Top 10 Life Insurance Companies in Australia

It can be overwhelming to pick between all the life insurance companies in Australia, especially when their premiums and policy benefits can be very different. One of the questions we often get asked is which company is the largest. We have tracked down some very helpful insights regarding this question and collated it into the top 10 life insurance companies in Australia by market share as at 2017, which we will expand on below.

Top 10 Life Insurance Companies in Australia

Ranking Insurers Market Share Key Facts Compare Quotes & Features Reviews
1 TAL Life Limited 16.5%
  • 3.7 Million Customers
  • Established 1869
  • TAL Health Sense
About TAL
$28.67 per month
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Overall Rating
4.2 from 9 Reviews
2 AIA Australia Limited 14.3%
  • 2.5 Million Customers
  • Established 1972
  • AIA Vitality
About AIA
$30.13 per month
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Overall Rating
4.2 from 10 Reviews
3 AMP Limited 12.6%
  • AMP Limited
  • $944.7 Million in claims paid in 2015
  • Merged with AXA
  • Established 1849
About AMP
$29.67 per month
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Write a Review
4 MLC Limited 11.8%
  • Established 1869
  • $171 Billion in Claims worth of assets under management
  • 1.7 Million Customers
About MLC
$27.08 per month
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Overall Rating
4.4 from 21 Reviews
5 CommInsure 11.2%
  • $839.1 Million in Claims paid in 2014
  • $903 Million worth of assets under management
  • Can trace history to 1911
About CommInsure
$31.86 per month
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Write a Review
6 OnePath Limited 10.2%
  • $622 Million in claims paid in 2013
  • 130 Years of experience
  • ANZ is parent company
About Onepath
$31.28 per month
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Overall Rating
4.5 from 6 Reviews
7 BT Financial Group 6.5%
  • $4 million in claims per week in 2014
  • Westpac is parent company
  • Operating since 1969
About BT
$31.47 per month
GET A QUOTE
Overall Rating
0.5 from 1 Reviews
8 Asteron Life 5.2%
  • $309 Million in Claims paid
  • Established in 1833
  • Part of Suncorp Group
About Asteron
$31.86 per month
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Overall Rating
4.0 from 1 Reviews
9 MetLife Insurance Limited 3.7%
  • 42nd largest company in the world
  • 90 million global customers
  • 150 Years Experience
About Metlife
$37.34 per month
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Write a Review
10 Zurich 2.5%
  • 170 Countries Worldwide
  • Acquired Macquarie Insurance
  • Established 1872
About Zurich
$33.96 per month
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Overall Rating
5.0 from 5 Reviews
- Clearview Wealth Limited N/A
  • $7.9 Billion worth of funds managed
  • Since 1976
  • Health Maintenance Rewards
About Clearview
$23.67 per month
GET A QUOTE
Overall Rating
4.5 from 19 Reviews

This market share data was sourced from Plan for Life (30 January 2017 Market Inflow and sales release). The Premium data is for a female non smoker based in NSW for $750,000 life insurance (sourced on the 14th February 2017). The market share data is a great snapshot representing a specific point in time, however it is important to note that the share each insurer has built up has come from a from a variety of sources, including:

  1. Organic growth of a company
  2. Mergers and Acquisitions
  3. Strategic Partnerships with super funds or other partnerships

We have collated the milestones of each of the major life insurance companies and created a respective timeline to make it easy to identify these in each insurer’s history.

For a more in-depth understanding of the policies offered by the 11 leading life insurance companies you simply complete the below form, and you’ll be able to compare prices and policy features side by side.

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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. Thus, we’ve recently launched our customer review section, enabling you to share your experience with other like-minded individuals.

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 about a life insurer Customer Service, Value for Money and other feedback you have experienced with the particular company.

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Choosing the Best Life Insurance Company for You

Now that you know who the Top 10 life insurance companies in Australia is according to market share, you have a great starting point for choosing the best life insurance company for you and your family.

However, there’s no one best life insurance company that will fit everybody’s needs. Different insurers will suit different people, with different circumstances and at different stages of life.

We recommend you use more than just market share when deciding which life insurer will suit you and your family’s needs and current situation.

At this stage, you might be wondering how you choose a life insurance company when they’re all so similar. We endeavour to answer this question with our new easy-to-use life insurance Companies Pages

Our life insurance companies pages are segmented into 4 sections:

number-1About the Company

A brief outline of who the company is and the benefits they provide.

number-1History of the Company

Presented in a timeline, representing how the company got started, and where it is now.

number-3Key Statistics

Presenting you the numerical data to support the Company’s effectiveness as an insurer.

number-4FAQ’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.

Use our technology and extensive specialist industry experience to help you find an affordable life insurance solution to protect you and your family’s income. If you need further assistance with a question we haven’t answered please contact us on 1300 135 205 or ask you question below.

Ask an Expert?

6 Comments

  • Derrick William Gray |

    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

    • Russell SPECIALIST
      Russell |

      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

  • allana |

    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.

    • Russell SPECIALIST
      Russell |

      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.

  • willam mundraby |

    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

    • Russell SPECIALIST
      Russell |

      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,

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