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A factual comparison of life insurance from the nine insurers on the Insure Me For Life panel: AIA, Zurich, TAL, OnePath, ClearView, NEOS, Encompass, Acenda and Futura. We cover what life insurance does, how the products differ on features, indicative premium ranges from our quote engine, and the common trade-offs to think through. This is general advice only. We do not rank insurers, and we will not tell you which policy is right for your circumstances.
Life insurance (sometimes called death cover or term life insurance) pays a one-off lump sum to your nominated beneficiaries when you die. Most retail life policies in Australia also pay the same lump sum early if you are diagnosed with a terminal illness, with the medical definition typically based on a treating specialist forming the view that you are likely to die within the next 12 to 24 months. The exact wording and qualifying period sits in each insurer's Product Disclosure Statement.
Life cover sits inside a broader retail product that usually also offers TPD (Total and Permanent Disability), trauma and income protection. You can buy life cover on its own, or bundle it with other types. Bundling generally reduces the per-product cost and lets you link benefit payouts so a TPD or trauma claim reduces the remaining life cover by the amount paid.
The benefit is paid as a single lump sum, not a recurring income. Common reasons people take it out include:
Retail life policies in Australia are typically guaranteed renewable for life (meaning the insurer cannot cancel cover or re-underwrite you each year) and run to a maximum expiry age that varies by insurer (commonly to age 99 for life cover). They are kept in place by paying ongoing premiums, generally monthly. Where you hold life cover inside superannuation, the policy structure, expiry ages and beneficiary rules are different. See the "super vs retail" section below.
These are the nine insurers we compare across. Each holds an Australian Financial Services Licence and is listed on APRA's register of life insurers. We have not ranked them and we do not call any of them "the best". That judgement depends on individual circumstances and the underwriting outcome you receive, which only the insurer can determine. Specifics quoted below are taken from each insurer's current Product Disclosure Statement (PDS), which you can read in full on the insurer's website.
Priority Protection
AIA Australia is part of the AIA Group and offers Priority Protection, a fully underwritten retail product covering life, TPD, trauma and income protection. AIA also runs the Vitality wellness programme that links healthy-living activity to premium discounts.
See AIA Australia detailsWealth Protection
Zurich is a long-standing global insurer in the Australian retail market. Its Wealth Protection product covers life, TPD, trauma and income protection. Zurich publishes its Cost of Care research that the broader industry references when pricing trauma cover.
See Zurich detailsAccelerated Protection
TAL Life Limited is one of the largest life insurers in Australia and underwrites Accelerated Protection — a retail product offering life, TPD, trauma and income protection in both standalone and linked configurations.
See TAL detailsOneCare
OnePath has been writing life insurance in Australia for decades and offers OneCare, a feature-rich retail product across life, TPD, trauma and income protection with a wide menu of optional benefits and rider configurations.
See OnePath detailsClearChoice
ClearView Life Assurance Limited is an Australian-owned life insurer focused on retail advised business. ClearChoice is its current product offering across life, TPD, trauma and income protection.
See ClearView detailsNEOS Protection
NEOS Life is an Australian advised-life insurer underwritten on the AIA platform. Its retail product covers life, TPD, trauma and income protection and is generally positioned as a competitively priced alternative for healthy applicants.
See NEOS detailsEncompass Protection
Encompass Protection is a retail life insurance product, part of the broader Australian advised-channel market. Like the other panel insurers it covers life, TPD, trauma and income protection on a fully underwritten basis.
See Encompass detailsAcenda Insurance
Acenda is the rebranded life-insurance business previously known as MLC Life Insurance, now operating as part of the Nippon Life Group. Acenda offers retail life, TPD, trauma and income protection in the advised channel.
See Acenda detailsFutura Protection
Futura Protection is a retail life insurance product available through the advised channel. It covers life, TPD, trauma and income protection with the standard suite of indexation and rider options.
See Futura detailsThe table below pulls product information directly from our insurer database, the same data that drives our quote engine. Use it to compare entry and expiry ages, sum-insured ranges, and the broad shape of each insurer's life cover product. The columns are sortable; click any insurer name to read more about their full product range.
Reading this table is not a substitute for reading the relevant PDS. Definitions of terminal illness, the calculation of indexation, the treatment of premium structure changes and exclusion language are all set out in the policy document itself, and the differences between insurers can matter at claim time. If anything below looks ambiguous, ask us to walk you through the actual PDS clause before you decide.
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The right life insurance policy for one household is rarely the right one for another. Below we walk through three of the most common decision points (how much cover to take out, stepped vs level premiums, and inside super vs a retail policy) in general terms only. None of this is a recommendation that you hold any specific structure or amount.
There are several frameworks people commonly use to size life cover. The most widely referenced is to add up the debts that would need to be paid off (typically the mortgage and any other significant liabilities), the income your dependents would need replaced (often a multiple of your annual after-tax income), and any one-off costs such as funeral expenses or children's education, then subtract liquid assets your family would have access to.
ASIC's MoneySmart website publishes a free life insurance calculator that walks through these inputs. We also link out to the calculator in our coverage guides. The numbers it produces are a starting point, not a prescription; your final figure depends on individual circumstances we cannot assume.
Australian retail life policies generally let you pick between two premium structures. Stepped premiums start cheaper and re-rate each year as you get older: the premium goes up annually because the statistical probability of a claim rises with age. Level premiums start higher but rise more slowly, with the rises generally driven by indexation and insurer-wide rate reviews rather than your age.
Neither structure is universally cheaper. Stepped is typically less expensive in the short term and over a shorter holding period; level can work out lower over a long holding period because the gap closes and then reverses as you age. The break-even point depends on the insurer, the cover amount and your age at outset.
Some insurers also offer hybrid options or let you switch structures, though switching usually requires fresh underwriting. The trade-off is one of cashflow today versus cashflow at older ages; neither is right or wrong in the abstract.
Most working Australians already hold some life cover through their superannuation fund, often without ever having actively chosen it. Cover inside super is paid for out of your super balance, which means the premium does not come out of your take-home pay, but it does erode your retirement savings over time. Group rates inside super are often lower than retail rates because the fund negotiates wholesale terms.
Retail life policies sit outside super. The premiums are paid from after-tax income, but the policy is generally guaranteed renewable to a higher expiry age, you control the beneficiary nomination directly, and the cover is portable if you change employers or super funds. Retail policies also typically offer a wider range of features and bundling options, and the underwriting is fully evidence-based at outset, which can reduce disputes at claim time.
Beneficiary rules also differ. Inside super, the trustee is usually required to pay the death benefit to a superannuation dependant or your legal personal representative; you cannot freely nominate, say, a parent or a friend. Outside super you can nominate any beneficiary directly on the policy. Tax treatment of the lump sum can also differ depending on who receives it and whether the policy was inside or outside super. Consult a tax adviser for your specific situation.
Many households end up with a mix of both: a baseline level of cover inside super, topped up with a retail policy where the cover gap or feature requirements warrant it. Whether that mix makes sense for you depends on factors we cannot assume from a public page.
These cover the questions we are asked most often when comparing life insurance across the panel. For a deeper treatment, our full life insurance FAQ hub has 30 questions in detail.
If you want to go deeper, the following guides cover specific parts of the comparison decision in more detail. Our Life Insurance overview page is the educational hub for the product, the Providers index has a dedicated page for each of the nine insurers, the health conditions library explains how 13 categories of medical history are commonly underwritten, and the FAQ hub answers questions across all five product types we cover.
The educational pillar covering how life cover works in Australia, who needs it and how to apply.
Premium ranges by age band, gender and smoking status, with worked examples.
A side-by-side comparison of cover inside super against a standalone retail policy.
Three sizing methods used in the industry plus links to the MoneySmart calculator.
The same nine-insurer panel, compared on Total and Permanent Disability cover.
Income protection across the panel: waiting periods, benefit periods and indemnity vs agreed value.
We will return indicative quotes from across the panel within a few minutes. There is no charge to use the service; we are paid commission by the insurer if you proceed, as set out in our Financial Services Guide.
General Advice Only
Authorised Representative Number: 1244847 | Australian Financial Services Licence: 246623