Which insurance company is best for life insurance?

The best life insurance for you will depend on your personal profile and budget, however, we've done some research to help get you started. In 2024, TAL life insurance was the winner of our best life insurance award. This is because TAL offers competitive pricing and extensive benefit limits. In short; it's well priced for such a good product. Keep in mind, you should always get your own quote and read through the product disclosure statement to know if this product offers the kind of coverage you're looking for.

Is it worth getting life insurance?

To be straight with you, only you can answer this one. Life insurance is one of those products you hope you never have to use because for it to ever be used, something terrible has to happen first. However, you may deem it 'worth it' for the peace of mind it brings you and your family. Life insurance can cover the cost of major debts like your mortgage in the event you're unable to do so yourself. For many, knowing your family would be financially stable in the event of your passing makes life insurance worth it. If you're not sure whether or not life insurance is necessary for you, this article can help you assess your needs and what your family would need in the event of your passing.

Who gets a life insurance payout?

A life insurance payout goes to the beneficiary; this is the person you choose at the time of taking out your policy. In the event of your death, the beneficiary — which can be 1 person or a selection of people — would get the payout.

What happens if I cancel my life insurance?

If you cancel your life insurance, you will no longer be covered as of the date you cancel. If you've paid your premium in advance then you may be refunded for the unused portion of it, minus any cancellation fees you may owe.

Is it better to get a life insurance policy inside or outside of super?

It's an individual assessment depending on your cashflow, retirement funding and tax situation. While it's often cheaper and easier to hold life insurance within super, it reduces the amount in your retirement fund. Additionally, the payout is usually small and the policies typically expire when you turn 65. With a traditional life insurance policy, the expiry age is usually around 99 or there is no expiry age at all, as long as you keep paying your premiums.

I have a pre-existing condition. Can I still get life insurance?

Yes, it is possible. If you have a pre-existing medical condition, there are insurers who will still cover you. But they might ask you to pay slightly higher premiums or exclude that condition from your cover. It's really important to disclose any condition you have when you apply for life insurance. Not doing so could void your cover.

What is child life insurance?

Child life insurance is a feature you can add to your life insurance policy for an added fee. It will pay out a financial benefit if your child dies or suffers a serious medical condition.

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Finder score

9.9 Excellent

TAL Accelerated Protection Life Insurance

Finder 2024 award winner for best life insurance.
The cheapest life insurance policy on average in our awards analysis.
Choice of stepped or level premiums depending on your age.

What you're covered for

Max cover: No set limit
Funeral benefit: $25,000
Optional TPD cover: Yes
Optional trauma cover: Yes

Current offer:
Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. T&C’s apply.

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Finder score

9.6 Excellent

Medibank Life Insurance

24/7 access to Medibank Nurse to talk about any health concerns.
If you're a Medibank health member you can get a 10% discount each year.
Get up to $2.5 million in cover – that's $1 million more than AAMI, Suncorp, ahm, Insuranceline and Zurich.

What you're covered for

Max cover: $2,500,000
Funeral benefit: $15,000
Optional TPD cover: Yes
Optional trauma cover: Yes

Current offer:
Get a 10% discount if you're already a Medibank Health Insurance member.

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Finder score

8.2 Great

ahm Life Insurance

ahm offers a competitive cover limit of $1.5 million for death or terminal illness.
You can increase your life insurance coverage after a major life event without needing to be reassessed.
Score a 10% discount if you're already an ahm Health Insurance member.

What you're covered for

Max cover: $1,500,000
Funeral benefit: $15,000
Optional TPD cover: Yes
Optional trauma cover: Yes

Current offer:
Get a 10% discount if you're already an ahm Health Insurance member.

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Finder score

6.8 Standard

Zurich Ezicover Life Insurance

Your family could have 2 chances to save on its insurance: Your first month is free and, by taking out a second life policy, you can get a 10% discount on that policy.
Zurich offers premium suspension cover of up to 12 months to help you if you're struggling financially. Most insurers don't offer this.
A $15,000 payout for funeral costs is competitive.

What you're covered for

Max cover: $1,500,000
Funeral benefit: $15,000
Optional TPD cover: No
Optional trauma cover: No

Current offer:
Policy discounts include 10% off for your partner if you sign up for a joint policy. You can also get 5% off income protection if you buy it alongside your life cover.

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Finder score

6.4 Standard

AAMI Life Insurance

Good discounts on offer: 1 month free if you pay annually, 5% multi-life policy discount and you can save up to 10% on premiums every year for the life of your policy if you sign up before 2 Dec 2024. T&Cs apply.
AAMI has a competitive maximum cover of $1.5million, consistent with other brands in the market.
AAMI came in second place in Finder's 2024 customer satisfaction awards.It scored highly in the following areas; customer service, features and benefits, ease of application, value for money and reliability. It scored 4.18/5 overall.

What you're covered for

Max cover: $1,500,000
Funeral benefit: $10,000
Optional TPD cover: No
Optional trauma cover: Yes

Current offer:
Save up to 10% on premiums every year for the life of the policy on AAMI Life Insurance. Offer ends 31 July 2025. T&Cs apply.

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Finder score

6.4 Standard

Suncorp Life Insurance

Suncorp has a competitive maximum cover of $1.5million.
Good discounts on offer: 1 month free if you pay annually, 5% multi-life policy discount and you can save up to 10% on premiums every year for the life of your policy if you sign up before 2 Dec 2024. T&Cs apply.
You can increase your cover in the future without having to get a medical assessment.

What you're covered for

Max cover: $1,500,000
Funeral benefit: $10,000
Optional TPD cover: No
Optional trauma cover: Yes

Current offer:
Save up to 10% on premiums every year for the life of the policy on Suncorp Life Insurance. Offer ends 31 July 2025. T&Cs apply.

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FAQs

The best life insurance for you will depend on your personal profile and budget, however, we've done some research to help get you started. In 2024, TAL life insurance was the winner of our best life insurance award. This is because TAL offers competitive pricing and extensive benefit limits. In short; it's well priced for such a good product.
Keep in mind, you should always get your own quote and read through the product disclosure statement to know if this product offers the kind of coverage you're looking for.
To be straight with you, only you can answer this one. Life insurance is one of those products you hope you never have to use because for it to ever be used, something terrible has to happen first. However, you may deem it 'worth it' for the peace of mind it brings you and your family. Life insurance can cover the cost of major debts like your mortgage in the event you're unable to do so yourself. For many, knowing your family would be financially stable in the event of your passing makes life insurance worth it. If you're not sure whether or not life insurance is necessary for you, this article can help you assess your needs and what your family would need in the event of your passing.
It's an individual assessment depending on your cashflow, retirement funding and tax situation. While it's often cheaper and easier to hold life insurance within super, it reduces the amount in your retirement fund. Additionally, the payout is usually small and the policies typically expire when you turn 65. With a traditional life insurance policy, the expiry age is usually around 99 or there is no expiry age at all, as long as you keep paying your premiums.
Yes, it is possible. If you have a pre-existing medical condition, there are insurers who will still cover you. But they might ask you to pay slightly higher premiums or exclude that condition from your cover. It's really important to disclose any condition you have when you apply for life insurance. Not doing so could void your cover.

Thank you for your feedback!

Written by

Peta Taylor

Publisher of Insurance

Peta Taylor is a publisher at Finder, working across all of insurance. She's been analysing product disclosure statements and publishing articles for over 2 years. Peta is passionate about demystifying complex insurance products to help users make well educated decisions with confidence. Peta is part of Finder's insurance awards team and works alongside editorial and insights experts to bring users the best insurance products every year. See full bio

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