Best life insurance companies in Australia 

Hello all here is the answer for “Best life insurance companies in Australia”. In Australia, there are a total of 25 life insurance companies available as of 2023. So to find the top insurance providers here we listed the top 10 insurance providers as per their share market value. Here we had given some articles on how to choose the right insurance policy in Australia.

Top 10 life insurance companies in Australia by market share

Although it’s a good idea to look at a company’s market share as one factor in your decision, there are other things you should consider when finding an insurer that fits your needs. Mergers and acquisitions cause volatile fluctuations in the market shares of insurance companies from year to year.

Compare 2023’s best life insurance companies by market share:

  1. TAL Life Limited: market share of 28%
  2. AIA Australia Limited: market share of 18.2%
  3. Zurich: market share of 14%
  4. MLC Limited: market share of 10.5%
  5. Resolution Group: market share of 7.7%
  6. BT/Westpac Financial Group: market share of 5.3%
  7. Metlife Insurance: market share of 5.2%
  8. QInsure: market share of 3.3%
  9. Hannover: market share of 2.9%
  10. ClearView: market share of 1.8%

Source: Plan For Life Actuaries & Researchers (November 2022)

TAL Life Limited – Accelerated Protection Life Insurance

TAL is one of Australia’s largest life insurance companies and a subsidiary of the Dai-ichi group. In the 2021/2022 financial year, this insurer paid their customers over $2.7 billion in claims. TAL offers life cover, critical illness coverage, and income protection.

Benefits:

  • Free Interim cover benefit: If you die or are injured before TAL accepts your application, they will pay you a specified lump sum benefit, as detailed in their terms and conditions.
  • Financial planning benefit: Reimbursing you up to $5,000 for financial planning advice on eligible claims.
  • Health and Wellness Program: With the TAL Health Sense rewards program, you can save up to 15% on your premiums.
  • Free Child Critical Illness benefit: If your child, aged 2 to 15, is diagnosed with a specified medical condition, or terminal illness or passes away while insured under select life, TPD or critical insurance policies, you could be eligible for up to $10,000.

AIA Australia – Priority Protection

The life insurance company strives to improve its customer and claims services with the latest technology. AIA Group Limited (AIG) has been operating since 1972 and is based in Hong Kong. In 2021, AIA paid out $2.1 billion in claims across all of its policy types. Whether you need life cover, TPD insurance, Crisis Recovery, or Income Protection, AIA may be a good option for you and your family.

Benefits:

  • Financial planning benefit: You could be reimbursed up to $3,000 for financial planning services.
  • Health and Wellness Program: With the AIA Vitality wellness program, you can get premium discounts, shopping vouchers, and up to 50% cashback on Virgin Australia flights.
  • Complimentary Family Final Expenses: Under specific life insurance policies, if your child passes away or is diagnosed with a terminal illness, the insurer will provide you with 10% of the sum insured, up to $20,000.
  • Final expenses benefit: You and your loved ones are entitled to up to $25,000 of financial assistance for final expenses.

Zurich – Wealth Protection

Zurich Wealth Protection is an insurance company based in Switzerland that offers products like Death Cover, Total and Permanent Disablement Cover, Trauma Cover, and Income Protection Insurance. In 2022, Zurich was the third largest insurer, holding 14% of the market share.

Benefits:

  • Accommodation expenses: If your family member has to travel more than 100km to be with you, they may be eligible for reimbursement for their expenses.
  • Interim cover: If you suffer an accidental injury or death, they will provide free coverage until your application is assessed or to a maximum of 90 days.
  • Advancement for funeral expenses: You could be eligible for an advance payment of $15,00 to cover funeral expenses. 
  • Accidental injury benefit: If you are injured in an accident, a portion or all of your death benefit will be paid to you in advance.
  • Health and Wellness Program: With Zurich LiveWell, you have access to thousands of lifestyle and entertainment rewards and premium discounts.

MLC Limited – MLC Insurance

MLC has been providing insurance services since 1886, with most of the company owned by Nippon Life. The life insurer offers a selection of products to protect you and your family from financial loss, including Life Cover, TPD Insurance, Critical Illness Cover, and Income Protection.

Benefits:

  • Access to Vivo Virtual Care: With a database of over 50,000 medical health professionals, this award-winning service provides you with a second opinion on your diagnosis or treatment no matter where you are in the world. This service is provided for free to eligible customers and can be used an unlimited number of times.
  • Cooling off Period: You are eligible for a refund on your policy within 14 days of purchase, as long as you have not filed any claims.
  • Health and Wellness Program: The MLC Vivo program is designed to help you lead a healthier lifestyle by getting more active.
  • Guarantee of Upgrade: You will continue to receive policy benefits as long you keep up with your premiums and as your policy improves.

Resolution Life (AMP) – Elevate Insurance

Resolution Life is currently going through a large-scale change that will eventually lead to AMP Life completely transitioning over to the Resolution Life name. In 2018, AMP announced its sale of the life insurance business venture to Resolution Life. This company provides different insurance covers such as life, TPD, income protection, and trauma cover to existing policyholders.

Benefits:

  • Premium freeze: If you choose this option, your yearly premium will stay the same, but the sum insured on your policy will decrease over time.
  • Accommodation benefit: Benefits will cover 100% of the sum insured if you or a family member is confined to bed due to an injury or illness that they cover. This includes the Terminal illness benefit, TPD benefit, and Trauma benefit. In such cases, insurers will also pay for related accommodation costs (up to $150 / day for a maximum of 14 days).
  • Terminal illness benefit: If the policyholder is diagnosed with a terminal illness, they may request that the life insurance sum be paid out in addition to any other benefits. The advance payment will typically be given as a lump sum.
  • Advancement of funeral expenses benefit: This benefit will pay for funeral expenses in advance, as long as the death certificate, claims forms and  proof of death is received and accepted by the insurer (applies when the policy is held outside of super).

How many life insurance companies are there in Australia?

There are 25 life companies currently registered with APRA in Australia (as of December 2022). Below is the complete list of registered companies in Australia:

  • 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  

Sources: Australian Prudential Regulation Authority (APRA)

Compare the top insurance companies in Australia

Company nameClaims accepted rateMonthly premium*Market share
496.5%$37.7128%
596.7% $42.8318.2%
698.7%$39.0114%
796.7%$43.1211.2%
10$38.331.8%
11$37.065.2%
899.7%$31.48N/A
9$35.32  N/A
Compare the top insurance companies in Australia

‡ The number of finalized claims is too small to provide a reliable result.

Source: Moneysmart.gov.au (This table shows claims information for death cover purchased through a financial adviser Period 1 July 2021 to 30 June 2022), Plan For Life Actuaries & Researchers, Life Insurance Direct Comparison Engine (December 2022; Premium estimates for $ 1 million of death cover on their current retail policy with stepped premiums for a 35-year-old non-smoking male living in NSW)

Frequently Asked Questions

Who regulates life insurance companies in Australia?

The Australian Prudential Regulation Authority (APRA) regulates insurance companies registered under the Life Insurance Act in Australia. The regulator is responsible for the management of life insurers to ensure that they continue to meet their financial obligations.

Who is the biggest life insurer?

The largest life insurer in Australia is TAL Life Limited who currently holds 28% of the market share. Other large players in the market include AIA Australia, Zurich, MLC Limited and Resolution Group. All of these companies are subject to regulation by APRA.

What types of life insurance policies are available?

There are a range of different types of life insurance policies available to meet different needs and budgets. These include term life insurance, income protection, trauma cover and TPD insurance. Compare the different types of policies to determine which type of cover may be right for you.

Who is the best life insurance provider in Australia ?

There is no one leading life insurer each is different. A company that’s well suited to a family with dependent children might not be the best option for a single, career driven, 20-something young professional. Life companies in Australia offer competitive premiums and benefits to suit people at different stages of their lives. However, some might provide you with cheaper premiums and better coverage depending on your specific requirements. Generally, it’s a good idea to compare a number of options before you make a decision.

How long does life insurance take to pay in Australia?

Typically, this depends on your insurer as well as your personal requirements. If you’re making a claim on death cover, you should generally expect to learn about the outcome of your claim between a month to three months after you inform your insurer of the claim.

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