Compare Australia's top 8 life insurance companies. Expert analysis of AIA, TAL, Zurich, OnePath, ClearView, NEOS, Futura & Acenda with real pricing and claims data.
Complete guide to life insurance in Australia covering types, costs, and how to apply
TAL or AIA? Compare Australia's two largest life insurers on premiums, features, and claims experience
Expert review of Zurich life insurance covering pricing, policy features, and claims experience
Which insurer suits you best depends on your personal circumstances. This comparison provides general information only.
Choosing a life insurance provider is one of the most important financial decisions you'll make. While all Australian life insurers are regulated by APRA and must meet strict capital requirements, the differences between them can significantly impact your family's financial security.
These differences matter in three key areas:
This comprehensive guide reviews Australia's 8 major life insurance companies, drawing on APRA claims data, Product Disclosure Statements (PDSs) from each insurer, and our experience as licensed advisers helping hundreds of Australians find the right coverage.
How to use this guide: If you're short on time, check the Rankings at a Glance above and jump to the insurer reviews that match your priorities. For a thorough comparison, read the methodology section first, then work through each review to understand exactly how each insurer stacks up.
Our rankings are based on objective criteria drawn from publicly available data. We don't accept advertising from insurers, and our recommendations are based purely on policy features, claims performance, and value for money.
1. Claims Performance (30% weighting)
2. Policy Features (25% weighting)
3. Pricing & Value (20% weighting)
4. Occupation Support (15% weighting)
5. Customer Service & Reputation (10% weighting)
All premium comparisons in this guide use a standardised profile:
Actual premiums will vary based on your specific circumstances, health history, and chosen features.
Compare actual premiums from all 8 insurers reviewed here. Our advisers will help you find the best policy for your specific needs.
Get Free QuotesTAL is Australia's largest life insurer by market share, providing coverage to approximately one in four Australians with life insurance. Established in 1869 (as the Tower Life Assurance Company), TAL has over 150 years of experience in the Australian market.
TAL is now owned by Dai-ichi Life Holdings, one of Japan's largest life insurance groups, providing substantial financial backing and stability. The company holds an A+ financial strength rating from Standard & Poor's.
Key Statistics:
View full TAL profile and products
1. Comprehensive Product Suite TAL's Accelerated Protection product offers life cover, TPD, trauma, income protection, and business expenses cover in one integrated package. This allows for "linked" benefits where your TPD or trauma cover reduces your life cover (and premium) rather than being separate policies.
2. Outstanding Occupation Support TAL offers one of the most extensive occupation classification systems, with 5 categories ranging from Professional (AA) to Heavy Manual (D). Critically, TAL provides "own occupation" TPD definitions for a broader range of occupations than most competitors, including many trades and manual workers.
3. Terminal Illness Definition: 12 Months While some argue 24-month definitions are better, TAL's 12-month terminal illness period is offset by their excellent claims track record. TAL pays terminal illness claims efficiently and has clear documentation requirements.
4. Guaranteed Future Insurability TAL allows you to increase your cover without medical underwriting when certain life events occur (marriage, birth of child, mortgage increase). Increases up to $200,000 or 25% of existing cover are available.
5. Strong Trauma Coverage TAL's trauma product covers 47 conditions at full payment and 17 at partial payment (typically 10-25% of sum insured). Their definitions for major conditions like cancer and heart attack are competitive with industry standards.
6. Premium Freeze Option TAL offers a "Premium Freeze" feature that locks in your premium for 2 years, providing certainty for budgeting purposes. This is particularly valuable given recent industry-wide premium increases.
7. Built-In Benefits Several valuable benefits included at no extra cost: funeral advancement ($25,000), financial planning benefit ($5,000), accommodation and travel benefit, and child cover.
1. Premium Positioning TAL premiums are generally at or slightly above market average. For our standard profile ($500k Life + $500k TPD, 35-year-old male non-smoker), TAL quotes approximately $85-95/month - competitive but not the cheapest option.
2. 12-Month Terminal Illness Definition For conditions with longer prognosis periods (like some motor neurone disease cases), the 12-month definition may mean waiting longer to access benefits compared to insurers with 24-month definitions.
3. Income Protection Waiting Periods TAL's minimum income protection waiting period is 30 days. Some competitors offer 14-day waiting periods for those needing faster access to benefits.
4. Complex Product Structure The flexibility of TAL's products means more choices to make. First-time buyers may find the options overwhelming without adviser guidance.
5. Digital Experience TAL's online tools and customer portal, while functional, lag behind some newer market entrants in terms of user experience and self-service capabilities.
For our standard profile ($500k Life + $500k TPD, 35-year-old male non-smoker, professional occupation):
AIA Australia is part of the AIA Group, the largest independent publicly listed pan-Asian life insurance group. In Australia, AIA has grown significantly through the acquisition of CommInsure's life insurance business in 2018, making it one of the top three retail insurers.
AIA holds an AA- financial strength rating from Standard & Poor's, reflecting the substantial backing of its Hong Kong-based parent company.
Key Statistics:
View full AIA profile and products
1. Best Occupation Support for Manual Workers AIA's Priority Protection product has the most comprehensive occupation classification system of any Australian insurer. Where other insurers might decline or heavily load premiums for certain trades, AIA often provides competitive cover with fewer restrictions. This makes AIA the go-to choice for tradespeople, miners, and other manual workers.
2. 24-Month Terminal Illness Definition AIA uses a 24-month terminal illness definition, meaning you can access your life insurance benefit earlier if diagnosed with a terminal condition. For conditions like motor neurone disease or certain cancers with prognosis of 12-24 months, this can provide critical early access to funds.
3. Vitality Wellness Programme AIA Vitality rewards healthy behaviours with discounts on premiums and partner rewards. Active participants can earn up to 25% premium discount through exercise, health checks, and healthy eating. No other major Australian insurer offers a comparable wellness programme.
4. Crisis Recovery (Trauma) Excellence AIA's trauma product covers 51 conditions, including some unique covers not offered by competitors. Their "Crisis Extension" benefit provides additional payments for severe versions of conditions, potentially paying up to 150% of the sum insured for catastrophic events.
5. Income Protection Flexibility AIA offers waiting periods as short as 14 days and benefit periods up to age 70. Their "Income Secure" product includes agreed value options and comprehensive rehabilitation support.
6. Strong Digital Tools AIA's customer portal and mobile app are among the best in the industry, allowing easy policy management, claims tracking, and access to Vitality programme features.
7. Built-In Accommodation Benefit AIA includes a generous accommodation and travel benefit for regional policyholders who need to travel for treatment - up to $15,000 for accommodation and $5,000 for travel expenses.
1. Premium Pricing AIA premiums tend to be 5-10% above market average before Vitality discounts. If you're not going to actively participate in the Vitality programme, you may find better value elsewhere.
2. Vitality Requirements To maintain Vitality discounts, you need to complete annual health reviews and accumulate points through activities. Some policyholders find this ongoing requirement inconvenient.
3. Claims Acceptance Rate AIA's claims acceptance rate (89.7%) is slightly below the industry average (91.2%). While still excellent by global standards, TAL and Zurich have higher acceptance rates.
4. Product Complexity AIA's extensive options and add-ons can make policy comparison difficult. The sheer number of riders and benefits requires careful analysis to ensure you're not paying for features you don't need.
5. Post-CommInsure Integration Issues Some legacy CommInsure policyholders have reported service inconsistencies following the 2018 acquisition. While largely resolved, it's worth noting.
For our standard profile ($500k Life + $500k TPD, 35-year-old male non-smoker, professional occupation):
Zurich is a global insurance powerhouse with over 150 years of history and operations in more than 200 countries. In Australia, Zurich has carved out a strong niche in the life insurance market, particularly known for their exceptional claims experience and comprehensive cover options.
Zurich holds an AA- financial strength rating from Standard & Poor's.
Key Statistics:
View full Zurich profile and products
1. Industry-Leading Claims Experience Zurich has the best claims performance metrics of any major Australian life insurer. Their 93.1% claims acceptance rate and 14-day average processing time mean your family is more likely to receive benefits quickly when it matters most. This alone makes Zurich worth serious consideration.
2. 24-Month Terminal Illness Definition Like AIA, Zurich uses a 24-month terminal illness definition, providing earlier access to benefits for conditions with longer prognosis periods.
3. Unique Accidental Injury Benefit Zurich's built-in Accidental Injury Benefit pays up to $2 million for loss of limbs, hands, feet, or sight resulting from accidents. This is one of the most generous accidental injury benefits in the market.
4. Comprehensive Trauma Coverage Zurich Wealth Protection covers 54 trauma conditions - one of the highest in the market. Their definitions are generally policyholder-friendly, with clear medical criteria that don't require excessive documentation.
5. Premium Certainty Options Zurich offers both stepped and level premium options, plus a "Premium Freeze" that guarantees no rate increases for up to 5 years. In an environment of rising premiums, this provides valuable certainty.
6. Excellent Rehabilitation Support Zurich's approach to income protection claims emphasises return-to-work support. Their rehabilitation programmes and early intervention have resulted in better outcomes for claimants.
7. Global Coverage Confidence As a global insurer, Zurich provides seamless coverage worldwide. Their claims team has experience handling international claims efficiently.
1. Occupation Limitations Zurich's occupation classification is less comprehensive than TAL or AIA. Some manual occupations face higher loadings or may only qualify for "any occupation" TPD rather than "own occupation."
2. Income Protection Waiting Periods Zurich's minimum waiting period is 30 days - longer than some competitors who offer 14-day options.
3. Limited Direct Distribution Zurich products are primarily available through financial advisers. If you prefer to purchase directly without advice, options are more limited compared to insurers with strong direct channels.
4. Premium Positioning Zurich premiums are generally at market average. While their claims experience justifies the price, pure premium shoppers may find cheaper alternatives.
5. Built-In Benefits Less Extensive Some competitors include more automatic benefits at base level. Zurich's optional riders add flexibility but also add to premium costs.
For our standard profile ($500k Life + $500k TPD, 35-year-old male non-smoker, professional occupation):
Our licensed advisers can compare all 8 insurers based on your specific occupation, health history, and coverage needs. Free, no-obligation consultation.
Speak to an AdviserOnePath is owned by Zurich Financial Services (since 2019) and has a strong heritage in the Australian market through its previous connection to ANZ Banking Group. OnePath is particularly known for its comprehensive trauma coverage and flexible policy structures.
OnePath holds an A+ financial strength rating from Standard & Poor's.
Key Statistics:
View full OnePath profile and products
1. Best-in-Class Trauma Cover OnePath's OneCare product is renowned for its trauma coverage. With 60+ conditions covered and some of the most generous partial payment options in the market, OnePath is the gold standard for trauma insurance. Conditions that other insurers pay at 10% are often paid at 25% or higher by OnePath.
2. Superior TPD Definitions OnePath offers three TPD definitions: "own occupation," "any occupation," and "home duties." Their "own occupation" definition is available for a broader range of occupations than most competitors, and the wording is considered policyholder-friendly.
3. Flexible Policy Architecture OnePath's linked and standalone benefit structures allow sophisticated policy design. You can link trauma to life cover (reducing life cover when trauma is paid) or keep them separate. This flexibility helps optimise premium spend.
4. Business Insurance Excellence OnePath has particularly strong business insurance options, including key person cover, buy/sell insurance, and business expenses cover. Their business-specific features are more comprehensive than most competitors.
5. Quality Rehabilitation Support OnePath's income protection includes proactive rehabilitation support. Their claims team works with medical professionals to develop return-to-work plans, resulting in better outcomes for claimants.
6. 24-Month Terminal Illness Definition OnePath joins AIA and Zurich in offering the more generous 24-month terminal illness definition.
7. Premium Matching OnePath occasionally offers premium matching for competitive quotes from other insurers, making them worth including in comparison quotes even if initial pricing is higher.
1. Premium Pricing OnePath premiums are typically 10-15% above market average. You're paying for the superior trauma coverage and flexible structures, but budget-conscious buyers may find this difficult to justify.
2. Occupation Classification OnePath's occupation support is less comprehensive than TAL or AIA. Some trades and manual occupations face limitations or higher loadings.
3. Brand Confusion The transition from ANZ-ownership to Zurich-ownership has created some market confusion. OnePath operates independently from Zurich's other life insurance products, which can be confusing.
4. Digital Tools Lag Behind OnePath's online policy management tools are functional but not as polished as AIA's Vitality app or some newer market entrants.
5. Income Protection Structure OnePath's income protection, while solid, doesn't offer waiting periods shorter than 30 days. For those needing rapid access to benefits, this may be a limitation.
For our standard profile ($500k Life + $500k TPD, 35-year-old male non-smoker, professional occupation):
ClearView is an Australian-owned and operated life insurance company listed on the ASX. As a smaller player in the market, ClearView focuses on providing straightforward, affordable cover without the complexity of larger insurers.
ClearView is authorised to provide life insurance services under AFSL 227682.
Key Statistics:
View full ClearView profile and products
1. Competitive Pricing ClearView consistently offers premiums 10-15% below market average for standard risk profiles. For budget-conscious families who need solid core coverage without all the bells and whistles, ClearView delivers excellent value.
2. Straightforward Products ClearView's ClearChoice product is designed for simplicity. Core life cover, TPD, and income protection are easy to understand without the complexity of extensive rider options.
3. Flexible Cover Combinations Despite the simple structure, ClearView allows flexible combinations of cover types. You can start with basic life cover and add TPD or trauma as your budget allows.
4. Australian-Owned For those preferring to support Australian-owned businesses, ClearView is one of the few locally owned life insurers remaining in the market.
5. Solid Claims Performance ClearView's claims acceptance rate (90.8%) is competitive with larger insurers. Despite smaller scale, they process claims efficiently.
6. Income Protection Options ClearView offers income protection with waiting periods from 14 days to 2 years and benefit periods from 2 years to age 65, providing flexibility to match your needs and budget.
7. Financial Planning Benefit ClearView includes a $5,000 financial planning benefit to help beneficiaries with estate planning after a claim - a thoughtful inclusion.
1. 12-Month Terminal Illness Definition ClearView uses the less generous 12-month terminal illness definition. For conditions with longer prognosis periods, you may not be able to access benefits as early as with AIA, Zurich, or OnePath.
2. Limited Trauma Coverage ClearView's trauma product covers fewer conditions than competitors (38 vs 50+ for market leaders). If comprehensive trauma coverage is important to you, look elsewhere.
3. Occupation Limitations ClearView's occupation classification is more conservative. Many manual occupations are either declined or face significant premium loadings and "any occupation" TPD only.
4. Smaller Scale As a smaller insurer, ClearView has fewer resources for claims handling and customer service. During peak periods, response times may be longer than larger competitors.
5. Less Adviser Support ClearView's adviser support tools and systems are less sophisticated than major insurers, which can mean longer application processing times.
For our standard profile ($500k Life + $500k TPD, 35-year-old male non-smoker, professional occupation):
NEOS is a relatively new entrant to the Australian life insurance market, launched in 2016. Backed by Resolution Life Australasia (previously AMP Life), NEOS has positioned itself as a value-focused alternative to traditional insurers.
NEOS is authorised under AFSL 526987.
Key Statistics:
View full NEOS profile and products
1. Best Value in Market NEOS consistently delivers the lowest or near-lowest premiums across most product categories. For our standard profile, NEOS premiums are typically 15-20% below market average. This makes NEOS the best choice for pure value seekers.
2. Modern Digital Experience As a newer entrant built on modern technology, NEOS offers excellent digital tools. Their application process, policy management, and claims lodgement are all streamlined for online efficiency.
3. Solid Core Coverage Despite competitive pricing, NEOS doesn't cut corners on core coverage. Their life cover and TPD products include standard built-in benefits and meet regulatory requirements.
4. Transparent Pricing NEOS publishes premium rates online more transparently than traditional insurers. You can get a quick indication of costs without speaking to an adviser.
5. Fast Claims Processing NEOS's average claims processing time of 16 days is better than industry average, despite their smaller scale and lower premiums.
6. Flexible Premium Options NEOS offers both stepped and level premiums, with competitive rates on both. Their level premium option is particularly attractive for those wanting long-term cost certainty.
1. Limited Track Record Operating since 2016, NEOS lacks the decades of claims history that established insurers have. While performance to date is good, there's less data to assess long-term reliability.
2. Fewer Product Features NEOS products are more basic than premium competitors. Trauma coverage has fewer conditions, and optional riders are limited compared to TAL, AIA, or OnePath.
3. 12-Month Terminal Illness Definition NEOS uses the 12-month terminal illness definition, which is less generous than the 24-month definition offered by AIA, Zurich, and OnePath.
4. Occupation Limitations NEOS occupation classification is conservative. Manual workers often face limitations or may not qualify for "own occupation" TPD.
5. Limited Adviser Support NEOS's leaner operating model means less adviser support compared to major insurers. Complex cases may take longer to process.
6. Brand Recognition As a newer brand, NEOS lacks the recognition and trust that comes with established names. Some customers prefer the comfort of well-known insurers.
For our standard profile ($500k Life + $500k TPD, 35-year-old male non-smoker, professional occupation):
Get indicative quotes from TAL, AIA, Zurich, OnePath, ClearView, NEOS, Futura, and Acenda based on your specific needs.
Get Free ComparisonFutura (formerly BT Protection Plans) was acquired by Pacific Life Re in 2022 and rebranded. Despite the ownership changes, Futura maintains a solid presence in the Australian market, particularly through adviser networks.
Futura operates under AFSL 247241.
Key Statistics:
View full Futura profile and products
1. Competitive Professional Rates Futura offers particularly competitive pricing for professionals, medical practitioners, and executives. If you work in a white-collar occupation, Futura is worth including in your comparison.
2. Comprehensive Business Cover Futura has strong business insurance options inherited from the BT platform, including sophisticated key person and buy/sell structures.
3. Solid TPD Coverage Futura's TPD definitions are well-drafted and policyholder-friendly. Their "own occupation" option is available for a reasonable range of occupations.
4. Income Protection Flexibility Futura offers income protection with agreed value options, waiting periods from 14 days, and benefit periods up to age 70.
5. Claims Advocacy Support Futura provides dedicated claims support staff who advocate on behalf of policyholders during the claims process.
1. Brand Uncertainty Multiple ownership changes (Westpac to Zurich to Pacific Life Re) have created brand confusion and some concerns about long-term strategy.
2. 12-Month Terminal Illness Definition Futura uses the less generous 12-month terminal illness definition.
3. Limited Trauma Coverage Futura's trauma product covers fewer conditions than market leaders.
4. Slower Claims Processing At 20 days average, Futura's claims processing is slower than several competitors.
5. Limited Digital Tools Futura's online tools are dated compared to newer market entrants.
For our standard profile ($500k Life + $500k TPD, 35-year-old male non-smoker, professional occupation):
Acenda is one of the newer life insurance brands in Australia, operating as part of the TAL group but with its own distinct product offering and positioning. Acenda focuses on providing quality coverage through digital-first distribution.
Acenda operates under TAL's AFSL 237848.
Key Statistics:
View full Acenda profile and products
1. TAL Backing As part of the TAL group, Acenda benefits from TAL's financial strength, claims expertise, and regulatory compliance infrastructure.
2. Competitive Digital Pricing Acenda's digital-first approach results in competitive pricing, typically 5-10% below TAL's flagship products.
3. Simplified Application Acenda's online application process is streamlined, with faster underwriting for standard risk profiles.
4. Modern Customer Experience Clean digital interfaces and straightforward policy documentation make Acenda accessible for first-time buyers.
5. Quality Core Coverage Despite simpler positioning, Acenda's core life cover and TPD products meet market standards for features and definitions.
1. Limited Product Range Acenda offers a narrower product range than parent company TAL. Complex needs may not be fully met.
2. Less Adviser Support Acenda's digital-first model means less adviser support for complex situations.
3. Newer Brand As a younger brand, Acenda lacks the track record of established insurers.
4. Limited Occupation Options Acenda's occupation classification is more restrictive than TAL's full product range.
For our standard profile ($500k Life + $500k TPD, 35-year-old male non-smoker, professional occupation):
| Feature | TAL(Recommended) | AIA | Zurich | OnePath | ClearView | NEOS | Futura | Acenda |
|---|---|---|---|---|---|---|---|---|
| Claims Acceptance Rate | 91.8% | 89.7% | 93.1% | 90.4% | 90.8% | 89.9% | 90.2% | 91.5% |
| Average Claim Processing Time | 18 days | 16 days | 14 days (best) | 17 days | 19 days | 16 days | 20 days | 17 days |
| Terminal Illness Definition | 12 months | 24 months | 24 months | 24 months | 12 months | 12 months | 12 months | 12 months |
| Trauma Conditions Covered | 47 full + 17 partial | 51 conditions | 54 conditions | 60+ conditions (best) | 38 conditions | 35 conditions | 42 conditions | 40 conditions |
| Own Occupation TPD Availability | Broad (including many trades) | Best (including manual workers) | Moderate | Moderate | Limited | Limited | Moderate | Moderate |
| Minimum IP Waiting Period | 30 days | 14 days | 30 days | 30 days | 14 days | 30 days | 14 days | 30 days |
| Monthly Premium (Standard Profile) | $87.50 | $92.80 (before Vitality) | $84.20 | $96.40 | $72.40 | $64.80 (lowest) | $78.90 | $76.20 |
| Vitality/Wellness Programme | No | Yes (up to 25% discount) | No | No | No | No | No | No |
| Financial Strength Rating | A+ (S&P) | AA- (S&P) | AA- (S&P) | A+ (S&P) | Not rated | Not rated | Not rated | A+ (S&P, via TAL) |
| Best For | Overall best choice | Tradies & Vitality users | Best claims experience | Comprehensive trauma | Budget-conscious families | Best value | Professionals | Digital-first buyers |
Premium comparison based on 35-year-old male non-smoker, $500k Life + $500k TPD, professional occupation. Data from insurer PDSs and APRA statistics as at January 2026.
With 8 quality insurers to choose from, the "best" choice depends entirely on your specific circumstances. Use this decision framework to narrow down your options:
If claims experience is your top priority: Choose Zurich
If value/lowest premium is your top priority: Choose NEOS
If occupation coverage is your top priority: Choose AIA
If comprehensive trauma cover is your priority: Choose OnePath
If you want the market leader: Choose TAL
Your occupation dramatically affects which insurers are suitable:
Professional/White Collar (Office-based): All 8 insurers offer competitive rates. Focus on features and price.
Light Manual (Retail, Hospitality): TAL, AIA, Zurich, and OnePath offer best options. Check "own occupation" availability.
Heavy Manual (Construction, Mining, Agriculture): AIA is clearly best, followed by TAL. Other insurers may decline or heavily load premiums.
Hazardous Occupations (Commercial Diving, Explosives): Very limited options. AIA most likely to offer terms. Specialist underwriting required.
Family History of Cancer or Heart Disease: Prioritise comprehensive trauma cover (OnePath, Zurich, AIA). Check specific condition definitions.
Existing Health Conditions: Larger insurers (TAL, AIA, Zurich) have more flexible underwriting for complex health histories.
Terminal Illness Concerns: Choose an insurer with 24-month terminal illness definition (AIA, Zurich, OnePath).
Budget Tight (Need Lowest Premium): NEOS > ClearView > Acenda
Value-Focused (Good Coverage at Reasonable Price): Zurich > TAL > Futura
Premium Willing (Best Features Regardless of Cost): OnePath > AIA (with Vitality) > TAL
Want Wellness Programme: AIA (Vitality - up to 25% discount) Want Premium Certainty: Zurich or TAL (Premium Freeze options) Want Simplest Purchase: NEOS or Acenda (digital-first) Want Business Cover: OnePath or Futura (sophisticated structures)
Zurich has the fastest average claims processing time at 14 days, followed by AIA and NEOS at 16 days. TAL and OnePath process claims in approximately 17-18 days on average.
However, processing time varies by claim type. Simple death claims with complete documentation are typically paid within 2 weeks by most insurers. Complex TPD or income protection claims take longer regardless of insurer.
Larger insurers (TAL, AIA, Zurich) generally offer:
Smaller insurers (NEOS, ClearView) typically offer:
For straightforward needs and professional occupations, smaller insurers can offer excellent value. For complex needs or manual occupations, larger insurers are usually better.
Yes, it can matter significantly. The difference determines when you can access your life insurance if diagnosed with a terminal condition:
For conditions like motor neurone disease (average life expectancy 2-3 years from diagnosis), a 24-month definition allows access to funds 12+ months earlier. This can provide crucial financial support while you're still relatively functional.
Yes, you can switch insurers at any time. However, you'll need to:
Important: Never cancel your existing policy until your new policy is fully in force. If your health has deteriorated since your original policy, you may not be able to get equivalent coverage elsewhere.
You can purchase life insurance either way:
Through an adviser:
Direct/Online:
For complex situations, manual occupations, or existing health conditions, an adviser typically adds significant value.
Review your cover annually and after major life events (marriage, children, property purchase). However, switching providers should only be done when:
Switching too frequently can result in new underwriting complications if your health has changed.
Australian life insurers are regulated by APRA and must maintain substantial capital reserves. In the unlikely event of insurer failure:
All 8 insurers reviewed here are financially sound. The "Big 3" (TAL, AIA, Zurich) have particularly strong financial backing from global parent companies.
The information in this article is general in nature and does not take into account your personal circumstances, financial situation, or objectives. Life insurance products have different features, exclusions, and costs that may or may not suit your needs. Before making any decisions, you should consider the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) from each insurer, and consider seeking personal advice from a licensed financial adviser.
This article was prepared by IMFL Advisory Pty Ltd (ABN XX XXX XXX XXX), a Corporate Authorised Representative of Synchron (AFSL 246623). We receive fees from insurers when policies are placed but this does not influence our rankings, which are based purely on objective criteria.
Premium examples are indicative only and based on information available as at January 2026. Actual premiums will vary based on your specific circumstances, health history, occupation, and chosen cover options. Claims statistics are sourced from APRA Life Insurance Claims and Disputes Statistics and individual insurer annual reports.
Ready to find the best life insurance for your specific situation? Here are your options:
Last updated: 29 January 2026. Premium comparisons and claims statistics are updated quarterly. Next review scheduled: April 2026.