How you can get the best life insurance on the market.
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So what's the best life insurance?
This depends on what factors you are accessing. We've looked at our own data and research from different expert publications to give you a high level idea of what could be the "best". Best life insurance.
Best direct brands on finder* (2018)
Best brands sold through advisers on finder* (2018)
Best life insurance brand for customer satisfaction (2017)
Best rated life insurance policy (2016)
Insurer with the largest market share (2017)
Insurer with the strongest financial rating (2017)
What are the best life insurance brands on finder in 2018?
Those who sell their products on their website "direct".
Those who sell their products using an adviser "retail".
What's the best life insurance brand in terms of customer satisfaction?
Roy Morgan analysed 13 of the largest insurers in Australia and found the highest levels of customer satisfaction in Insuranceline, Allianz and AIA Australia.
Roy Morgan Single Source (Australia) December 7 2017
What's the best life insurance policy available?
Below is a list of the top life insurance policies the Australian Financial Review selected for its annual Blue Ribbon Awards. The criteria it considered included: clear pricing and definitions, a wide range of features, flexibility and substantial benefit amounts.
Best term and Total and Permanent Disability Insurance (TPD)*
Listed below are the best term and TPD insurance policies of 2016. All these policies offer $5 million in TPD cover and unlimited life cover.
These rankings were not determined by finder.com.au. There is no "best" policy for everyone, and users should consider their own personal situation when comparing cover.
Which insurer has the largest market share?
One way to look at this is by considering the market share of an insurer. We looked at "Total risk premium inflows" and found TAL with the largest market share in Australia (as of September 2017).
Market share based on Total Risk Premium Inflows ending in Sept 2017. (Strategic Insight)
Who has the strongest financial rating?
Standard & Poors is an independent body that looks at the financial strength of life insurers in Australia. A company with solid financial solvency tells you how worthy they are from a credit standpoint. This gives you an idea of whether a company will be able to pay claims today and later down the track.
A triple A (AAA) rating is the highest available rating.
Standard & Poors conducted a study in November 2017
What features do the best life insurance policies have?
Doing your own research? We asked various members of finder's insurance content team to find out which inclusions were the most important and why.
1. A guaranteed future insurability benefit
"A guaranteed future insurability benefit allows you to increase the amount you're insured in the future as your life changes, for example if you get married or have children.
"The real advantage of having this inclusion is that you can increase your cover without having to take a medical reassessment. So if you develop a pre-existing medical condition after you have bought life insurance, you'd still be able to increase your cover.
"There may be some limitations like the not being to make a claim in the first year of increasing your sum insured as well as an age where you can no longer use the benefit".
2. Full underwriting if you have pre-existing medical conditions
"If you have a pre-existing medical condition or a dangerous job then you'll want to ensure your cover is fully underwritten. This means your health is checked up-front. While it does take longer, it also means you'll get to know if you're covered when you apply instead of receiving a nasty surprise at claim time.
"Generally, life insurance you buy through an adviser will be fully underwritten. For policies that are direct, only some are fully underwritten ".
3. A higher expiry age
"The expiry age is the age you reach where you're no longer covered. A higher expiry age means you'll be able to stay covered for longer meaning there's less chance of outliving your policy. Look for a higher expiry age to ensure the money you pay in premiums doesn't go to waste".
4. The right type and amount of insurance for you
"It's possible to miscalculate how much life insurance you need, eg taking out $10 million in cover when you only have one child and a house worth $500,000. By the same token, it's possible to take out the wrong insurance cover, eg death cover if you have no one depending on you.
5. A clear understanding of exclusions
"Not knowing what you're not covered for can be detrimental when you actually need to claim. Imagine suffering a major injury, then being knocked back because you didn't realise you weren't covered for the time period for where you worked previously".
What type of life insurance is best for me?
Tip: Review your policy regularlyBack to top
How can I get the best* policy for the lowest price?
Determine an appropriate level of cover: Consider your current financial obligations and how long you are likely to require cover to determine an adequate amount of insurance. You may find that a cheaper policy with fewer features is still sufficient for your situation.
Review existing cover: You may already have some cover via your superannuation or your employer, or included in other insurance products. Assess what is already in place and see if you need to upgrade.
Live a healthier lifestyle: Pre-existing medical conditions, smoking, alcohol consumption and obesity can all drive up your premiums; smokers usually pay double. Live a clean lifestyle and get rewarded with lower premiums.
Speak with an insurance adviser: An adviser can use their market knowledge to help you find competitively-priced cover.
Consolidate existing cover: You may have some life insurance accumulated across different superannuation funds. Consolidating the cover can help you avoid multiple charges.
Combine policies: Some insurers offer multi-policy discounts if you take out cover for your spouse or child, or if you take out other types of personal insurance with their company.
Extra value provided by life insurance brands
Australian insurance providers use different methods to attract and reward customers. Common discounts you can ask about when applying for life insurance include the following:
A multi-policy discount: When you have more than one insurance policy with the same insurer, you often qualify for a multi-policy discount. For example, if you have home and car insurance with a particular insurer, ask if you qualify for a discount for taking out life insurance with them too. You could save around 5% on your premiums.
Multiple life insurance policies: You can also take out more than one type of life insurance policy to qualify for a discount, for example, if you are a small to medium business owner you can purchase coverage for yourself, your family and your business. These additional insurances can also offer potential tax benefits and savings at tax time.
Discount for a large sum: If you are insured for a large benefit amount, for example more than $1 million, you may be eligible for a discount on your premiums.
Making annual payments: If you pay your premiums annually, rather than fortnightly or monthly, many insurers will offer you a discounted rate. In some cases you can save up to 8%, plus you have the ease and convenience of making just one payment, secure in the knowledge you are covered for the entire year.
Health and lifestyle: A healthy lifestyle can also result in discounts. For example, if you can show proof of gym membership or evidence of health screening, you often qualify for a discount of around 10% on premiums.
A sample of what is offered
Comprehensive and extensive financial management: As well as life insurance policies and options, MLC also offers investment, superannuation and private wealth management solutions.
Strength in numbers: MLC currently manages more than $122 billion on behalf of individuals and corporate customers in Australia.
Access to the best doctors in the world: MLC can connect you with 50,000 of the best doctors around the world so that you can receive world-class treatment and advice no matter what your condition.
Australian providers often provide children's insurance as a free extra when you take out a life insurance policy. Adding your children will generally cover them in the case of:
The exact illnesses and injuries your child is covered for will differ between providers. However, you generally receive a tax-free benefit of between $10,000 and $25,000 on your child’s life insurance claim. Children aged from 2-16 can be covered under your policy, and can often convert to a full policy when they reach adulthood.
The benefit you can receive by having your child covered under your policy can assist you in the following ways:
It can provide the financial flexibility for you to take time off work to care for your child.
You can use it to pay for specialist treatments.
It can cover everyday bills such as mortgage, school fees or child care for your other children.
It will allow you to pay for home and car modifications to accommodate your child.
You can keep your child comfortable and secure while they deal with a difficult time in their lives.
Extra guides to help you find the best cover
Traps to avoid
Make sure you avoid these common pitfalls when looking for life insurance cover:
Ignoring future costs: Think about your current bills and expenses and take into account what these will look like in the future. For example, if you have young children the cost of school and tertiary study is going to be significant in coming years, so make sure you allow for this when assessing what you can afford.
Forgetting to cover the stay-at-home parent: Life insurance for a stay-at-home parent is also important. Consider points such as how much your family would have to spend on a housekeeper and child care if the parent became ill, was injured or died.
Putting off taking out cover: Your premiums will only increase with age so think about taking out cover early and securing a competitive rate.
Auto insurance claim
Going with the cheapest policy: The cheapest policy will usually offer a reduced level of cover. Make sure the premium matches the quality of the cover provided.
Skim over the terms and conditions: Take time to read the product disclosure statement carefully so you have a clear understanding of exactly what you will be covered for and the necessary conditions for a benefit payment.
is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.
has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.
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