Life Insurance in Australia
We all know that getting a life insurance plan is necessary. This is especially true if you want to secure yourself and your family should you encounter unforeseen illnesses, disabilities, or death. It’s never a topic people want to mention out loud, but it’s one that we all need to prepare for. There options can be overwhelming but Life Insurance in Australia doesn't have to be complicated.
Once you’ve decided to get life insurance, the next vital step is selecting the right plan for you. There’s no one-size-fits-all life insurance plan that works for everyone. That is the reason why you need to look for and customise a plan that’s right for you. Work with trusted insurance companies to make sure that your plan will cover everything you need. Life Insurance in Australia can be made simple.
Top 10 Life Insurance Companies in Australia You Should Look Into
There are about 29 life companies in Australia as of February 2018. These insurance companies have different ways of dealing with life insurance, designed for people living different stages of their lives. Some companies are better for people with dependents, while some work best with single, career-driven individuals.
To help you, we have listed down ten life insurance companies that you should definitely take into mind (in no particular order):
TAL Life Limited
TAL Life Limited ranks 1st in terms of market share in Australia, with a whopping 17.8%. In 2017, it paid around $1.6 billion worth of claims, and it has a complementary Health Sense rewards program. You can read our TAL Life Insurance review for more helpful information.
AIA Australia Limited
AIA Australia Limited ranks 2nd in terms of market share. It is also A+ in terms of services based on Strategic Insight’s media release and Standard and Poor’s rating last 2017. You can get different types of premiums (hybrid, stepped, level) and you’ll get to access various discounts and savings via AIA Vitality. Plus we have already written a review for you to look at!
According to Strategic Insight, MLC Insurance ranks 2nd in terms of providing lump sum premiums to its clients. Nippon Life owns MLC Limited, and you can get premiums between the ages of 11 to 70. However, high-level premiums are only available to clients 60 years old and under. You can access discounts in MLC using its On-Track wellness program. Read our review for MLC here.
OnePath Australian Group
OnePath Australian Group, formerly ING Australia, is open to clients between the ages of 18 to 59. According to Strategic Insight, it is one of the top companies providing lump sum insurance to its clients, ranking 3rd. With OnePath Australia, you’ll get to take out coverage for yourself and even a second life insured. We have done the research for you here.
AMP is available to clients between the ages of 16 to 60 years old. You’ll get to save 10% on your premiums with AMP Elevate Healthy Start. It’s the top insurance company when it comes to providing lump sum insurance to its clients, and has a rating of AA- based on Standard & Poor’s 2017 rating. We have a helpful review of AMP that you can read here.
BT Financial Group
BT is one of the top 10 insurance companies in Australia when it comes to life insurance. In fact, according to Strategic Insight, it ranks 7th in the list with a 4.4% market share on Australia’s life insurance. You’ll get to have multi-policy discounts, and you can choose between level premiums or stepped premiums. We have reviewed BT Financial Group to save you time.
Zurich Australia Limited
Zurich Australia is currently on its way to being the largest retail life insurer in Australia, with the acquisition of OnePath already in the works. It is available to people aged 10 to 70. You can have multiple policies and multiple life discounts in Zurich Australia.
Asteron is also one of the top insurance companies in Australia, and it is on its way to being sold to TAL. People between the ages of 18 to 62 can get stepped premiums, and people aged 60 and under can get level premiums.
MetLife Insurance Limited
MetLife stepped premium is available for people aged between 15 to 73, and people up to 59 years old can get level premiums. It paid $499 million in claims last 2017, and several health strategies and services are available once claims are ready. It ranks 9th in terms of market share in Australia.
CommInsure, now under the AIA Group, is the insurance arm of the Commonwealth Bank Group. It paid $1 billion claims in 2017, and people aged 18 to 50 years old can avail a policy from CommInsure. It is ranked 6th in terms of market share in Australia and 5th in terms of providing lump sum to its clients in 2019.
Select the Life Insurance Company for Your Lifestyle
Life insurance policies differ from company to company, so it is best to shop around before you commit. We’ve provided a list of companies you can check out if you’re interested in getting life insurance to get you started. Start saving up and protect yourself and your family financially now with the help of these insurance companies!
Have you considered switching your life insurance policy? Use our Life Insurance comparison service today.