Compare the Top 10 Life Insurance Companies in 2023
We understand how important it is to find a life insurance provider that meets your needs, and we want to be sure you get the best coverage at competitive rates. When choosing an insurer that suits your requirements, you may want to look at premiums, coverage , customer service ratings, and the financial stability of each insurer.
Published January 1, 2023
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Top 10 Life Insurance Companies in Australia for 2023
- TAL Life Limited: Ranks 1st, with a market share of 28%
- AIA Australia Limited: 2nd, with a market share of 18.2%
- Zurich: Ranks 3rd, with a market share of 14%
- MLC Limited: Ranks 4th with a market share of 10.5%
- Resolution Group: Ranks 5th, with a market share of 7.7%
- BT/Westpac Financial Group: Ranks 6th, with a market share of 5.3%
- Metlife Insurance: Ranks 7th, with a market share of 5.2%
- QInsure: Ranks 8th, with a market share of 3.3%
- Hannover: Ranks 9th, with a market share of 2.9%
- ClearView: Ranks 10th, with a market share of 1.8%
Source: Plan For Life Actuaries & Researchers (November 2022)
Factors to consider when reviewing life insurance companies
- Market share: Refers to the company’s total sales inforce premiums, over a specified period, in relation to the industry in which it operates. The bigger the market share, the bigger a company’s profit potential, which can be an indicator of its competitiveness or strategic positioning within the market.
- Products offered: Review which life insurance products a company provides.
- Financial strength: An estimate of the insurer’s ability to pay out customer claims.
- The underwriting process and claims paid: An insurer’s policy regarding measuring your risk to the company and the insurer’s likelihood, based on past statistics, of paying your claim.
- Pricing: The average monthly cost of a policy compared to its competitors.
About the top 5 life insurance companies in Australia
When reviewing a company, be sure to have a look at the type of life insurance policies they offer. Generally, you’d want a company that provides a wide range of policies, including the products you’re specifically interested in.
You might also want to have a look at a company’s free built-in benefits, as well as their optional riders (for example, total disablement and critical illness cover) and extra benefits (for example, premium waiver and accommodation benefit) you can add at an additional cost to further increase the value of your cover.
TAL Life Limited – Accelerated Protection
TAL is one of Australia’s largest life insurance companies and a subsidiary to Dai-ichi group. In the 2021/2022 financial year, this insurer paid over $2.7 billion in claims to their customers. TAL offers Accelerated Protection Life Insurance, Critical Illness coverage and Income Protection plans.
Common Built-in benefits
• 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, 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 – Priority Protection
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. In 2021, AIA paid out more than $2.1billion in claims. Get AIA Priority Protection Life Cover, TPD insurance, Crisis Recovery and Income Protection.
Common Built-in benefits
• 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 – Wealth Protection
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 for life insurance
• 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 $15,00 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.
MLC Limited – MLC Insurance
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 for life 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 as long as 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) – Elevate Insurance
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 for life 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.
Life insurance company prices
The cost of life insurance generally varies depending on several factors. Doing your own research is generally a good way to find the best policy. Fortunately, there are many helpful resources available that can assist in researching and comparing life insurance companies. Fill in the quote form above to do your own side-by-side comparison of 8 of the major life insurer’s in Australia.
Life insurance companies price review – Stepped policies
| Company | Male | Female |
| OnePath: Onecare Life Cover | $31.40 | N/A |
| MLC: MLC Insurance | $32.21 | $25.34 |
| NEOS : Protection Life Cover | $35.32 | $25.44 |
| MetLife: Protect life cover | $37.06 | $29.43 |
| TAL: Accelerated Protection | $37.71 | $29.89 |
| Clearview: Clear Choice | $38.33 | $29.25 |
| Zurich: Wealth Protection | $39.01 | $32.62 |
| AIA: Priority Protection | $42.83 | $33.92 |
Source: Life Insurance Direct Comparison Engine (December 2022; Premium estimates for $1million of death cover for a 35-year-old non-smoking individual living in NSW)
Compare life insurance policies cost – Level premiums
| Company | Male | Female |
| OnePath: Onecare Life Cover | $97.31 | $73.14 |
| MLC: MLC Insurance | $141.79 | $117.57 |
| NEOS : Protection Life Cover | $109.38 | $78.94 |
| MetLife: Protect life cover | $110.57 | $98.97 |
| TAL: Accelerated Protection | $105.71 | $78.45 |
| Clearview: Clear Choice | $118.85 | $96.91 |
| Zurich: Wealth Protection | $114.92 | $81.11 |
| AIA: Priority Protection | $106.10 | $82.70 |
Source: Life Insurance Direct Comparison Engine (December 2022; Premium estimates for $1million of death cover for a 35-year-old non-smoking individual living in NSW)
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:
- 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
- H C F Life Insurance Company Pty Limited
- Integrity Life Australia Limited
- Macquarie Life 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
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. Still, ultimately you’re in control and should choose a policy that best meets 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.
Frequently asked questions and answers
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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 specialists when looking to take out personal insurance. Alternatively, you have the option to complete a quote form above or call us at 1300 135 205 to speak with one of our specialists. -
Who regulates life insurance companies?
Life insurance companies in Australia are regulated by the Australian Prudential Regulation Authority (APRA). This organisation is responsible for overseeing the activities of all authorised deposit-taking institutions, general insurers, life insurers and superannuation funds. -
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 cover to suit your needs . They offer competitive rates and sound customer service, so it’s important to do your research to ensure you’re getting cover to adequately protect you and your family. -
Who is the biggest insurer in Australia?
TAL is the largest life insurer in Australia, currently this insurer holds 27.7% of the market share according to the Plan For Life Actuaries & Researchers report released in November 2022 They offer a range of policies to a large number of people needs and budget, including trauma insurance, income protection insurance and funeral insurance. -
How many life insurance companies are there in Australia?
There are currently more than 25 life insurance companies in Australia, including well-known brands such as AIA, MLC and TAL. All of these providers offer a range of policies to suit different needs and budgets. It’s important to do your research on each company before signing up for any policy, to ensure that you get the most suitable coverage for your individual circumstances. -
Which life insurer offers the lowest rates?
Having a life insurance policy can help provide financial security for your family in case 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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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.
In your experience, which insurers will pay out the terminal illness benefit component for terminal heart failure, as diagnosed by end stage heart failure surgeon and end stage heart failure medical Dr (Acting Clinical Director)?
MLC, AIA, TAL, MetLife???
AIA refused on at least one occasion.
Hi Lively,
Thank you so much for the question. Generally, each insurer has its own definitions for terminal illness benefits. Insurers typically pay out for terminal illness benefits if an appropriate specialist medical practitioner is of the reasonable opinion that your diagnosis will result in you passing away in the next 12 to 24 months.
However, to find out whether an insurer might pay out on your claim, it’s best to consult the insurer directly, and ask for a copy of the relevant PDS and policy documents to understand how a terminal illness is defined in the policy you currently have.