Best Life Insurance in Australia

We scored 10 direct policies on price, features and add-ons. Find the plans that came out on top for best life insurance.

Top pick:
Pricing
Finder AwardBonus
  • Cheapest policy on average
  • No set limit for maximum cover – only provider on the market to offer this
Top pick:
Value
Finder AwardBonus
  • Comparatively low claims processing time
  • Choose up to $15 million in cover
Top pick:
Rewards
  • Immediate policy discount of 17.5%
  • 50% cashback on flights & 50% savings on selected gyms

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What is the best life insurance?

There's no single life insurance that's best for everyone. What's best for you might not be best for someone else. You can use our top picks as a starting point, but you should find the best cover for your specific needs.

About our life insurance methodology

Top pick for pricing for 30-50s: TAL life insurance

TAL Accelerated Protection Life Insurance

  • At $34 per month, TAL offered the cheapest life insurance policy on average for 30-50 year olds. It was cheaper than the 14 other insurers we got quotes for including NobleOak, Zurich and Suncorp. We ran quotes for both non-smokers and smokers.
  • TAL doesn't cap how much you can insure yourself for. All other insurers have a limit. For example, NobleOak offers the second largest limit, with a maximum cover amount of $15,000,000.
  • Zurich came a close second with an average price across these age groups at $35 per month, and NobleOak at $41 monthly.
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Top pick for value: NobleOak life insurance

NobleOak Life Insurance

NobleOak came out on top in the 2023 Finder Awards because:

  • It paid out 96.90% of claims in the latest period. This was higher than the industry average of 92.4%. Zurich did pay 98% of claims, but NobleOak was faster at processing claims and had a lower policy cancellation rate.
  • You can get up to $15 million in cover which is more than the industry average. You can also get a policy up to the age of 69. Most stop offering cover at 65.
  • NobleOak's claims processing time was just 1.1 months. This was less than half as long as the industry average of 2.8 months.
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Top pick for features: RAC life insurance

RAC Life Insurance
  • You can get up to $25 million in cover. The average is $1 million. It's a WA brand but it's anyone in Australia can take out cover.
  • You can also add up to $5 million for total and permanent disability cover. Out of the 10 insurers we researched, that's double the average.
  • Its policies are also issued by NobleOak, one of Australia's most popular providers – except you also get access to ongoing RAC benefits which include discounts on shopping, accommodation and money off fuel.
  • It's competitively priced, the third cheapest life insurance policy, according to our Finder Awards. However, TAL and NobleOak tend to be slightly cheaper.
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Top pick for rewards and discounts– AIA

AIA Life Insurance
  • You get an immediate discount of 17.5% on your life policy if you apply for AIA Viatlity membership at the same time. By staying active, you can get up to 20% off your premium in the future.
  • Unlock a host of lifestyle rewards with your membership, including 50% savings on gym memberships at Virgin Active and Fitness First
  • Get up to 50% cashback on selected flights; movie vouchers; spa and beauty e-Gift cards, and more.
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Finder Awards 2023: Our top 3 scores

Want options? We've got you. The table below shows the 3 highest-scoring life insurance brands (out of 10) overall in the 2023 Finder Award for Best Life Insurance.

PolicyStand-out featuresApply
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NobleOak Life Insurance

  • 1st place in Finder Awards
  • Pays up to $15 million
  • Fully underwritten
  • Future insurability
  • Guaranteed renewable
  • Interim accident cover
  • $15,000 funeral advancement

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tal logo

TAL Accelerated Protection

  • 2nd place in Finder Awards
  • Pays up to $5 million in TPD
  • Guaranteed renewable
  • Interim accident cover
  • $25,000 funeral advancement

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rac life insurance logo

RAC Life Insurance

  • 3rd place in Finder Awards
  • Pays up to $25 million
  • TPD and trauma options
  • Guaranteed renewable
  • $15,000 funeral advancement

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Why trust our picks?

10

Brands compared

16

Different profiles

161

Quotes generated

We scored policies based on more than 10 different factors including price, specific benefits, claims outcomes and extra features. Using 16 different customer profiles, we sourced quotes from 10 different insurance brands to help us settle on our top picks in 5 key categories.

Editor's top life insurance pick for June 2023

James Martin
In addition to our best life insurance picks, Finder's editor for insurance James Martin has reviewed life insurance policies in June 2023 and selected a policy that he believes is good value and worth considering.

Good option if you're settling down

TAL Accelerated Protection Life Insurance

What we like about TAL life insurance: TAL is the only brand on Finder who doesn't specify a maximum payout for death cover. This could give you more flexibility if, say, you've taken on a hefty mortgage and your regular bills are on the rise. Adding a high amount of cover will cost you more, but in return you could get valuable peace of mind for your family if they were suddenly a wage down.

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5 tips for finding the best policy for you

Number 1

Work out the cover benefits you need

Be clear on what you're looking for. Do you want a significant lump sum payout to make sure your family's looked after if you die or suffer a terminal illness? Is it important your policy comes with a funeral benefit that pays out quickly? Are you aware that taking out joint cover with your partner could unlock a premium discount of up to 10%?

Number 2

Pick the right cover amount

Work out how much your family would need to get by – and maintain their lifestyle – if you were no longer around. Knowing how much life insurance you need means you'll avoid paying more than you should. Try our quick quiz to help you calculate how much cover you'll need.

Number 3

Compare multiple policies

Use Finder's comparison tool to compare life insurance brands. View each policy's key features side by side and filter by the features that matter most to you. Or click "View details" to see a more in-depth breakdown of each policy. If you're not certain what you need or how to find the best cover, speak to a life insurance adviser.

Number 4

Be accurate in your application

You'll need to be upfront if you smoke or have any pre-existing conditions. Not being accurate during your application can invalidate your policy. This means you or your beneficiaries could have a future claim rejected.

Number 5

Read the Product Disclosure Statement (PDS)

The PDS (found on the insurer's website) contains the key points about your policy including its benefits, restrictions and exclusions. Knowing exactly what you're insured for will bring peace of mind. Thankfully, insurers are getting better at writing them without all the jargon.

Why compare life insurance with Finder?

  • You pay the same price as buying directly from the life insurer.

  • We're not owned by an insurer (unlike other comparison sites).

  • We don't ask for your phone or email.

  • We've done 100+ hours of policy research to help you understand what you're comparing.

Need more help?

Life insurance is a big decision, but we've got heaps of guides that can help you find good cover for your needs.

More of your frequently asked questions, answered

Life insurance glossary: Key terms to know

A rundown of the tricky definitions for life insurance. Plus, what to look for when you're comparing.

Why you can trust Finder's life insurance experts

free

We're free

You pay the same as buying directly from the life insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
expert advice

We're experts

Our team of life insurance experts have researched and rated dozens of policies as part of our Finder Awards and published 250+ guides to make it easier for you to compare.
independent

We're independent

Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of life insurance brands, making it easier for you to find a good deal.
help

We're here to help

Since 2016, we've helped 270,000+ people find life insurance by explaining your cover options, simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

More guides on Finder

  • Do I need life insurance?

    Learn about the different types of life insurance available in Australia, and when you might need to take out cover.

  • Is life insurance worth it?

    Having the right life insurance policy is invaluable if something happens to you unexpectedly. Find out what makes your policy worthwhile.

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