Top Australian Life Insurance Companies
Which are the Best Life Insurance Companies In Australia?
At Insurance Watch we are often asked which life insurance companies are the “best”?
Ultimately the best life insurance company will depend on your circumstances and what is important to you e.g. cost, benefits, claims acceptance rates, customer reviews, market size, company history, health discounts.
Based on our research we list the top life insurance providers in each category:
Top Insurers – Best Claims Acceptance Rates
| Life | Resolution Life |
| TPD | Resolution Life |
| Trauma | NEOS |
| IP | NEOS |
Top Insurers – Industry Awards for Best Life Insurance Company
| ANZIIF | AIA |
| AFA | NEOS |
| Adviser Choice | OnePath |
Australian Life Insurance Companies
| Ranking by size (% market share) | Insurance Company | Claims Accepted 2023 (see all) | Insurance Brands (through brokers) | Customer Ratings (see all) | Compare Premiums (compare all) |
|---|---|---|---|---|---|
| 1st (33.3%) | TAL Life Ltd | Life: 97.1%  TPD: 79.4% Trauma: 88.9%  Income: 93.7% |    | Closed to new policies Closed to new policies | |
| 2nd (17.0%) | AIA Australia Limited | Life: 96.8% TPD: 81.3% Trauma: 86.5% Income: 95.6% |   | Closed to new policies | |
| 3rd (15.3%) | Zurich Australia Ltd | Life: 96.5%  TPD: 81.4% Trauma: 81.7% Income: 94.1% |   | ||
| 4th (10.3%) | MLC Limited | Life: 97.5% TPD: 86.2% Trauma: 89.3% Income: 96.9% |   | No Rating | |
| 5th (7.1%) | Resolution Group (AMP Life Limited policies) | Life: 99.1% TPD: 90.4% Trauma: 84.6% Income: 96.8% |  | Closed to new policies | |
| 6th (5.4%) | MetLife Australia | Life: N/A TPD: N/A Trauma: N/A Income: N/A |  | ||
| 9th (2.0%) | ClearView Life Assurance Limited | Life: N/A TPD: 59.6% Trauma: 87.7% Income: 95.1% |  | ||
| 10th (2.0%) | NobleOak Life Limited (NEOS Life is distributor) | Life: N/A TPD: N/A Trauma: 96.7% Income: 97.4% |  | ||
| N/A (N/A) | Integrity Life Australia Limited | Life: N/A TPD: N/A Trauma: N/A Income: N/A |  | Closed to new policies |
Please Note: Market Share, Rankings and Premiums in Force for these Australian life insurance companies are the statistics from Plan for Life for the year ended 31st March 2024 (released 26th August 2024). Claims Acceptance Rates are the APRA statistics for policies sold via insurance advisers/brokers for the year ending 31st December 2023 (released 16th April 2024).
How Life Insurance is bought in Australia
APRA lists 24 life insurance companies and 10 friendly societies who are able to offer life insurance in Australia.
“Life insurance” is a category of insurance which includes all of the following products:
- Life (Death) insurance
- TPD (Total and Permanent Disablement) insurance
- Trauma (or Critical Illness) insurance
- Income Protection insurance
- Funeral insurance
A breakdown of premiums in force data from Plan For Life shows that life insurance products are distributed:
- 38% via superannuation funds
- 53% retail policies via brokers/financial planners
- 9% purchased direct from the insurer by the consumer
Insurance Watch does not compare all life insurance providers or brands in the market. However we do compare retail policies from the top life insurance companies listed in the table above. These companies are together responsible for over 90% of the premiums in force in Australia.
WHY Use insurance watch to do your research:
- There are potential disadvantages to having insurance provided by your super fund. Cover may not be enough, or may change over time. It also may not be cheaper.
- Buying life insurance policies direct from the insurer (or via a whitelabelled brand) can cost more than double the policies available from Insurance Watch
- Using other comparison websites you may only be comparing higher priced direct life insurance policies or the website may be owned by one of the insurers they compare.
AIA Australia Limited
Owned By: Hong Kong based AIA Group
Recent Awards: 2023 Life Insurance Company of the Year – ANZIIF, 2023 Winner Best Income Protection – Adviser Choice Risk Awards
Premiums in Force: $3,101.6 million
Current Discounts and Offers: AIA Vitality Health and Wellbeing Program, 10% First Year Discount, AIA Health Insurance, Healthier Life Reward
AIA has been operating in Australia since 1972. In June 2009 AIG Life changed its name to AIA Australia Limited to reflect its separation from the US company AIG to become part of the AIA Group in Asia. The new AIA group listed on the Hong Kong Stock Exchange in October 2010 and has over 20 million customers and over 20,000 staff in Asia-Pacific. It is currently the largest life insurer in the world based on market capitalisation.
In 2013 AIA launched AIA Vitality, a program that rewards a healthy lifestyle.
In September 2017 AIA announced it had entered into a deal to buy the CommInsure life insurance business. The purchase was completed in November 2019 and on 31st March 2020 AIA ceased issuance of new CommInsure policies while continuing to service existing policies.
On 15th March 2020 AIA launched AIA Health insurance with Vitality included. This has provided opportunities to offer additional discounts when combined with AIA Priority Protection life insurance products.
Resolution Life (policies previously issued by AMP Life Limited)
Owned By: Global insurer Resolution Life Group
Premiums in Force: $1,291.8 million
Recent Awards: None
Current Discounts and Offers: None
AMP Life was originally owned by AMP Limited, which was established in 1849 as a mutual company and listed on the Australian Stock Exchange in mid 1998.
In March 2011 AMP merged with AXA. AXA was listed in 1996 as a result of the demutualisation of National Mutual and the acquisition of 51% of the company by French company AXA. Following the successful merger between AMP and AXA the combined entity was one of the largest life insurers in Australia. On 12th November 2012 the AXA Elevate range of life insurance products were rebranded AMP Elevate.
On 25th October 2018 AMP announced that it was selling its life insurance business to Resolution Life effective 30th June 2018. Resolution Life is a UK based specialist manager of in force legacy insurance businesses. From 31st January 2019 new AMP Elevate policies ceased to be issued outside of AMP platforms. However existing AMP customers are still able to manage and add to their policies.
The initial deal involved AMP retaining a 20% interest in the new entity Resolution Life Australasia. However in November 2021 Resolution Life announced that it had agreed to acquire AMP’s holding for $524 million. The separation from AMP was completed in June 2022.
ClearView Life Assurance Limited
Owned By: Listed Australian company
Premiums in Force: $365.4 million
Recent Awards: None
Current Discounts and Offers: 10% Health Maintenance Reward
In 1976 Clearview started out as NRMA Life providing life insurances to NRMA customers.
Over the years Clearview has evolved into a diversified life insurance and wealth management business. Clearview is currently listed on the ASX.
On 25th October 2016 Japanese life insurer, Sony Life, announced it was taking a 14.9% stake in ClearView. Sony Life is owned by Sony Financial Holdings which is majority owned by Sony Corporation.
Integrity Life Australia Limited
Owned By: Privately owned by Australian and overseas investors. 60% of the company’s shares are owned by 3 global companies: Japanese insurer Daido Life Insurance Company, Swiss fund manager Schroders Investment Management and London based Leadenhall Capital Partners
Premiums in Force: Not Available
Recent Awards: 2023 Winner Best Trauma – Adviser Choice Risk Awards
Current Discounts and Offers: N/A
Integrity Life was one of Australia’s newest entrants to the life insurance market. Their goal was to fundamentally disrupt and improve life insurance in Australia by using technology to create products that are easy to understand and simple to use.
In January 2018 the Integrity Group purchased QBE Life, which had been operating in Australia since the 1960s. This purchase enabled Integrity to launch a range of new life insurance products to be sold by financial advisers. With the use of new online technology and having no legacy systems, Integrity claimed they were able to approve applications and claims faster than existing insurers.
On 5th September 2023 Integrity Group announced they would be closing the Integrity Life retail and corporate channels to new business from 29th September 2023. Existing policyholders will continue to be serviced but no new policies will be issued.
MetLife Australia Limited
Owned By: US insurer MetLife Inc
Premiums in Force: $980.1 million
Recent Awards: 2023 Overall Excellence Health and Wellbeing Life Insurance Award (Plan for Life)
Current Discounts and Offers: 10% discount for new customers, 10% BMI discount
MetLife is a global company with over 150 years of history.
MetLife protects customers in 40 countries worldwide including the US, Latin America, Asia, Europe and the Middle East.
Currently MetLife protects 2.6 million Australians. MetLife is the third largest group insurer in Australia servicing super fund members and employees of company funds. MetLife Australia also supplies products to financial advisers.
MetLife stands for life insurance solutions which provide a genuine benefit and the right level of care that is easy to understand. The MetLife 360Health program provides access to expert medical support and guidance for clients and their families to improve their diet, fitness, mental health and recovery from an illness or injury.
MLC Limited
Owned By: 20% National Australia Bank 80% Japanese insurer Nippon Life
Premiums in Force: $1,880.5 million
Recent Awards: None
Current Discounts and Offers: 7.5% Vivo Incentive, Vivo service
MLC Limited, the entity that operates the MLC Life Insurance business, is currently owned 20% by the National Australia Bank, one of Australia’s largest banks, and 80% by Nippon Life Insurance Company.
Prior to 3rd October 2016 MLC Limited was owned 100% by National Australia Bank. In October 2009 Aviva Australia, previously known as Norwich Union Life, was purchased by the National Australia Bank and rebranded as MLC products.
Following the sale to Nippon Life MLC Limited will retain the MLC brand for its products for at least the next 10 years.
On 28th April 2022 MLC launched a new insurance brand, Encompass Protection, to be administered and distributed via NEOS Life. Encompass Protection policies have been designed with simplicity and sustainability as priorities. MLC’s experienced claims team will be responsible for managing Encompass Protection claims.
NEOS Life (policies issued by NobleOak Life Limited)
Owned By: NEOS and NobleOak Life are both privately owned Australian companies
Premiums in Force (NobleOak): $364.1 million
Recent Awards: 2022 Life Company of the Year – AFA, 2022 Best Life and TPD – AFA, 2022 Underwriting Team of the Year – AFA, 2024 Best Retail Insurance Provider – Australian Wealth Management Awards
Current Discounts and Offers: 10% discount for new customers and 7.5% Preferred Lives discount
NEOS Life is the registered business name of Australian Life Development Pty Ltd which was established in early 2017 to enter the Australian life insurance market. Centrepoint Alliance has a minority equity holding with the remaining equity held by NEOS founders and staff.
NobleOak Life is the insurance company who issues NEOS Protection policies and Pacific Life Re is the reinsurer – both are APRA regulated life insurers.
NEOS Life is the distributor and administrator of NEOS Life policies and aims to set a new standard for Australian life insurance with faster decision making, responsive service and value for money cover.
TAL Life Limited
Owned By: Japanese insurer Dai-ichi Life
Premiums in Force: $6,067.6 million
Recent Awards: 2022 Best Income Protection (TAL) – AFA, 2022 Best Trauma (TAL) – AFA
Current Discounts and Offers: 15% discount for new customers including TAL Health Sense Plus, TAL Health Sense up to 15%
TAL (previously known as Tower Australia) originated in 1869 in New Zealand. Tower entered Australia in 1990 and was listed on the Australian Stock Exchange in 1996.
In 2007 Tower merged with Prefsure. In 2008 Tower purchased InsuranceLine a direct distributor of insurance.
In June 2011 Dai-ichi Life moved to 100% ownership of Tower. Dai-ichi is the second largest life insurer in Japan with around $500 Billion in assets. In October 2011 Tower Australia changed its name to TAL.
In 2013 TAL took its shareholding in online insurance comparison business Lifebroker to 100%. In March 2019 TAL purchased Asteron Life from Suncorp. On 1st July 2019 TAL discontinued new sales under the Asteron brand while continuing to maintain existing policies.
TAL announced on 9th August 2021 that it would be buying Westpac Life, including BT Life. On 1st August 2022 TAL completed the purchase and closed the BT Life brand to new business. Together with the over 4.8 million Australians already insured by TAL, the purchase increased TAL’s share of the Australian life insurance market from 27% to around 33%.
Zurich Australia Limited
Owned By: Swiss based Zurich Insurance Group
Premiums in Force: $2,782.1 million
Recent Awards: 2022 AFA Claims Team of the Year (Zurich), 2023 Winner Term Life and TPD – Adviser Choice Risk Awards (OnePath), 2023 Winner Risk Company of the Year – Adviser Choice Risk Awards (OnePath)
Current Discounts and Offers: Evolve including LiveWell
Zurich Australia is 100% owned by the Swiss-based worldwide Zurich Financial Services Group which operates in over 170 countries.
In 1961 Zurich entered Australia purchasing the Commonwealth General Assurance Corporation which had been operating since 1920.
On 4th March 2016 Zurich announced that it had purchased Macquarie Life. From 1st October 2016 Macquarie life insurance policies have been rebranded as Zurich policies.
In December 2017 Zurich announced it had agreed to purchase the OnePath life insurance business from ANZ Bank for $2.85 Billion. The deal was completed on 1st June 2019 and Zurich has announced it intends to maintain the OnePath brand. Zurich will have a 20 year agreement to distribute life insurance to ANZ’s 6 million customers.