried about being made redundant0.74%0.53%
Source: Finder survey by Pure Profile of 1110 Australians, December 2023

Compare life insurance brands and prices

To give you an idea of how much life insurance costs, we requested quotes from 12 different insurers using the profile of a 40-year old, non-smoking accountant with 100K annual income, has no pre-existing medical conditions and is seeking $500,000 life insurance.

The pricing in the table is the premium amount per month.

BrandFemale quoteMale quoteFind out more
NobleOak logo$20.58$26.80 More info
medibank logo$26.44$31.54 Get quote
Zurich logo$37.72$47.60 Get quote
ahm logo$25.90$30.92 Get quote
RAC Life Insurance Logo$25.52$33.22 More info
TAL logo$23.44$28.57 Get quote
OnePath logo$17.49$21.94 More info
ClearView logo$19.93$24.73 More info
MLC logo$22.57$29.68 More info
AIA logo$23.80$29.87 More info
BT logo$32.00$39.24 More info
HCF Life Insurance Logo$41.70$47.45 More info
Budget direct logo$20.58$26.80 More info
Allianz logo$36.89$47.71 More info
AAMI logo$53.01$66.50 Get quote
Insuranceline logo$53.01$66.50 More info
Suncorp logo$53.01$66.50 Get quote

*These average quotes were taken in October 2023 and are subject to change.

What's the difference between a life insurance company and a brand?

  • Companies. These are the ones who create the policy and assess the risk of the applicant,
  • Brands. This is who distributes and sell the policies to customers online or through advisers.

Note: A company can also be a brand, e.g. TAL also sells under its own brand TAL.

Compare life insurance policies side-by-side

1 - 10 of 24
Name Finder Score Maximum Cover Funeral Benefit Optional TPD Cover Optional Trauma Cover
Medibank Life Insurance image
Finder Award
Best Rated Brand
Finder score
Maximum Cover
$2.5 million
Funeral Benefit
$15,000
Optional TPD Cover
$1.5 million
(maximum cover)
Optional Trauma Cover
Get QuoteView details
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. It also won Most Loved, Best Value and Legendary Service categories in the Finder 2024 customer

⭐ Current offer: Save 10% on your first year of Medibank Life Insurance when you apply by 3 March 2025. T&Cs apply.
ahm Life Insurance image
Finder score
Maximum Cover
$1.5 million
Funeral Benefit
$15,000
Optional TPD Cover
$1 million
(maximum cover)
Optional Trauma Cover
Get QuoteView details
Our verdict: ahm offers a simple application process. Be approved online or over the phone. No medical or blood tests needed to apply.

⭐ Current offer: Get 10% off your first year of ahm life insurance when you apply by 3 March 2025. T&Cs apply.
Zurich Ezicover Life Insurance image
Finder score
Maximum Cover
$1.5 million
Funeral Benefit
$15,000
Optional TPD Cover
Optional Trauma Cover
Get QuoteView details
Our verdict: Good if you want a cheap policy from a well-regarded insurer – its 98% claims acceptance rate is higher than any other provider on Finder. Zurich keeps things simple: unlike others, it doesn’t go in for optional add-ons such as TPD or trauma cover.

⭐ Current offer: Policy discounts include 10% off for your partner if you sign up for a joint policy. You can also get 5% off income protection if you buy it alongside your life cover.
AAMI Life Insurance image
Finder score
Maximum Cover
$1.5 million
Funeral Benefit
$10,000
Optional TPD Cover
Optional Trauma Cover
Get QuoteView details
Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.

⭐ Current offer: Take out an AAMI Life Insurance policy and get a $100 eGift card after 4 months of cover. Offer ends 03/03/2025. T&Cs apply.
Suncorp Life Insurance image
Finder score
Maximum Cover
$1.5 million
Funeral Benefit
$10,000
Optional TPD Cover
Optional Trauma Cover
Get QuoteView details
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Take out a Suncorp Life Insurance policy and get a $100 eGift card after 4 months of cover. Offer ends 03/03/2025. T&Cs apply.
Real Family Life Cover image
Finder score
Maximum Cover
$1 million
Funeral Benefit
$10,000
Optional TPD Cover
$1 million
(maximum cover)
Optional Trauma Cover
Get QuoteView details
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.
OnePath Life Insurance image
Finder score
Maximum Cover
No set limit
Funeral Benefit
$25,000
Optional TPD Cover
$5 million
(maximum cover)
Optional Trauma Cover
Enquire nowView details
MLC Life Insurance image
Finder score
Maximum Cover
No set limit
Funeral Benefit
$20,000
Optional TPD Cover
$5 million
(maximum cover)
Optional Trauma Cover
Enquire nowView details
AIA Life Insurance image
Finder score
Maximum Cover
No set limit
Funeral Benefit
$25,000
Optional TPD Cover
Optional Trauma Cover
Enquire nowView details
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Showing 10 of 10 results

Finder Score - Life Insurance

Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 30 products and gave each one a score between 1 and 10.

But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.

Read full Finder Score methodology

Why compare life insurance with Finder?

  • You pay the same price as buying directly from the life insurer.

  • We're not owned by an insurer (unlike other comparison sites).

  • We've done 100+ hours of policy research to help you understand what you're comparing.

Life insurance companies list – Australia

There are currently 24 listed life insurance companies in Australia, according to the latest Australian Prudential Authority (APRA) (Updated 12 January 2023).

  • AIA Australia Limited
  • Allianz Australia Life Insurance Limited
  • Challenger Life Company Limited
  • ClearView Life Assurance Limited
  • Combined Life Insurance Company of Australia Ltd
  • General Reinsurance Life Australia Ltd
  • Hallmark Life Insurance Company Ltd
  • Hannover Life Re of Australasia Ltd
  • HCF Life Insurance Company Pty Limited
  • Integrity Life Australia Limited
  • MetLife Insurance Limited
  • MLC Limited
  • Munich Reinsurance Company of Australasia Limited
  • Pacific Life Re (Australia) Pty Limited
  • QInsure Limited
  • Resolution Life Australasia Limited
  • RGA Reinsurance Company of Australia Limited
  • RLNM Limited
  • SCOR Global Life Australia Pty Limited
  • St Andrew's Life Insurance Pty Ltd
  • Swiss Re Life & Health Australia Limited
  • TAL Life Insurance Services Limited
  • TAL Life Limited
  • Zurich Australia Limited

APRA also currently lists 10 registered 'Friendly Societies' that it regulates (Updated 18 January 2024).

  • Centuria Life Limited
  • Foresters Financial Limited
  • Futurity Investment Group Limited
  • Generation Life Limited
  • Australia Unity Life Bonds Limited
  • KeyInvest Ltd
  • Lifeplan Australia Friendly Society Limited
  • NobleOak Life Limited
  • Over Fifty Guardian Friendly Society Limited
  • Sureplan Friendly Society Ltd

Search our A-Z list of life insurers

Frequently asked questions

Gary Ross Hunter's headshot
Editor, Insurance

Gary Ross Hunter was an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

Gary Ross's expertise
Gary Ross has written 644 Finder guides across topics including:
  • Health, home, life, car, pet and travel insurance
  • Managing the cost of living

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