Some of the most significant investments you’ll ever make could be a life insurance company in Australia
It might not be easy to locate the finest life insurance for your needs.
You might want to become familiar with the features and perks provided by top Australian insurance companies since there are 27 different insurers registered with APRA. This will give you the knowledge you need to make the ideal choice for your family.
When picking a life insurance company, you should consider some variables.
When purchasing insurance, you might want to look at the chances that your claim will be paid, the premiums you’ll have to pay, or whether you’ll be entitled to a discount.
According to market share, the top 5 life insurance providers in 2022 are TAL Life Limited, AIA Australia Limited, Zurich, MLC Limited, and the Resolution Group.
Your rates will often vary based on the type of insurance, the amount of coverage you need, your age, gender, and many other variables.
There are currently 27 recognized life insurance firms to compare when looking for coverage.
The finest company for you is typically one that satisfies your individual needs, such as the amount of coverage, the perks provided, and the price range.
List of Top 10 life insurance companies in Australia
An excellent technique to determine a company’s value is to look at its market share.
However, it should differ from the primary criterion you consider while looking for a business that meets your needs.
Due to various insurance business mergers and acquisitions, market shares change yearly.
Compare the top life insurance providers in 2022 based on market share:
- Ranking first with a market share of 27.7% is TAL Life Limited.
- Second place, with a market share of 18.3%, is AIA Australia Limited.
- Third-placed Zurich has a 13.8% market share.
- MLC Limited: Fourth with a 10.6% market share
- Fifth-placed Resolution Group has a market share of 7.9%.
- Westpac Financial Group/BT: BT is ranked sixth, with a market share of 5.4%.
- 7th-placed Metlife Insurance has a market share of 5.1%.
- QInsure: 8th place, 3.3% of the market.
- Hannover: Holds a 3.2% market share and is ranked ninth.
- ClearView is the tenth, with a 1.7% market share.
How to pick the top Australian life insurance provider
The best life insurance companies typically have a few things in common.
Most crucially, the finest life insurance provider will typically fulfill your needs and provide you with enough insurance to ensure that your family members are taken good care of in the event that you pass away suddenly or are given a severe illness with a life expectancy of less than two years.
But there are still a few more things to take into account:
Your requirements: Identify your criteria clearly before comparing Australian life insurance providers.
The amount of money your family will need to maintain their current standard of living can be determined by adding all outstanding debts, such as your mortgage, typical monthly costs, and any other cost you may need to cover in the future.
Exclusions: Usually, there are some exclusions to your life insurance policy.
A typical exclusion is anything that your insurance company won’t pay for.
For instance, in the first 13 months following the acquisition of your policy, life insurance companies usually won’t pay any benefits for suicide.
Reading the PDS of the company is always a good idea to find out what you will need help to claim.
Calculate your ability to pay the premiums for the policy now and in the future.
A stepped premium type can be ideal if you’re seeking immediate affordability.
On the other hand, a firm offering level premiums can be preferable if you can start with higher premiums that don’t rise annually due to your age.
Discounts and rewards: Australian life insurers frequently give discounts to new clients and those who buy several policies.
In most cases, you can locate insurance that will give you a discount if you pay your payments in advance.
When looking for coverage, it’s always a good idea to compare discounts from several insurers.
Financial stability scores: An impartial organization, such as Standard & Poor’s, assigns ratings.
While an evaluation from an impartial source cannot tell you how good a firm is, it can help you gauge the insurers’ insurers’ creditworthiness, which further suggests if a company will have the financial wherewithal to pay claims in the present and the future.
Customer evaluations: To find out more, read client testimonials and complaints about various businesses.
Before choosing the life insurance that best meets your needs after comparing the top life insurers, consider the following questions.
- What is protected by your policy?
- Do your life insurance policy’s exclusions apply to any situations?
- Will you receive a discount if you combine insurance policies for trauma insurance, complete and permanent disability insurance, income protection insurance, and life insurance?
- What is the application procedure like with the life insurance company?
- The applicable Product Disclosure Statement (PDS) may be reviewed here.
- Will the cost of your life insurance increase over time?
- What are your policy’s waiting periods?
- How do you assert something?
- Have you perused client testimonials for this insurer?