Our Pick Of The Best Life Insurance Providers For Australians Of 2024

Editor

Published: Oct 4, 2024, 9:00am

Johanna Leggatt
editor

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Editorial note: Forbes Advisor Australia may earn revenue from this story in the manner disclosed here. Read our advice disclaimer here.

Finding the best life insurance for you and your family need not be a daunting task. Armed with the right information and research, it’s possible to find a life insurance policy that suits your needs and provides adequate coverage for your family.

In Australia, only 15 million people are actively insured with some sort of life insurance cover–and many of those are underinsured, a report for the Financial Services Council notes.

The report states that while most Australians have some level of risk cover, usually through their superannuation fund, there are often “significant gaps in coverage and benefits”.

So, for those looking to take out a dedicated life insurance policy–also known as death cover–in order to protect their loved ones financially in the event of your own passing, here is our pick of some of the best providers currently in the market.

Why You Can Trust Forbes Advisor Australia

The Forbes Advisor team combines meticulous research with editorial analysis to come up with a list of companies that may offer you the right life insurance for your needs. As we outline below, we follow a rigorous data methodology to find some of the best providers in the market, and we have homed in on the relevant life insurance policy features that will enable you to see—at a glance—the various pros and cons of each policy.

Note: The below list represents a selection of our top category picks, as chosen by Forbes Advisor Australia’s editors and journalists. The information provided is purely factual and is not intended to imply any recommendation, opinion, or advice about a financial product. Not every product or provider in the marketplace has been reviewed, and the list below is not intended to be exhaustive nor replace your own research or independent financial advice. For more information on how Forbes Advisor ranks and reviews products, including how we identified our top category picks, read the methodology selection below.

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Our Pick Of The Best Life Insurance Providers


TAL Accelerated Protection

TAL Accelerated Protection
4.7
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Coverage Age Limit

Up to 74 for new policies; cover expires at 100

Maximum Death Benefit

No maximum limit

Advanced Payment Benefit?

Yes. There is an advanced payment benefit of 10%, up to the value of $25,000

TAL Accelerated Protection

Coverage Age Limit

Up to 74 for new policies; cover expires at 100

Maximum Death Benefit

No maximum limit

Advanced Payment Benefit?

Yes. There is an advanced payment benefit of 10%, up to the value of $25,000

Why We Picked It

TAL Accelerated Protection is one of Australia’s leading life insurance providers according to Forbes Advisor, largely due to its flexible maximum death benefit—the policyholder can choose to be covered up to any financially justifiable amount. New policies can be taken out by individuals aged anywhere between 18-74 years of age, with the maximum age of a policyholder (for pre-existing policies) being 100.

Consumers also have the choice of stepped or level premiums depending on their age, and there is a wide range of additional benefits and add-ons that policyholders can access.

However, the claims paid rate for year ending 2023 was slightly lower (86.4%) than the industry average (90.7%), and the average claim time was three months, compared to the industry average of 2.6 months.

Pros & Cons
  • No limit on benefit amount
  • Advance payment of 10% (up to a maximum of $25,000)
  • Interim cover is provided while application is being assessed
  • Longer pay-out time than average
  • Paid claims rate is slightly below industry average
  • No discounts or rewards available

NobleOak: Premium Life Direct

NobleOak: Premium Life Direct
4.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Coverage Age Limit

Up to 69 for new policies; cover expires at 99

Maximum Death Benefit

Up to $15 million

Advanced Payment Benefit?

Yes, there is a funeral advance benefit of up to $15,000

NobleOak: Premium Life Direct

Coverage Age Limit

Up to 69 for new policies; cover expires at 99

Maximum Death Benefit

Up to $15 million

Advanced Payment Benefit?

Yes, there is a funeral advance benefit of up to $15,000

Why We Picked It

The Premium Life Direct policy offered by NobleOak is a comprehensive life insurance choice for Australians, with cover up to $15 million and a funeral advance benefit available to your family up to $15,000. The policy includes a grief counselling benefit, financial advice benefit, premium freeze benefit, future increases benefit and a pause benefit. However, there is no child’s critical illness benefit.

In terms of pay-outs, NobleOak has a 96.9% claims accepted rate and 1.1 month average claim pay-out time. It does however have a dispute rate of 44.1, which is much higher than industry average of 30 disputes per 100,000 lives insured. Policyholders also do not have a choice between stepped or level premiums, as only stepped premiums are offered.

Please note: NobleOak’s life insurance product was previously awarded four stars, but has been upgraded to 4.5 due to high scores across low disputes and high payout rates in 2024 data.

Pros & Cons
  • Wide range of additional benefits
  • High claims acceptance rate
  • Quick pay-out timeframe
  • No choice between stepped or level premiums
  • No child’s critical illness benefit

OnePath: OneCare Life Cover

OnePath: OneCare Life Cover
4.3
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Coverage Age Limit

Up to 75 for new policies; 99 is the maximum age to renew policy

Maximum Death Benefit

Up to $15 million

Advanced Payment Benefit?

Yes, there is a 10% funeral advance benefit (up to a maximum of $25,000)

OnePath: OneCare Life Cover

Coverage Age Limit

Up to 75 for new policies; 99 is the maximum age to renew policy

Maximum Death Benefit

Up to $15 million

Advanced Payment Benefit?

Yes, there is a 10% funeral advance benefit (up to a maximum of $25,000)

Why We Picked It

OnePath offers Australian’s two different types of death cover: OneCare Life Cover and OnePath SureCover, the latter being a policy that does not require a medical exam. OneCare Life Cover, however, is the predominant offering, and requires a medical exam before acceptance as is the industry standard. However, alongside many benefits (including child’s critical illness), OnePath allows policyholders to increase cover each year without another medical examination to keep up with inflation or major life events. It also offers a maximum cover amount of $15 million, giving policyholders the choice of their level of coverage and between stepped or level premiums.

As there were not enough finalised claims available to analyse in the previous period, OnePath’s claims accepted rate, average claim time and dispute rate are unknown.

Pros & Cons
  • Choice of coverage level
  • Future increases benefit available for life events and inflation
  • TPD is available as an additional cover option
  • Unknown pay-out rate
  • Requires medical examinations (other OnePath offerings do not)

Budget Direct Insurance: Premium Life Direct

Budget Direct Insurance: Premium Life Direct
4.3
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Coverage Age Limit

Up to 74 for new policies; cover expires at 99

Maximum Death Benefit

Up to $25 million

Advanced Payment Benefit?

Yes, there is a funeral advance benefit of up to $15,000

Budget Direct Insurance: Premium Life Direct

Coverage Age Limit

Up to 74 for new policies; cover expires at 99

Maximum Death Benefit

Up to $25 million

Advanced Payment Benefit?

Yes, there is a funeral advance benefit of up to $15,000

Why We Picked It

If you’re looking for a life insurance option with a high death benefit, Budget Insurance, which is issued through NobleOak, is one to consider. Along with a $25 million maximum death benefit limit, the policy includes the option to add TPD, income protection and trauma cover. There are numerous additional benefits available through Budget Insurance’s Premium Life Direct plan, including a funeral advance, financial advice benefit, grief counselling, premium freeze and more. Cover can be taken out up until the age of 74.

There is no data available yet on Budget Insurance’s claims accepted rate, average claim time or dispute rate, so these cannot be considered for the product. It is worth noting that policyholders do not have a choice between the type of premium: only stepped premiums are offered.

Pros & Cons
  • High maximum death benefit
  • Cover can be taken out until the age of 74
  • Option to add TPD, income protection and trauma cover
  • No data yet on claims accepted rate
  • Only stepped premiums available

ClearView Life Cover: Clear Choice

ClearView Life Cover: Clear Choice
4.2
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Coverage Age Limit

Up to 75 for new policies; cover expires at 99

Maximum Death Benefit

Up to $20 million

Advanced Payment Benefit?

Yes, there is an advanced payment of $25,000

ClearView Life Cover: Clear Choice

Coverage Age Limit

Up to 75 for new policies; cover expires at 99

Maximum Death Benefit

Up to $20 million

Advanced Payment Benefit?

Yes, there is an advanced payment of $25,000

Why We Picked It

If you’re looking to nominate your own level of coverage and the type of cover that you want, ClearView Life Cover could be the choice for you—especially because you can be insured up to a maximum benefit of $20 million. There’s also a $25,000 advanced payment benefit and, if the insured is diagnosed with a terminal illness and has 12 months or fewer to live, there is also the possibility to access an additional benefit up to $3 million before passing.

ClearView also offers the insured access to a health rewards program, ensuring they actively manage their health and wellbeing. It should be noted that there is no guaranteed acceptance offered, and the provider has unfortunately had a much larger number of disputes, some 47 for 100,000 lives insured compared to the industry standard of 25.8. There is a high claims acceptance rate, however: 95.2% compared to industry average of 90.7%

Pros & Cons
  • $20 million maximum benefit
  • $3 million terminal illness benefit available
  • High claims acceptance rate
  • High number of disputes
  • Level and stepped premiums dependent on age
  • Additional medical evaluations may be required

Resolution Life: Elevate

Resolution Life: Elevate
4.1
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Coverage Age Limit

Up to 75; cover expires at 100

Maximum Death Benefit

Up to $15 million

Advanced Payment Benefit?

Yes, there is a funeral advance benefit of up to $20,000

Resolution Life: Elevate

Coverage Age Limit

Up to 75; cover expires at 100

Maximum Death Benefit

Up to $15 million

Advanced Payment Benefit?

Yes, there is a funeral advance benefit of up to $20,000

Why We Picked It

Resolution Life offers death cover to Australians via its ‘Elevate’ life insurance offering. Included in the cover is a maximum death benefit of $15 million, a funeral advance benefit up to $20,000, the option to add TPD to the policy, and many other benefits such as financial planning and future insurability.

Consumers do not have the choice of stepped or level premiums, as only stepped premiums are offered. Additionally, there is not enough data available on the claims accepted rate, average claim time or number of disputes for Resolution Life, so these cannot be considered nor evaluated for the product.

Pros & Cons
  • Option to add TPD
  • Cover doesn’t expire until 99 years
  • $20,000 funeral benefit
  • Only stepped premiums offered
  • Unknown rates of payout, disputes and timeframe

Allianz: Life Cover

Allianz: Life Cover
4.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Coverage Age Limit

Up to 99 years old

Maximum Death Benefit

$1.5 million

Advanced Payment Benefit?

Yes, there is a advanced payment benefit of up to $15,000

Allianz: Life Cover

Coverage Age Limit

Up to 99 years old

Maximum Death Benefit

$1.5 million

Advanced Payment Benefit?

Yes, there is a advanced payment benefit of up to $15,000

Why We Picked It

Allianz is one of the nation’s most well-known insurance companies, so it’s no surprise it also offers a death cover option for Australians. Known as its Life Cover policy, Allianz’s life insurance offers cover up to $1.5 million, with the level of coverage choices determined by your age. For 16-45 year olds, the full $1.5 million is available; 46-55 year olds can access up to $1 million; while 56-65 year olds only have up to $500,000.

Along with many other benefits, Allianz offers an indexation benefit, meaning the sum insured will be automatically increased on each policy anniversary in line with inflation.

Pros & Cons
  • Can take out policy up to 99 years
  • Discounts available
  • Indexation benefit automatically included
  • Low maximum death benefit
  • Coverage changes depending on age
  • Only stepped premiums offered

MetLife Life Insurance’s MetLife Protect

MetLife Life Insurance’s MetLife Protect
3.8
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Coverage Age Limit

73 for new policies; cover expires at 130

Maximum Death Benefit

No maximum limit

Advanced Payment Benefit?

Yes, there is an advanced payment benefit of up to $30,000

MetLife Life Insurance’s MetLife Protect

Coverage Age Limit

73 for new policies; cover expires at 130

Maximum Death Benefit

No maximum limit

Advanced Payment Benefit?

Yes, there is an advanced payment benefit of up to $30,000

Why We Picked It

For those with longevity on their side, MetLife Life Insurance could be the best death cover option—its maximum age to take out a new policy is 73, but you remain insured until the ripe age of 130 years old. There’s also no maximum limit to the benefit, a $30,000 advanced payment benefit to assist your family with immediate costs after your passing, and the choice between stepped or level premiums.

While the flexibility of no maximum benefit limit and the choice between stepped and level premiums, it does come with certain caveats. MetLife may only approve a high benefit limit pending certain conditions being met, and the choice between stepped and level premiums depends on the policyholder’s age.

Pros & Cons
  • No maximum death benefit limit
  • Cover until 130 years of age
  • $30,000 advanced payment benefit
  • Stepped and level premiums dependent on age
  • Potential difficulty securing high benefit
  • No data on claims accepted rate

Our Methodology

Forbes Advisor performed an in-depth assessment of the death cover options currently available on the Australian market. Other forms of life insurance, such as income protection insurance or death and permanent disability were not analysed individually. However, we did note whether these were available to add to the death cover plans for an additional price.

Nearly 20 different providers were researched, across a range of different variables, including:

  • Whether the consumer could purchase the death cover directly from the provider, or if it could only be purchased through a super fund or financial advisor;
  • If the provider offered guaranteed acceptance, meaning the policyholder would be approved without having to undergo a medical exam;
  • The maximum death benefit;
  • Whether or not the policyholder can choose their level of coverage;
  • Whether or not the policyholder has a choice between ‘stepped premiums’ (which are recalculated on an annual basis, usually higher) or  ‘level premiums’ which are higher to begin with but prices increase  slowly over time. Most insurers offer stepped premiums or level premiums;
  • The maximum age that the insurance is available for, including when you can take out a new policy and when cover would end for pre-existing policies;
  • If there are any exclusions to the policy and the conditions of such;
  • Whether or not terminal illness is covered within the policy;
  • How long the average pay-out time–being how long it has taken, on average, for the insurer to either approve or deny claims;
  • What the claims accepted rate is of the provider, as the current industry average is 90.7%;
  • The average amount of disputes per 100,000 lives insured;
  • If an advanced payment benefit is paid out while your claim is being assessed;
  • If you can add children to the policy, often known as the child’s critical illness benefit;
  • If there are other benefits offered, such as a repatriation benefit or inflation benefit;
  • Whether or not there is an option to add TPD insurance to the death cover policy;
  • Any discounts or rewards available; and
  • The details of any SIS disclaimers, if there is one.

The data on the average pay-out time, what the claims-accepted rate is of the provider, alongside the number of complaints, was gathered from MoneySmart’s Life Insurance comparison tool and compared against the publicly available industry average. The data covers January 1 2023 to December 31 2023, while the remainder of the data was gathered from each insurer’s individual policy disclosure statement.

After considering these parameters, each life insurance provider was then ranked out of five stars. The top eight choices of all policies considered and analysed have been included above.

While the price of the monthly premiums will no doubt be an important factor in whether you choose to take out life insurance—and which policy you choose—we did not include price as a metric as it is highly dependent on individual circumstances and is likely to vary from one person to the next. You can read more about the cost of life insurance in our guide.

About Star Rankings

You will note that we have included a star rating next to the product or provider reviewed. This rating was determined by the editorial team once all of the data points were considered, and the pros and cons of each product attribute was reviewed. The star rating is solely the view of Forbes Advisor editorial staff. Commercial partners or advertisers have no bearing on the star rating or their inclusion on this list. Star ratings are only one factor to be considered, and Forbes Advisor encourages you to seek independent advice from an authorised financial adviser in relation to your own financial circumstances and investments before you decide to choose a particular financial product or service.


What Is Life Insurance?

Life insurance, or death cover, is a type of insurance policy that provides a payout to your family if you pass away. The insurance covers death from many causes–although suicide is usually excluded for a set period of time.

Most life insurance policies will pay out your family if your death is related to an event such as an accident; medical complications; natural causes; acts of violence; or terminal illnesses. When it comes to terminal illness, you may be able to access your benefit amount if a doctor believes you will pass away in the near future.

As with any type of insurance, life insurance policies all come with their own specific conditions, exclusions and limits. It’s imperative that you read the Product Disclosure Statement (PDS) to ensure you understand what you are and aren’t covered for—and if life insurance is right for you.

Related: Life Insurance Explained


What Is Covered

If you have a death cover policy, a lump sum amount of money will be paid out when you die. This money is paid to those that you nominate as your beneficiaries on the policy, often being your spouse, children and loved ones.

If you haven’t named a beneficiary on your policy, your estate decides where the money goes upon your death. You can read more about estate planning in our comprehensive guide.

Life cover may also include terminal illness cover, meaning a lump sum would be paid to you if you’re diagnosed with a terminal illness with limited life expectancy. Additionally, some providers allow you to add Total and Permanent Disability Insurance to the plan (usually at an additional premium).

Life Insurance Benefits

Along with a pay-out to your family upon death or a terminal illness diagnosis, life cover can also include many additional benefits depending on the policy and provider that you choose. These possible inclusions and benefits are explained below:

Advanced Payment Benefit 

It can take a couple of months for a life insurance claim to be assessed, so the advanced payment benefit enables the insurer to pay-out a certain amount up front to your family when you die. A high amount for an advanced payment benefit is between $20,000 and $25,000, but the figure changes depending on your provider.

Regardless of the amount, the payment is designed to help your family meet immediate costs and expenses such as financial expenses and legal fees while the life insurance claim is being assessed.

Sometimes this payment is known as an advanced funeral payment or funeral cover, and if so, is a pay-out specifically designated to help your family cover funeral costs.

Repatriation Benefit

A repatriation benefit is when the life insurance policy provides financial assistance for the repatriation of the policyholder’s body if they pass away while traveling outside of their home country.

This is often an inclusion of comprehensive travel insurance policies, but having it included in your death cover means your family will have financial help in the event that you have not taken out travel insurance, or it’s not included.

Inflation or Indexation Benefit

Australians have become more and more aware of the effects of inflation in the past two years. Luckily, some life insurance providers offer a benefit that helps protect policyholders from the cost of living.

To do so, the sum insured is usually automatically increased on each policy anniversary in line with CPI. Some insurers have a maximum increase per year, such as 5%.

Financial Planning Benefit

A financial planning benefit inclusion within a life insurance policy provides the person insured or their immediate family member the costs associated with a financial advisor. There is usually a maximum amount per year or per consultation.

Grief Counselling Benefit

Your death or diagnosis with a terminal illness can be an emotional and overwhelming time for you and your loved ones, which is why many life insurance providers offer a grief counselling benefit. This is where professional grief counselling sessions are reimbursed, up to a certain number of sessions or total cost.

Future Insurability Benefit

The future insurability benefit allows the insured to increase their cover by a certain amount each year if they choose to (up to a certain amount, percent or age), usually without needing to provide any further evidence of health or insurability.

Premium Pause Benefit

Some providers offer their policyholders the option to pause their policy, usually for a maximum of up to 12 months. In doing so, policyholders will not be required to pay their premium in that time, and it will not be treated as a reinstatement or increase of cover once the premium pause period concludes.

Usually the insurance provider will only offer a pause once your cover has been in place for a certain number of years, and will not pay any claim arising from an event that occurs during the pause period and possibly not within a certain period of time of restarting your payments either.

Child’s Critical Illness Benefit

When given the option to add child’s critical illness to your life insurance policy, it means you can receive a benefit should your children suffer a critical illness. The insurance provider will specify which events classify as a critical illness, with the benefit paid to a certain amount and for children of a certain age.

Exclusions

What life insurance won’t cover is entirely dependent on the policy and provider that you choose. However, there are some general exclusions that are commonly found across the industry.

Most commonly is the exclusion of death by intentional or deliberate self-inflicted events–meaning suicide–for a certain amount of months after taking out the policy, or after any changes are made to the policy. Often, the period that suicide is excluded for is 13 months.

Depending on what your death cover includes, such as if it has Total and Permanent Disability Insurance or Trauma Benefits, there may be additional exclusions relating specifically to these.

There are also maximum age limits to keep in mind when looking for life insurance. This includes the maximum age that a provider will offer new coverage to, as well as the maximum age they will cover you until once you have taken out a policy.

Related: NobleOak Life Insurance Review


Purchasing Life Insurance

In Australia, there are multiple ways you can invest in life insurance. This includes through a superannuation fund, which often has a default life insurance offering available to consumers. This is the death cover most Australians have, rather than a more comprehensive and tailored policy.

Individuals can, however, purchase more thorough life insurance through their super fund if they choose to, or through a financial advisor. In fact, some insurance policies are only able to be purchased via an advisor, while others are accessible on the open market.

Keep in mind that many insurance companies do sell policies directly to the consumer, meaning you can purchase it yourself. For the purposes of this list, Forbes Advisor only analysed policies sold directly to the consumer from the insurer.


Life Insurance Disclaimers

As with any insurance policy you purchase, it’s necessary that you carefully read the PDS to ensure you understand any exclusions and disclaimers that may affect your ability to claim, and your family’s ability to receive the claim payments.

A common disclaimer relates to when death cover is purchased through a superannuation fund, due to the Superannuation Industry (Supervision) Act 1993–known as SIS.

This is because under SIS regulations, life insurance under superannuation doesn’t permit certain benefits to be paid. That means if cover is held by a self-managed super fund or within an approved superannuation fund, there are benefits that an insurer will not be able to pay.

When you take out a life insurance policy directly as a consumer, and not through a superfund, the SIS regulation does not apply.

All of the death cover options listed above can be purchased directly from the provider. In addition, ASIC’s Moneysmart site recommends you check the following before signing up for life insurance:

  • what’s covered and what’s excluded
  • what information you’ll need to give an insurer, including medical details
  • information on premiums and how they change over time
  • waiting periods before you make a claim
  • how to make a claim
  • how to complain about the claims process or the outcome of a decision

Data Research: Mia Dunn


Accessibility and Cost Issues

Perhaps the biggest challenge around life insurance is that it is often viewed as a luxury reserved for those who can afford it.

In August, the Council of Australian Life Insurers (CALI) released its  State of Australia’s Safety Net report assessing access to financial advice, including insurance, of more than 5,000 Australian workers. The report found that the cost-of-living crisis meant the financial advice needs of those aged 18 to 34 years, as well as women and those mid-career (35 to 54 years), were not being met.

More than two-thirds of Australian workers reported feeling concerned that cost-of-living pressures “will impact their ability to afford life insurance in the future”, CALI noted.

Interestingly, after the federal government, life insurers are the largest provider of financial support for Australians suffering a mental health episode, with more than 91,000 of us receiving more than $12 billion in financial support from life insurers last year.

CALI CEO, Christine Cupitt, said that a growing underinsurance problem meant that “more than three million people have with inadequate protection when times get tough”.

“We have an advice accessibility crisis in this country. In the past three months alone, almost a third of Australians considered seeking financial advice on life insurance, but just 8% actually received it,” she said.


Frequently Asked Questions (FAQs)

Do I need life insurance?

Life insurance isn’t a mandatory requirement in Australia, but you may wish to consider it to ensure your loved ones do not suffer a financial burden after your passing. Many Australians already have some sort of death cover through their superannuation fund, which is usually a default option for life insurance.

You may wish to add an additional layer of protection in the form of life insurance if you have dependents or are the sole breadwinner in your family. Or you may decide it is not right for you or that you are adequately covered by your super fund. In any case, it’s important to weigh up the options carefully and take the time to research this complex insurance area.

What is a life insurance beneficiary?

A beneficiary on your life insurance policy refers to the person or entity that you nominate to receive the death benefit–and any other additional benefits that may be available–upon your passing.

If you haven’t named a beneficiary on your policy, your estate decides where the money goes.

Can I get life insurance without a medical exam?

It is possible to get a life insurance policy without undergoing a medical exam, however, it isn’t very common for direct-to-consumer policies. The option to receive cover without a medical exam is known as “guaranteed acceptance”.

Of the top eight life insurance providers that Forbes Advisor has listed above, none of the policies offer guaranteed acceptance.

Who is the number one life insurance provider in Australia?

In our Forbes Advisor analysis, we liked TAL, ClearView, and NobleOak, among others, owing to their rates of pay-out and benefits. However, this does not mean they are necessarily the best provider for your needs, as the right life insurance for you may be a smaller provider that offers a very specific benefit you’re seeking, such as terminal illness cover. Use our rankings as a starting off point for further research and ensure that you seek independent financial advice if you’re still unsure.

Is life insurance worth it?

This entirely depends on your situation: whether you have dependents, and whether you can afford the premiums. In any case, it’s worth looking at your superannuation fund coverage to determine whether or not the included insurance included is sufficient. If not, you may want to top it up with a separate life insurance policy.


The information provided by Forbes Advisor is general in nature and for educational purposes only. Any information provided does not consider the personal financial circumstances of readers, such as individual objectives, financial situation or needs. Forbes Advisor does not provide financial product advice and the information we provide is not intended to replace or be relied upon as independent financial advice. Your financial situation is unique and the products and services we review may not be right for your circumstances. Forbes Advisor encourages readers to seek independent expert advice from an authorised financial adviser in relation to their own financial circumstances and investments before making any financial decisions.

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