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 are 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 2018 by market share.

Market share refers to the portion of the overall life insurance industry maintained within any single company. Meaning, the larger a company’s the market share, the more money the insurance company takes in through premiums.

Top 10 Life Insurance Companies in Australia for 2018 by Market Share

Ranking Company Market Share Key Facts Compare Quotes & Features Reviews
1 TAL Life Limited 17.6%
  • 3.7 Million Customers
  • Established 1869
  • TAL Health Sense
About TAL
$22.17 per month
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Overall Rating
4.2 from 31 Reviews
2 AIA Australia Limited 15.1%
  • 2.5 Million Customers
  • Established 1972
  • AIA Vitality
About AIA
$19.69 per month
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Overall Rating
4.4 from 38 Reviews
3 MLC Limited 11.9%
  • Established 1869
  • $171 Billion in Claims worth of assets under management
  • 1.7 Million Customers
About MLC
$26.76 per month
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Overall Rating
4.4 from 70 Reviews
4 AMP Limited 11.8%
  • AMP Limited
  • $944.7 Million in claims paid in 2015
  • Merged with AXA
  • Established 1849
About AMP
$27.25 per month
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Overall Rating
4.1 from 6 Reviews
5 OnePath Limited 10.0%
  • $622 Million in claims paid in 2013
  • 130 Years of experience
  • ANZ is parent company
About Onepath
$30.98 per month
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Overall Rating
4.3 from 16 Reviews
6 CommInsure 9.8%
  • $839.1 Million in Claims paid in 2014
  • $903 Million worth of assets under management
  • Can trace history to 1911
About CommInsure
$31.53 per month
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Overall Rating
4.1 from 4 Reviews
7 BT Financial Group 6.5%
  • $4 million in claims per week in 2014
  • Westpac is parent company
  • Operating since 1969
About BT
$32.50 per month
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Overall Rating
3.1 from 4 Reviews
8 Asteron Life (Owned by Suncorp) 5.0%
  • $309 Million in Claims paid
  • Established in 1833
  • Part of Suncorp Group
About Asteron
$25.71 per month
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Overall Rating
4.4 from 7 Reviews
9 Zurich 4.1%
  • 170 Countries Worldwide
  • Acquired Macquarie Insurance
  • Established 1872
About Zurich
$30.23 per month
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Overall Rating
4.5 from 29 Reviews
10 MetLife Insurance Limited 4.1%
  • $42nd on Fortune 500 (2014)
  • 90 million customers
  • 150 year history
About Metlife
- Write a Review
- Clearview Wealth Limited N/A
  • $7.9 Billion worth of funds managed
  • Since 1976
  • Health Maintenance Rewards
About Clearview
$26.16 per month
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Overall Rating
4.4 from 67 Reviews

This above market share data was sourced from Strategic Insight’s 18 January 2018 media release. The Premium data is for a 35-year-old female, non-smoker, based in NSW for $700,000 life insurance (sourced on the 7th of February 2018).

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

Major life insurance changes in 2017 and what to expect for 2018

  • Zurich completed their acquisition of Macquarie Life from the Macquarie group.
  • In December 2017, Zurich announced their agreement with ANZ to acquire their life insurance business, OnePath As part of the 20-year agreement, Zurich and ANZ will sell life products via the bank’s distribution channel. While still subject to regulatory approval, once this deal is complete, which could take up to a year, Zurich will be Australia’s biggest retail life insurer.
  • The Commonwealth Bank of Australia (CBA) has sold its life insurance arm, CommInsure Life, to the insurance specialist AIA Group Ltd. The acquisition is also subject to regulatory approval and expected to be completed during 2018, however, as part of their 20-year partnership agreement, CBA will continue to sell life cover products provided by AIA and policies held by current CommInsure customers will remain unchanged.
  • AMP no longer accepts new business for its Flexible Lifetime Protection (FLP) product, as of 1 October 2017. Current FLP policyholders are not affected as the policy will be maintained, however, they will not be able to action any increases.
  • MLC has relaunched their MLC On Track wellness program, making it easier for customers to lower their life insurance premiums when improving their health.

Amid the 2017 acquisitions and improvements, the life insurance industry is also facing numerous regulatory challenges, like new codes of practice, and insurers are encouraged to drastically reduce premium increases following customer dissatisfaction regarding price hikes.

2018 promises to be a year driven by technological change and price competition, with digital-first customer interactions being the primary method of communication and information sharing.

However, technology can make it difficult for insurers to differentiate their products and could result in a fierce battle to provide the lowest price at the expense of a reliable insurance product.

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 the hard part is finding out which one will truly benefit you the most.

Before choosing a life insurance company, it’s important that you:

number-1Have a clear understanding of your personal requirements and financial circumstances.

number-2Determine the type and level of cover you need. Different insurers will suit different people. Carefully review your current circumstances and stage of life before making a decision.

number-3Compare life insurance policies and review quotes, focusing on their price differences, as well as their features, benefits, and terms and conditions.

number-4Speak to a specialist. A life insurance specialist can guide you toward the right information quickly and help you to make an informed decision you can feel comfortable with.

You can instantly compare the top 10 life insurance companies online by providing your details below.

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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.

Once you have a short list of companies that you’re considering you might want to review their satisfaction rating.

The latest findings from Roy Morgan’s 50,000 plus consumer surveys (October 2017) revealed that the biggest improvers were AIA Australia (up by 6.6% points), Insuranceline (up by 5.4%% points) and Allianz (up by 2.0% points)

The brands that decreased most in customer satisfaction were Asteron (down by 12.2% points), Zurich (down by 9.9% points), CommInsure (down by 4.2% points) and OnePath (down by 3.7% points).

OR your might want to consider reading some customer reviews.

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:

  1. About the Company: A brief outline of who the company is and the benefits they provide.
  2. History of the Company: Presented in a timeline, representing how the company got started, and where it is now.
  3. Key Statistics: Presenting you the numerical data to support the Company’s effectiveness as an insurer.
  4. 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

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.

Life insurance companies generally make money from underwriting income where the premiums from customers are greater they the expected claims/claims paid. Insurers’ do this by better managing their risk exposure. Secondly they make money from investment returns where they invest the money from premiums they collected during the year into assets that they believe will provide a positive return.

Yes, generally you can switch from one insurer to another. With empowered consumers on the rise, there has been an increase of Australians choosing to switch 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.

According to APRA, there are about 28 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
  • 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
  • QBE Life (Australia) Limited
  • QInsure Limited
  • RGA Reinsurance Company of Australia Limited
  • SCOR Global Life Australia Pty Limited
  • St Andrew’s Life Insurance Pty Ltd
  • 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

Ask an Expert?

10 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

    • 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.

    • 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

    • 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,

  • Keith |

    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

    • SPECIALIST
      Anneke |

      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.

  • Ces Wray |

    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?

    • SPECIALIST
      Anneke |

      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.

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