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

  1. TAL Life Limited: Ranks 1st, with a market share of 28%
  2. AIA Australia Limited: 2nd, with a market share of 18.2%
  3. Zurich: Ranks 3rd, with a market share of 14%
  4. MLC Limited: Ranks 4th with a market share of 10.5%
  5. Resolution Group: Ranks 5th, with a market share of 7.7%
  6. BT/Westpac Financial Group: Ranks 6th, with a market share of 5.3%
  7. Metlife Insurance: Ranks 7th, with a market share of 5.2%
  8. QInsure: Ranks 8th, with a market share of 3.3%
  9. Hannover: Ranks 9th, with a market share of 2.9%
  10. 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

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.

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 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)

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:

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:

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 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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