The Best Life Insurance Companies 2022

The Best Life Insurance Companies 2022 – A life insurance strategy might be one of the main buys you at any point make. Nonetheless, observing the best life insurance for your prerequisites regularly feels testing. With 27 distinct insurers enrolled with APRA, you might need to dive more deeply into the highlights and advantages presented by The Best Life Insurance Companies in Australia so you are furnished with the information to settle on the best choice for your family.

Normally, there are a few factors that you might need to think about while picking a life insurance company. You might need to look at the probability of your case being paid, the expenses you’ll pay or if you’ll be qualified for a markdown when you buy an approach. Analyze highlights and advantages from driving insurers to track down a choice that suits you and your family. The Best Life Insurance Companies

The Best Life Insurance Companies 2022
The Best Life Insurance Companies 2022

The Best Life Insurance Companies

The Best Life Insurance Companies in Australia By Market Share

For the most part, inspecting a company’s piece of the pie is a decent method for passing judgment on its worth. Notwithstanding, it ought not be the fundamental deciding variable you see while tracking down a company that suits your necessities. Pieces of the pie change yearly in view of different consolidations and acquisitions in the insurance industry.

Compare 2022’s The Best Life Insurance Companies by market share :

  1. TAL Life Limited: Ranks 1st, with a market share of 27%
  2. AIA Australia Limited: 2nd, with a market share of 18.9%
  3. Zurich: Ranks 3rd, with a market share of 14.1%
  4. MLC Limited: Ranks 4th with a market share of 10.9%
  5. Resolution Group: Ranks 5th, with a market share of 8.4%
  6. BT/Westpac Financial Group: Ranks 6th, with a market share of 5.6%
  7. Metlife Insurance: Ranks 7th, with a market share of 1.7%
  8. Others: Ranks 8th, with a market share of 10.3%

Source: Plan For Life Actuaries & Researchers (21 December 2021)

The Best Life Insurance Companies 2022
The Best Life Insurance Companies 2022

How to Choose the Best Life Insurance Company in Australia

The Best Life Insurance Companies as a rule share a couple of well known viewpoints. Above all, The Best Life Insurance Companies as a rule meets your prerequisites and offers you satisfactory assurance to guarantee that your friends and family are dealt with would it be advisable for you die suddenly or are determined to have a basic ailment and have a life hope of under two years.

However, there are still several other factors that you should consider :

Your Requirements

Before you begin contrasting Australian life insurance companies, you might need to explain your necessities first. Work out how much cash your family should keep up with their present lifestyle by including remarkable obligations, similar to your home loan, your normal month to month expenses and some other costs you might have to cover from here on out.

Built-in Benefits

Typically, insurers offer several built-in benefits with their policies. Each insurer is different so it’s a good idea to refer to the company’s Product Disclosure Statements (PDS) to learn about the benefits they offer. However, some common built-in benefits include :

  • Terminal illness benefits
  • Funeral advancement benefit
  • Future insurability benefit
  • Financial advice benefit
  • Premium freeze option
  • Indexation
  • Interim cover


Regularly, your life cover is dependent upon specific rejections. A standard rejection is an occasion, condition, or situation your insurer doesn’t cover. For example, life insurance companies commonly won’t pay any advantages for self destruction in the initial 13 months after you’ve bought your approach. To realize what you will not have the option to guarantee for, it’s ordinarily smart to peruse the company’s PDS.


Work out whether you’ll have the option to manage the cost of the approach charges now and later on. On the off chance that you’re searching for transient reasonableness, a ventured premium style may be best for you. Then again, assuming you’re ready to begin with higher charges, which don’t don’t expand consistently because of your age, then, at that point, a company offering level expenses may be better.

Discounts and Rewards

Life insurers in Australia regularly offer limits to new clients and buy numerous strategies. By and large, you might even have the option to observe an insurer who’ll give you a markdown on the off chance that you pay your expenses ahead of time. It’s ordinarily really smart to analyze limits from a few insurers while searching for cover.

Financial Strength Ratings

Appraisals are given by an autonomous substance like Standard and Poors. While an assessment from a free source doesn’t let you know how great a company is, it assists you with estimating the’s insurers’ financial soundness, which further demonstrates whether a company will actually want to pay asserts now and later on.

Customer Reviews

Read customer reviews and complaints about the various companies to learn more about the experiences of past and current members.

The Best Life Insurance Companies 2022
The Best Life Insurance Companies 2022

How Many Life Insurance Companies are there in Australia?

There are 27 life companies in Australia (as of October 2019). Below is the complete list of registered companies in Australia :

  • AIA Australia Limited
  • Allianz Australia Life Insurance Limited
  • AMP Life Limited
  • Asteron Life & Superannuation Limited
  • Challenger Life Company Limited
  • ClearView Life Assurance Limited 
  • Combined Life Insurance Company of Australia Ltd  
  • General Reinsurance Life Australia Ltd
  • Hallmark Life Insurance Company Ltd.
  • Hannover Life Re of Australasia Ltd
  • H C F Life Insurance Company Pty Limited
  • Integrity Life Australia Limited 
  • Macquarie Life Limited
  • MetLife Insurance Limited
  • MLC Limited
  • Munich Reinsurance Company of Australasia Limited
  • OnePath Life Limited
  • Pacific Life Re (Australia) Pty Limited
  • QInsure Limited
  • RGA Reinsurance Company of Australia Limited
  • RLNM Limited
  • SCOR Global Life Australia Pty Limited
  • St Andrew’s Life Insurance Pty Ltd
  • Swiss Re Life & Health Australia Limited
  • TAL Life Limited
  • Westpac Life Insurance Services Limited
  • Zurich Australia Limited

Sources: Australian Prudential Regulation Authority (APRA)

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