Top life insurance companies in Australia: 2022 finalists
Top pick: Winner
NobleOak Life Insurance
$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
We created an algorithm that rates policies based on more than 10 different factors. These included price, benefits, claims outcomes and extra features. Using 16 different customer profiles, we received quotes from 10 different insurance brands and looked at 161 quotes. We then applied our algorithm to those 161 quotes to come up with an overall score for each brand. You can find more top picks and read more about our methodology here.
Finder survey: What is the main reason people take out life insurance?
Response
Male
Female
Peace of mind
10.39%
9.14%
I have a mortgage
6.12%
4.04%
I have financial dependents
5.94%
3.69%
Other
2.23%
2.28%
I'm self-employed
0.93%
0.88%
I'm worried about being made redundant
0.74%
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.
*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 - 7 of 21
Compare alternatives
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these
):
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.
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).
While there is no single best life insurance company for everyone. We recently scored several policies based on price, features and add-ons. The companies that stood out include TAL, NobleOak and AIA.
According to the latest Australian Prudential Authority data, there are currently 27 listed life insurance companies in Australia.
The 6 main types of life insurance in Australia are death cover, income protection, trauma cover, TPD cover, funeral insurance and accidental injury/death.
Gary Ross Hunter has over 6 years of expertise writing about insurance, including life, health, home, and car insurance. Having reviewed hundreds of product disclosure statements and published over 800 articles, he loves simplifying complex insurance topics for everyday readers. Gary has contributed to major outlets like Yahoo Finance, The Sydney Morning Herald, and news.com.au, and holds a Bachelor of Arts (Honours) in English Literature from the University of Glasgow, along with a Tier 2 General Advice certification, ensuring his work adheres to ASIC’s RG146 standards. See full bio
Gary Ross's expertise
Gary Ross has written 631 Finder guides across topics including:
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Finder makes money from featured partners, but editorial opinions are our own.
Finder is one of Australia's leading comparison websites. We are committed to our readers and stand by our editorial principles.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
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