Top 5 Life Insurance Companies in Australia – 2023

Australia is home to a number of life insurance companies that offer a variety of coverage options to suit the needs of different individuals and families. When choosing a life insurance company, it is important to consider factors such as the types of policies offered, the coverage limits, the premium costs, and the reputation of the company. Here are the top five best life insurance companies in Australia, based on their financial stability, policy offerings, and customer satisfaction ratings.

Note: Even though I have collected these websites but please visit their websites and ask for more information.

1. TAL (formerly known as Towers Watson)

TAL is a leading life insurance company in Australia, offering a range of products including term life insurance, trauma insurance, total and permanent disability (TPD) insurance, and income protection insurance. TAL is part of the TAL Dai-ichi Life Australia Pty Limited group of companies, which is a joint venture between TAL and Dai-ichi Life, one of Japan’s largest life insurance companies.

TAL aims to provide life insurance solutions that are tailored to the needs of its customers. They offer a range of policy options and benefits, including the option to add additional coverage for specific needs such as children’s education or home loan protection. TAL also has a reputation for providing excellent customer service and claims support to policyholders.

I recommend visiting the TAL website to learn more about their specific products and services, as well as to get a quote for coverage.

Benefits:

1. Interim cover benefit: If you die or are injured before your application is accepted, TAL will pay you a specified lump sum benefit.
2. Financial planning benefit: TAL will reimburse you up to $5,000 for financial planning advice on eligible claims.
3. Health and wellness program: TAL’s Health Sense rewards program allows you to save up to 15% on your premiums.
4. Child critical illness benefit: If your child is diagnosed with a specified medical condition or terminal illness, or passes away while insured under select life, TPD, or critical insurance policies, you may be eligible for up to $10,000.

2. Australian Unity

Australian Unity is a mutual organization that provides a range of health, wealth, and living services to its customers. The company was founded in 1840 and has a strong reputation in Australia.

Australian Unity offers a range of life insurance products, including term life insurance, total and permanent disability (TPD) insurance, trauma insurance, and income protection insurance. The company aims to provide flexible and affordable coverage options to meet the needs of its customers.

Australian Unity is known for its commitment to customer service and has a reputation for providing excellent support to policyholders. The company also has a strong focus on sustainability and community engagement.

Benefits:

1. Funeral expenses benefit: Australian Unity will pay a lump sum benefit to help cover the costs of your funeral expenses.
2. Terminal illness benefit: If you are diagnosed with a terminal illness and your life expectancy is less than 12 months, Australian Unity will pay a lump sum benefit to help cover your expenses.
3. Emergency travel and accommodation benefit: If you need to travel more than 100km from your home for medical treatment, Australian Unity will cover the cost of your travel and accommodation expenses.
4. Health and wellness program: Australian Unity’s Health Sense rewards program allows you to save up to 15% on your premiums.
5. Financial planning benefit: Australian Unity will reimburse you up to $5,000 for financial planning advice on eligible claims.

3. AMP (Resolution Life)

AMP is a financial services company that has been operating in Australia for more than 160 years. The company offers a range of insurance products, including life insurance, home, and contents insurance, car insurance, and travel insurance.

AMP’s life insurance options include term life insurance, total and permanent disability (TPD) insurance, trauma insurance, and income protection insurance. The company aims to provide flexible coverage options and helpful resources to its customers.

AMP has a reputation for providing good customer service and support to policyholders. The company also has a range of tools and resources available on its website to help customers understand their insurance options and make informed decisions.

Benefits:

1. Premium freeze: This option allows policyholders to keep their yearly premiums the same, while the sum insured on their policy decreases over time.
2. Accommodation benefit: This benefit covers 100% of the sum insured if the policyholder or a family member is confined to bed due to an injury or illness covered by the policy. It also covers related accommodation costs (up to $150 per day for a maximum of 14 days).
3. Terminal illness benefit: Policyholders who are diagnosed with a terminal illness may request that the life insurance sum be paid out in addition to any other benefits. This is typically given as a lump sum advance payment.
4. Advancement of funeral expenses benefits: This benefit pays for funeral expenses in advance, as long as the necessary documentation (such as the death certificate, claims forms, and proof of death) is received and accepted by the insurer. This benefit is typically available when the policy is held outside of a superannuation fund.

4. AIA Australia

AIA Australia is a leading life insurance company that is part of the AIA Group, the largest independent publicly listed pan-Asian life insurance group. The company has been operating in Australia for more than 90 years and offers a range of insurance products to meet the needs of its customers.

AIA Australia’s life insurance options include term life insurance, total and permanent disability (TPD) insurance, trauma insurance, and income protection insurance. The company aims to provide flexible coverage options and helpful resources to its customers.

AIA Australia has a reputation for providing good customer service and support to policyholders. The company also has a range of tools and resources available on its website to help customers understand their insurance options and make informed decisions.

Benefits:

1. Financial planning benefit: AIA Australia will reimburse you up to $3,000 for financial planning services.
2. Health and wellness program: The AIA Vitality wellness program offers premium discounts, shopping vouchers, and up to 50% cashback on Virgin Australia flights.
3. Complimentary family final expenses: Under certain life insurance policies, AIA Australia will provide you with 10% of the sum insured (up to $20,000) if your child passes away or is diagnosed with a terminal illness.
4. Final expenses benefit: AIA Australia will provide you and your loved ones with up to $25,000 in financial assistance for final expenses.

5. MetLife

MetLife is a global financial services company that offers a range of insurance products, including life insurance, home, and contents insurance, car insurance, and travel insurance. The company has been operating for more than 160 years and serves customers in more than 60 countries around the world.

MetLife’s life insurance options vary by country but may include term life insurance, whole life insurance, universal life insurance, and variable life insurance. The company aims to provide flexible coverage options and helpful resources to its customers.

MetLife has a reputation for providing good customer service and support to policyholders. The company also has a range of tools and resources available on its website to help customers understand their insurance options and make informed decisions.

Benefits:

1. Death benefit: Policyholders’ beneficiaries will receive 100% of the life cover amount when the policyholder passes away.
2. Terminal illness benefit: Policyholders will receive 100% of the life cover amount if they are diagnosed with a terminal illness that is likely to result in their death within 24 months.
3. Immediate expenses benefit: Policyholders’ loved ones may receive a progressive payout of up to $30,000 to help cover direct funeral expenses.
4. Indexation: Policyholders’ cover is automatically increased by the Consumer Price Index (CPI) on each policy anniversary to keep up with the increased cost of living.
5. Involuntary unemployment premium waiver benefit: If policyholders lose their job due to involuntary unemployment, they can ask MetLife Australia to waive their premiums for up to three months.
6. Life events increase feature: Policyholders can generally increase their life cover amount if they increase their home loan.

6. MLC Life Insurance

MLC Life Insurance is a leading life insurance company in Australia. The company is part of the Nippon Life Insurance Group and has been operating in Australia for more than 120 years.

MLC Life Insurance offers a range of life insurance products, including term life insurance, total and permanent disability (TPD) insurance, trauma insurance, and income protection insurance. The company aims to provide flexible coverage options and helpful resources to its customers.

MLC Life Insurance has a reputation for providing good customer service and support to policyholders. The company also has a range of tools and resources available on its website to help customers understand their insurance options and make informed decisions.

MLC offers a variety of life insurance policy options, including:

1. Life insurance
2. Total and permanent disability (TPD) insurance
3. Income protection insurance
4. Critical illness insurance

Additional benefits, such as the ability to increase coverage without additional medical evidence and economizer benefits, can be added to MLC policies. Policyholders can also participate in the MLC Vivo Wellbeing program, which rewards those who maintain a healthy lifestyle.