Once you’ve decided to purchase a policy, you’re probably wondering which life insurance company in Australia will provide you with the best value for money, especially when their premiums and policy benefits can be so different.
We provide you with a bird’s eye view of Australia’s top life insurance companies by listing the leading life insurers at the start of 2019 by market share.
Market share refers to the portion of the overall life insurance industry maintained within any single company and is generally built on their organic growth, mergers and acquisitions and strategic partnerships, including with super funds.
Top 10 Life Insurance Companies in Australia for 2018 by Market Share
| Ranking | Company | Market Share | Compare Quotes & Features | Reviews |
|---|---|---|---|---|
| 1 |
TAL Life Limited
|
17.8% |
$32.10
per month GET A QUOTE |
|
| 2 |
AIA Australia Limited
|
15.6% |
$27.92
per month GET A QUOTE |
|
| 3 |
MLC Limited
|
11.7% |
$30.81
per month GET A QUOTE |
|
| 4 |
AMP Limited
|
11.0% |
$29.42
per month GET A QUOTE |
|
| 5 |
OnePath Limited
|
10.0% |
$37.78
per month GET A QUOTE |
|
| 6 |
CommInsure
|
7.9% |
$36.77
per month GET A QUOTE |
|
| 7 |
BT Financial Group
|
7.8% |
$38.69
per month GET A QUOTE |
|
| 8 |
Asteron Life (Owned by Suncorp)
|
5.0% |
$33.53
per month GET A QUOTE |
|
| 9 |
MetLife Insurance Limited
|
4.5% | - | Write a Review |
| 10 |
Zurich
|
4.2% |
$36.18
per month GET A QUOTE |
|
| - |
Clearview Wealth Limited
|
N/A |
$34.05
per month GET A QUOTE |
|
| - |
NEOS Life Insurance
|
N/A |
$27.51
per month GET A QUOTE |
|
This above market share data was sourced from Strategic Insight’s 21 January 2019 media release. The Premium data is for a 35-year-old female, non-smoker, based in NSW for $1 million life insurance (sourced on 25 January 2019).
Key facts about Australia’s major life insurance companies
TAL Life limited
Previously known as TOWER Australia, TAL was established in 1869 and is one of the largest bank-owned life insurance companies in Australia and a subsidiary of the Dai-ichi group. As an Accelerated Protection Plan customer, you can potentially get access to their TAL Health Sense rewards program, which helps you save up to 15% on your premiums.
AIA Australia
Established in 1972, AIA Australia remains focused on helping customer live healthier lives with their top-rated AIA Vitality program. Owned by the Hong Kong-based AIA Group Limited (AIG), the life insurance company continually strives to improve its customer and claims services with the latest technological advances.
MLC
MLC has been providing insurance services for over 125 years, with the majority of the company owned by Nippon Life. You can benefit from their MLC On Track wellness program when increasing your physical activity and maintaining a healthy lifestyle.
AMP
As of 31 January 2019, AMP life insurance no longer accepts new customers as it’s been sold to the UK business Resolution Life. The sale is set to be concluded by the second half of 2019. Current AMP customers will not be adversely affected, management of AMP policies will merely be transferred to Resolution Life.
OnePath
First established as Mercantile Mutual in 1878, then acquired by the ING Group in 1987 and finally bought by the ANZ Bank group and rebranded as OnePath; it is again being sold, this time to Zurich. The sale is set to be completed around April 2019.
CommInsure
Comminsure is the insurance arm of the Commonwealth Bank Group but is being sold to AIA Australia, subject to regulatory approval. Existing CommInsure policies will remain unaffected.
BT
The BT (Bankers Trust) insurance division is owned by the Westpac Group, the oldest banking corporation in Australia. Generally, when you hold your life insurance policy for more than 3 consecutive years, your sum insured will increase by 5% without your premiums rising.
Asteron Life
Established in 1833 and part of the Suncorp Group, Asteron Life focuses on helping you stay healthy with their Asteron Healthy Life Discounts, which gives you up to 20% off your premiums. TAL is currently in negotiations to buy the business while endeavouring to maintain the Asteron brand.
Metlife
MetLife Inc. is one of the largest life insurance companies in the world and launched MetLife Australia in 2005.
Zurich
Zurich is a multinational insurance company based in Switzerland that’s been providing insurance for over 135 years. You can generally save on premiums when purchasing more than one Protection Plus policy type and/or having family members buy a policy from them.
ClearView
Previously known as NRMA, Clearview has been offering life insurance to Australians since 1976. With their Health Maintenance Rewards, you can save up to 10% on your premiums when you proactively manage and maintain your health.
NEOS
A new life insurer launched in 2018, NEOS aims to provide Australians with the latest underwriting and application technology, to support the speed of which applications are accepted, and claims get paid.
How many life insurance companies are there?
According to APRA, there are about 29 registered life companies in Australia. You can review the full list of companies registered under section 21 of The Life Insurance Act 1995 below:
Life insurance companies registered in Australia
- AIA Australia Limited
- Allianz Australia Life Insurance Limited
- AMP Life Limited
- Challenger Life Company Limited
- ClearView Life Assurance Limited
- Colonial Life Insurance Company of Australia Ltd
- 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
- Macquarie Life Limited
- MetLife Insurance Limited
- MLC Limited
- Munich Reinsurance Company of Australia Limited
- OnePath Life Limited
- Pacific Life Re (Australia) Pty Limited
- QInsure Limited
- RGA Reinsurance Company of Australia Limited
- SCOR Global Life Australia Pty Limited
- St Andrew’s Life Insurance Pty Ltd
- St George Life Limited
- Suncorp Life & Superannuation Limited
- Swiss Re Life & Health Australia Limited
- Tal Life Limited
- The National Mutual Life Association of Australasia Limited
- Westpac Life Insurance Services Limited
- Zurich Australia Limited
Choosing the best life insurance company
There is no one-size-fits-all best life insurance company. Every life insurance company claims to deliver the best value at the most affordable price, but ultimately you’re in control and should choose a policy best suited to you and your family’s requirements.
Before choosing a life insurance company, it’s important that you:
- Have a clear understanding of your personal requirements and financial circumstances.
- Determine the type and level of cover you need. Different insurers will suit different people. Carefully review your current circumstances and stage of life before deciding.
- Compare life insurance policies and review quotes, focusing on price differences, as well as their features, benefits, and terms and conditions.
- Speak to a specialist. A life insurance specialist can guide you toward the right information quickly and help you make an informed decision you’ll feel confident with.
You can instantly compare the top 10 life insurance companies online by providing your details below.
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How to find the best value life insurance in Australia
While market share is a great starting point when researching life insurance companies, you might also want to take customer satisfaction and reviews into consideration.
The latest findings from Roy Morgan’s 50,000 plus consumer surveys (September 2018) revealed that customers were on average 65.4% satisfied with life insurance companies in Australia. The top performers include:
- Insuranceline with 81.6%
- Suncorp Insurance with 78.7%
- Real Insurance with 74.7%
- Asteron with 70%
Customer satisfaction of Australia’s 13 largest insurers
Source: Roy Morgan Customer Satisfaction Press Release October 2018.
Customer life insurance reviews
We, at Life Insurance Direct, have been providing customer-focused solutions and services to Australian families for over 10 years. Now, we would like your input.
Your views and experience regarding life insurance companies are of tremendous value, and with your help, we would like others to benefit from it.
If you have recently purchased a policy with one of the insurers listed above or currently hold a policy with them or have held a policy with them in the last 12 months, please leave a review and help other Australian families with their questions.
How to compare life insurance companies in Australia
To provide you with more detailed information on each insurer you can review our in-depth company pages, which are divided into 4 parts:
- About the Company: A brief outline of who the company is and the benefits they provide.
- History of the Company: Presented in a timeline, representing how the company got started, and where it is now.
- Key Statistics: Presenting you the numerical data to support the Company’s effectiveness as an insurer.
- FAQ’s: For your convenience, we’ve asked our experts to answer your most frequently asked questions. These questions were gathered from our consultants who work directly with the Company’s customers.
FAQs about the best life insurance companies in Australia
Who regulates life insurance companies?
The Australian Prudential Authority (APRA) regulates insurance under the insurance Act 1973. For example, APRA determines how much capital a life insurance company must hold in reserve to pay claims. Under the Insurance Contracts Act 1983, life insurers must Act in good faith and not vary insurance contracts to the detriment of the policyholder, as well as provide documents detailing the insured person(s) chosen life insurance product.
The Australian Securities and Investments Commission (ASIC) is responsible for licensing financial services providers, including companies that offer life insurance products. ASIC also regulates consumer protection in the financial services industry.
How does life insurance companies make money?
Life insurance companies generally make money from underwriting income where the premiums from customers are greater than the expected claims/claims paid. Insurers’ do this by better managing their risk exposure. Secondly, they make money by investing customer premiums into assets that they believe will provide a positive return.
Can you switch life insurance companies?
Yes, generally you can switch from one insurer to another. With empowered consumers on the rise, there has been an increase in Australians choosing to change life insurers to find better value. However, to make sure you are covered between policies, do not cancel one policy before your new policy commences.
Please email me a Death cover insurance only quote for the sum of $ 1M Non smoker , Occupation Finance Broker , Income $ 150K
DOB : 23/05/1949
Hi Derrick
I need to apologise for not getting back to you earlier as I missed a few questions & comments over the Christmas / holiday period which I am attending to now.
I totally understand if you are no longer looking around for a policy as it has been some time for me to respond (please note this is not the normal, we aim to respond within a very short time frame). However if you are you can find the answer here in our exclusive research where we compare 24 life insurance policies online.
Should you like the resource and wish to proceed with a personalised quote please complete your details here, or contact us on 1300135205.
As I have not responded back to you in a timely fashion as a goodwill gesture I am happy to give you a $100 credit towards your insurance should you elect to use us to facilitate the purchase of your life insurance requirements.
Best Regards
Russell Cain
I would like to enquire on how I can get income protection. I have had 3 back surgeries on a herniated disc of which I would need to disclose. Can you please advise which insurance company would cover me to investigate further.
Hi Allana
I am not sure what you mean by investigate further? Please note generally insurers will not offer cover if you still have an unresolved / pending investigations that are in progress.
Based on the limited information you have provided it is difficult to provide you with an accurate response however, generally people with multiple surgeries on their back would be looking at a back exclusion on a new income protection policy. However to get an accurate understanding from an insurer about if they would offer you cover we would need to know your occupation, when surgeries were completed, any restrictions to work/daily activities, ongoing/future treatment and any further planned investigations.
If you would like any further assistance I recommend you call our office to discuss further.
I want to get Life Insurance( to the amount of say $1,000,000) and income insurance, I am a non-smoker, 44, diabetic(non-insulin dependant), and also had a slight Heart Attack 8 years ago I don’t have any other physical conditions, which life insurance company would suit me
Hi William
Thank you for your question, to give you a quick understanding on what $1,000,000 worth of life insurance is worth (before taking into account any medical history) can be found here at our exclusive white paper research where we provide instant quotes from 24 life insurance policies online from some of the major insurers.
However to take into consideration you medical history we will need some further information from you, firstly for diabetics we will need the following:
• Your current age
• Type of diabetes
• Age of onset
• Current HbA1c reading
• Any complications such as eye problems or numbness / tingling in feet or legs
• Family history
For the Heart attack we would need to know the following:
• Age at time of heart attack
• Number of episodes
• Since the event have you had any symptoms of chest pain or painful / difficulty breathing? If so when?
• When was your last cardiac assessment / follow up?
• Treatment (e.g. stent, medication)
• BMI
• Do you have have any other medical complications such as diabetes, high cholesterol or high blood pressure?
As we specialise in finding customers with complex / detailed medical history cover, we would encourage you to obtain as much of the above as possible & to either call us on 1300135205 or request a quote and we will contact you to obtain the information required to complete a pre-assessment for you which would then give you an indication of which company my meet your requirements .
I hope this helps,
Hi, I am considering taking life, TPD insurance and trauma insurance from either AIA, AMP or Zurich.
I am a 36-year-old male with one infant child. I want to know what the main policy differences are between these three companies. What are the advantage and disadvantage? Can you give me more details about this?
Thanks
Hello Keith,
Wonderful to see you considering the pros and cons of these insurance companies; finding the right policy can be a challenge.
To help you with your journey you might want to start by comparing life insurance quotes online. With our easy-to-use quote comparison tool, you can evaluate policies side by side and review what each one has to offer you. Simply fill in the quote form above and you can start comparing the differences and advantages of each policy type.
If you prefer to talk to someone about your specific insurance needs, please give us a call on 1300 135 205 and a consultant will assist you immediately.
I currently have life cover for +/- $240k and pay +/-$975 pm. I had a coronary bypass surgery in 1985 and came to Australia in 2007 and took out the insurance at the end of 2007. I have just had a complete check-up with a cardiac surgeon and all is good. My next appointment with him is in 12 months’ time.
I feel I am paying far too much and am being penalised for my past medical history. I am now 70 years old and still work.
Is there something better for me out there?
Hello Ces,
Thank you for your question.
We understand your frustration and would like to assist you in your search for a more affordable life insurance policy.
Let me start by saying how important it is that you do not cancel your current policy before a new policy has been underwritten and issued.
It is worth you shopping around for the policy that best suits your requirements and budget. While your age still makes you eligible to receiving life cover, requesting a quote for a fully underwritten policy should ensure your complete medical history is taken into consideration.
During the underwriting process, the insurer will generally write to your doctors, including your cardiologist, to get the complete picture of your health and how your heart is doing.
We can help you compare policies from some of Australia’s top life insurance companies so you can make an informed decision. Simply fill in the quote form above or if you prefer you can contact us directly on 1300 135 205 for immediate assistance.
I have just received notification from MLC Limited that my new monthly premium will be $226.38 as of 22 May 2018. Death benefit $125,000. As I retired at the end of 2017 and now receive full pension of $827 per fortnight I can no longer afford this amount.
Have you any suggestions? The policy number is L030**** and it’s a MLC Five Year Life Policy. I am in very good health and have not had any health setbacks to date.
Hi Denise,
Thank you for reaching out.
Life insurance for pensioners is an important consideration. As you stated, the increasing cost makes it difficult to maintain and then there’s the fact that you might not need as much coverage, especially when you no longer have financial dependents.
Depending on your specific circumstances, you might want to consider reducing your cover amount to keep your premiums affordable or shop around and compare life insurance policies to determine if you can find better cover elsewhere. You can call us on 1300 135 205 or fill in the quote form above.
Alternatively, you might want to consider whether funeral insurance is the better option at this stage of your life.
Where is the home office for MetLife Insurance in Australia and what is their phone number from the United States? I need this information very quickly if you can help me.
Hi Thomas. When calling from the United States, please call 1-800-METLIFE.