Best life insurance companies that pay out

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Índice Show

Top pick for competitive pricing – NobleOak
Top pick for families – TAL
Top pick for claims experience – NobleOak
Top pick for rewards and discounts– AIA
Editor's top life insurance pick for December 2022
Good option if you're settling down
Why compare life insurance with Finder?
What is the most reputable life insurance company?
Who is the number 1 life insurance?
What is the cash value of a $10000 life insurance?
What is the highest life insurance payout?

What is the best life insurance?

There's no single life insurance that's best for everyone. What's best for you might not be best for someone else. You can use our top picks as a starting point, but you should find the best cover for your specific needs.

About our life insurance methodology

Want options? We've got you. The table below shows the 3 highest-scoring life insurance brands (out of 10) overall in the 2022 Finder Award for Best Life Insurance.

Policy	Stand-out features	Apply
NobleOak Life Insurance	1st place in Finder Awards: 8.45 final score Payout of up to $15,000,000 Fully underwritten TPD and trauma options Future insurability Guaranteed renewable Interim accident cover $15,000 funeral advancement	Get quote
Medibank Life Insurance	2nd place in Finder Awards Payout of up to $2,500,000 TPD and trauma option Guaranteed renewable Interim accident cover $15,000 funeral advancement	Get quote
ahm Life Insurance	3rd place in Finder Awards Payout of up to $1,500,000 TPD and trauma options Guaranteed renewable $15,000 funeral advancement	Get quote

Top pick for competitive pricing – NobleOak

At $93.04 per month on average, NobleOak offered the cheapest policy. We ran quotes for both non-smokers and smokers; NobleOak had the lowest pricing in both categories.
NobleOak also had a maximum sum insured of up to $15,000,000. For comparison, this is 6 times higher than Medibank's limit of $2,500,000.
It offers a fully underwritten policy , which isn't the case for the most direct providers. A fully underwritten policy offers greater peace of mind if you need to make a claim.

Allianz came second with an average price of $115.35 per month, while ANZ was placed third at $119.38 monthly.

Noble Oak life insurance

Top pick for families – TAL

TAL pays $25k of your life cover benefit upfront if you die. This was the highest out of 10 brands we compared. It could help your family to meet immediate costs, such as your funeral.
You can choose level cover , which offers assurance to families budgeting for insurance costs. Most providers only offer stepped premiums.
If you're looking to add cover for your children, TAL covers 21 claimable events. This is the most of the market and exceeds Real Insurance (14), Kogan (14) and RACQ (7).

Top pick for claims experience – NobleOak

NobleOak came out on top for its claims experience because:

It scored an impressive 98.1% paid claims rate. This was higher than the industry average of 91.5%.
Westpac came in second, paying 95.7% of claims, while OnePath was third with 95.5%.
NobleOak also registered 0 disputes per 100,000 lives insured – the industry average was 16.9 disputes.
NobleOak also had a claims processing time of just 1.1 months. This was less than half as long as the industry average of 2.8 months.

Top pick for rewards and discounts– AIA

Score an immediate discount of 17.5% on your life policy if you apply for AIA Viatlity membership at the same time. By staying active, you can get up to 20% off your premium in the future.
Unlock a host of lifestyle rewards with your membership, including 50% savings on gym memberships at Virgin Active and Fitness First
Get up to 50% cashback on selected flights; Woolies vouchers; movie vouchers; spa and beauty e-Gift cards, and more.

Winner: Best Life Insurance Australia

Why do we think it's the best?

NobleOak won the Finder Award for Best Life Insurance in 2022 for the fourth year running. With high scores in pricing and features, it's an all-rounder that works for thousands of Aussies.

We scored policies based on more than 10 different factors including price, specific benefits, claims outcomes and extra features. Using 16 different customer profiles, we sourced quotes from 10 different insurance brands to help us settle on our top picks in 5 key categories.

Editor's top life insurance pick for December 2022

In addition to our best life insurance picks, Finder's editor for insurance James Martin has reviewed life insurance policies in December 2022 and selected a policy that he believes is good value and worth considering.

Good option if you're settling down

What we like about TAL life insurance: TAL is the only brand on Finder who doesn't specify a maximum payout for death cover. This could give you more flexibility if, say, you've taken on a hefty mortgage and your regular bills are on the rise. Adding a high amount of cover will cost you more, but in return you could get valuable peace of mind for your family if they were suddenly a wage down.

Get Quote

Work out the cover benefits you need

Be clear on what you're looking for. Do you want a significant lump sum payout to make sure your family's looked after if you die or suffer a terminal illness? Is it important your policy comes with a funeral benefit that pays out quickly? Are you aware that taking out joint cover with your partner could unlock a premium discount of up to 10%?

Pick the right cover amount

Work out how much your family would need to get by – and maintain their lifestyle – if you were no longer around. Knowing how much life insurance you need means you'll avoid paying more than you should. Try our quick quiz to help you calculate how much cover you'll need.

Compare multiple policies

Use Finder's comparison tool to compare life insurance brands. View each policy's key features side by side and filter by the features that matter most to you. Or click "View details" to see a more in-depth breakdown of each policy. If you're not certain what you need or how to find the best cover, speak to a life insurance adviser.

Be accurate in your application

You'll need to be upfront if you smoke or have any pre-existing conditions. Not being accurate during your application can invalidate your policy. This means you or your beneficiaries could have a future claim rejected.

Read the Product Disclosure Statement (PDS)

The PDS (found on the insurer's website) contains the key points about your policy including its benefits, restrictions and exclusions. Knowing exactly what you're insured for will bring peace of mind. Thankfully, insurers are getting better at writing them without all the jargon.

Why compare life insurance with Finder?

You pay the same price as buying directly from the life insurer.
We're not owned by an insurer (unlike other comparison sites).
We don't ask for your phone or email.
We've done 100+ hours of policy research to help you understand what you're comparing.

Life insurance is a big decision, but we've got heaps of guides that can help you find good cover for your needs.

We're free

You pay the same as buying directly from the life insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.

We're experts

Our team of life insurance experts have researched and rated dozens of policies as part of our Finder Awards and published 350+ guides to make it easier for you to compare.

We're independent

Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of life insurance brands, making it easier for you to find a good deal.

More guides on Finder

Do I need life insurance?
Learn about the different types of life insurance available in Australia, and when you might need to take out cover.
Is life insurance worth it?
Having the right life insurance policy is invaluable if something happens to you unexpectedly. Find out what makes your policy worthwhile.

What is the most reputable life insurance company?

Our Best Life Insurance Companies Rating.

State Farm..

Nationwide..

Banner Life..

Mutual of Omaha..

Prudential..

MassMutual..

Transamerica..

Guardian Life..

Who is the number 1 life insurance?

List of life insurance companies.

What is the cash value of a $10000 life insurance?

So, the face value of a $10,000 policy is $10,000. This is usually the same amount as the death benefit. Cash Value: For most whole life insurance policies, when you pay your premiums some of that money goes into an investment account. The money in this account is the cash value of that life insurance policy.

What is the highest life insurance payout?

The Guinness record holder: The most valuable life insurance policy ever sold, according to Guinness World Records, is valued at a total of $201 million, on the life of a well-known U.S. billionaire who resides in the Silicon Valley area of California and is actively known in the technology space.