Top Life Insurance Companies in Australia 2024: Compare the Best

Navigating the life insurance landscape in 2024 demands up-to-date information, especially in Australia. TAL, AIA, Zurich, MLC, and Resolution Life are leading the way, each with unique offerings to suit different needs. This year, these top insurers are pivotal for reliable coverage and comprehensive options. Understanding the distinct advantages of each ensures you secure the best policy for your family’s future in a rapidly changing insurance world.

Published March 7, 2024

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10 Top Life Insurance Companies 2024

Source: Plan For Life Actuaries & Researchers (Data published 12 February 2024)

Tailoring Your Coverage in 2024.

In 2024, selecting the right life insurance is a nuanced decision, balancing policy details, coverage, and financial implications. It’s crucial to find a provider that offers comprehensive coverage, fitting your personal and financial needs.

Top 5 Life Insurers for 2024

In 2024, delving into a company’s life insurance offerings is key. You want a provider that leads the market and caters to your specific needs with a diverse range of policies. The current frontrunners in Australia – TAL Life Limited, AIA Australia Limited, Zurich, MLC Limited, and Resolution Group – are prime examples of such versatility.

When examining these companies, consider their range of policies and the free built-in benefits they offer. These can include critical illness cover and total disablement benefits, enhancing your coverage significantly. Additionally, explore optional riders and extra benefits like premium waivers and accommodation benefits, which can be added for an extra cost, thereby maximising the value of your policy.

TAL Life Limited

TAL is one of Australia’s largest life insurance companies and a subsidiary to Dai-ichi group. TAL offers Accelerated Protection Life Insurance, Critical Illness coverage, and Income Protection plans.

Common Built-in benefits – Accelerated Protection

  • Health and Wellness Program: TAL Health Sense rewards program can help you save up to 15% on your premiums.
  • Free Interim cover benefit: Should you pass away or become injured before your application is accepted, TAL will pay you a specified lump sum benefit as per the terms and conditions.
  • Free Child Critical Illness benefit: Pays up to $10,000 if your child, aged 2 to 15, is diagnosed with a specified medical condition, or terminal illness, or passes away, applies to select life, tpd or critical insurance cover.
  • Financial planning benefit: Reimbursing you up to $5,000 for financial planning advice on eligible claims.

AIA Australia

Established in 1972 and 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.

Common Built-in benefits – Priority Protection

  • Health and Wellness Program: Premium discounts, shopping vouchers and up to 50% back on Virgin Australia flights with AIA Vitality wellness program.
  • Final expenses benefit: 10% advancement off sum insured, up to $25,000, to deal with your final expenses.
  • Complimentary Family Final Expenses: Pays 10% of sum insured, up to $20,000, if your child (2 to 17 years old) passes away or gets diagnosed with a terminal illness on select life insurance policies.
  • Financial planning benefit: Receive a financial planning reimbursement of up to $3,000.

Zurich

Zurich is a multinational insurance company based in Switzerland that’s been providing insurance for over 150 years. Zurich Wealth Protection includes products such as Death Cover, Total and Permanent Disablement Cover, Trauma Cover and Income Protection Insurance.

Common Built-in benefits  – Wealth Protection

  • Health and Wellness Program: Access over 4,500 lifestyle entertainment rewards and get premium discounts with Zurich LiveWell digital wellness program.
  • Advancement for funeral expenses: Advance payment of $15,000 to cover funeral expenses.
  • Accidental injury benefit: An advance payment of part or all your death benefit should you suffer a specified accidental injury.
  • Accommodation expenses: Potentially receive reimbursement for some travel and accommodation expenses for immediate family members that have to travel more than 100km to be with the life insured.
  • Interim cover: Free interim cover for accidental injury or accidental death while you’re waiting for your application to be assessed.

We make it easy for you to compare policies online with our powerful comparison engine.

Buy with confidence today for peace of mind tomorrow.

MLC Limited

MLC has been providing insurance services since 1886, with the majority of the company owned by Nippon Life. The life insurer offers you a selection of products to protect you and your family from financial loss, including Life Cover, TPD Insurance, Critical Illness Cover and Income Protection.

Common Built-in benefits – MLC Insurance

  • Health and Wellness Program: You can benefit from their MLC Vivo program when increasing your physical activity and maintaining a healthy lifestyle.
  • Cooling-off Period: You can refund your policy within 14 days as long as you have not filed any claims.
  • Guarantee of Upgrade: If your policy improves in the future, you will be given those benefits if you keep up with your premiums.
  • Access to Vivo Virtual Care: This award-winning service has a database of over 50 000 medical health professionals, so you can get a second opinion on your diagnosis or treatment no matter where you are in the world. This service is provided for free to customers and can be used an unlimited number of times.

Resolution Life (AMP)

Resolution Life is undergoing a massive change that will result in AMP Life completely transitioning to the Resolution Life name. In 2018, AMP announced its sale of the life insurance business to Resolution Life. This company offers life cover, TPD, Income Protection and Trauma Cover.

Common Built-in benefits – Elevate Insurance

  • Terminal illness benefit: If the policyholder is diagnosed with a terminal illness, they may request that the life insurance sum be paid out. This advance payment will be in addition to any other benefits and will be given as a lump sum.
  • Accommodation benefit: If you or your family member has to pay 100% of the sum insured under the Terminal illness benefit, TPD benefit, or Trauma benefit and remain confined in bed due to an injury/illness we cover, then the insurer will generally pay for related accommodation costs.
  • Advancement of funeral expenses benefit: This benefit will pay for funeral expenses in advance once the death certificate or other proof of death is received and accepted by the insurer.
  • Premium freeze: By choosing this option, your premium will stay the same as it is now. However, your sum insured will gradually decrease over time for each year it is applied to your policy.

Choosing Your Life Insurance Provider: What to Look For

When selecting a life insurer in 2024, key aspects to consider include their market share, indicating industry presence; the variety of products offered, ensuring a match with your requirements; financial strength for long-term security; efficiency in underwriting; a solid history of paying out claims, signifying reliability; and competitive pricing. Additionally, weigh the benefits of stepped versus level premiums to find the best fit for your budget. 

Products

Typically, life insurance products are designed to cater to a range of needs:

Financial Strength

This measures a company’s ability to meet its financial obligations, including paying claims. A financially strong insurer gives you confidence in their long-term stability and claim-paying ability.

Underwriting

Efficient underwriting means quicker and more accurate policy processing. A company with a streamlined underwriting process can often provide faster service and more tailored policy terms.

Claims Paid

The history of claims paid by an insurer shows their reliability in fulfilling their promise. A high claims paid rate indicates a company that stands by its customers.

Premiums

In choosing a life insurance company, the premiums you’ll pay are a key consideration. These costs vary based on several factors: the amount of coverage you choose (sum insured), your age, gender, whether you smoke, and the structure of the premium plan. Finding the right balance between what you pay and the coverage you receive is essential to ensure that your policy is both affordable and adequately meets your requirements.

Stepped Vs Level Premiums for Males

Insurer Stepped Level
Encompass
Protection
$54.41 $176.95
MLC
Insurance
$54.41 $176.95
OnePath
OneCare
$53.83 $185.13
TAL
Accelerated Protection
$59.26 $185.50
MetLife
Protect
$59.47 N/A
Zurich
Wealth Protection
$60.83 $199.01
NEOS
Protection
$60.90 $196.08
Clearview
ClearChoice
$62.65 $239.33
AIA Priority
Protection
$74.28 $166.85

Source: Life Insurance Direct Comparison Engine (December 2023; Premium estimates for $200,000 of death cover for a 55-year-old non-smoking male who works as a school teacher and lives in NSW)

Stepped Vs Level Premiums for Females

Insurer Stepped Level
Encompass
Protection
$38.34 $118.46
MLC
Insurance
$38.34 $118.46
OnePath
OneCare
$42.25 $117.84
TAL
Accelerated Protection
$46.09 $116.91
MetLife
Protect
$42.43 $107.28
Zurich
Wealth Protection
$46.91 $139.62
NEOS
Protection
$33.80 $122.03
Clearview
ClearChoice
$41.57 $163.25
AIA Priority
Protection
$52.73 $105.65

Source: Life Insurance Direct Comparison Engine (December 2023; Premium estimates for $200,000 of death cover for a 55-year-old non-smoking female who works as a school teacher and lives in NSW)

We make it easy for you to compare policies online with our powerful comparison engine.

Buy with confidence today for peace of mind tomorrow.

List of life insurance companies in Australia

According to APRA, there are about 25 registered life companies in Australia. You can review the full list of companies registered under section 21 of The Life Insurance Act 1995 in the list below:

Source: Australian Prudential Regulation Authority (APRA; January 2024)

* Discounts premiums correct at the time of publishing subject to change without notice

Frequently Asked Questions and Answers

  • Which life insurance company is the best in Australia?

    The best life insurance company in Australia will depend on your individual requirements. It’s typically a good idea for you to seek the services of a broker or specialist when looking to take out personal insurance. Alternatively, you can complete a quote form above or call us at 1300 135 205 to speak with one of our specialists.
  • Who are the top 5 life insurance companies?

    The top 5 life insurance companies in Australia are TAL, AIA, Zurich, MLC Limited and Resolution Group. Each of these companies has a range of policies that allow you to set up your life insurance coverage to suit your needs. They offer competitive rates and sound customer service, so it’s important to research to ensure you’re getting cover to protect you and your family adequately.
  • Who is the biggest insurer in Australia?

    TAL is Australia’s largest life insurer; this insurer currently holds 34.2% of the market share, according to the Plan For Life Actuaries & Researchers report released in November 2023. They offer a range of policies to many people’s requirements and budgets, including trauma insurance, income protection insurance and funeral insurance.
  • Which life insurer offers the lowest rates?

    A life insurance policy can help provide financial security for your family if something happens to you. The death benefit is generally used to help pay for end-of-life expenses, loan repayments and other financial obligations. Typically, you’ll be able to find the cheapest life insurance by comparing rates from different companies.

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