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Compare Life Insurance Providers

Compare life insurance products from 9 major Australian insurers. View features, exclusions, and benefit structures side by side.

Looking for the editorial overview rather than just the comparison table? See our full life insurance comparison guide — it walks through what each of the 9 insurers offers, how stepped vs level premiums work, and the super vs retail decision.

Life insurance pays a lump sum to your nominated beneficiaries if you pass away or are diagnosed with a terminal illness. The payment is generally tax-free when received outside super.

Beneficiaries most commonly use the payout to clear a mortgage, replace lost income for dependants, cover funeral costs, or fund an inheritance. In Australia, life insurance is sometimes called term life insurance and forms the foundation of most family protection plans.

This comparison covers core features such as maximum sum insured, indexation options, terminal illness benefits, premium structures (stepped versus level), and whether cover is held inside super or as a retail policy. Each insurer applies its own underwriting rules, exclusions, and pricing, so the same age and cover amount can produce different premiums.

Use the table below as a factual side-by-side reference, not a personalised recommendation. The right cover for you depends on your debts, dependants, occupation, health history, and whether premiums come from super or after-tax income.

General Advice Only

This is general advice only and does not take into account your individual circumstances.
Please read the Product Disclosure Statement (PDS) before making a decision.
Consider seeking personal advice from a licensed financial adviser.

Authorised Representative Number: 1244847 | Australian Financial Services Licence: 246623

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Common questions about life insurance

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Compare other cover types

Compare TPD insurance

Total and permanent disability cover — own-occupation vs any-occupation definitions.

Compare trauma insurance

Critical illness cover — cancer, heart attack, stroke and 40+ listed conditions.

Compare income protection

Monthly income replacement if illness or injury stops you working.

Compare business expenses cover

Keeps fixed business costs paid if you cannot work — for sole traders and owners.

Feature-by-feature comparison

How the panel insurers compare on the policy features that actually differentiate products. Drawn from the broker-facing PDS extractions; empty cells mean the feature hasn't been documented for that insurer yet (it doesn't mean the insurer lacks the feature — check the provider page or get a quote for the current PDS detail).

Feature	Acenda	AIA	ClearView	NEOS	OnePath	TAL	Zurich
Life cover
Terminal Illness Cover Whether terminal illness cover is included	yes Terminal Illness Benefit included in Life Cover - pays Life Cover sum insured if you have a terminal illness while Life Cover is in force	yes Terminal Illness benefit pays the Sum Insured in advance if diagnosed with a Terminal Illness (illness likely to result in death within 24 months). Built-in benefit under Life Cover.	yes Terminal illness is an insured event under Life Cover	yes Terminal Illness Benefit included in Life Cover for both ordinary and super ownership	yes Terminal Illness Benefit included in Life Cover. Extended Terminal Medical Condition Benefit also available (24 months vs standard terminal illness)	yes Terminal Illness Benefit included with Life Insurance - Benefit Amount payable when Life Insured diagnosed as Terminally Ill	yes Terminal illness benefit advances the death benefit if the life insured is diagnosed with a terminal illness
Terminal Illness Benefit Coverage for terminal illness diagnosis

Yes

100% of sum insured

Yes

Up to $2M advance

Yes

100% of sum insured

Yes

100% of sum insured, up to $3M

13 months

No benefit paid for suicide or attempted suicide within 13 months after insurance started, was last reinstated, or was increased (applies to increased amount only, except for Indexation Benefit increases)

13 months

No benefit payable for death from suicide within 13 months after benefit commences, is reinstated, or increased. Exclusion may be waived if replacing existing cover where full suicide exclusion period has elapsed.

13 months

Exclusion applies for suicide, attempted suicide or deliberate self-inflicted injury within 13 months following cover commencement, increase in sum insured, or reinstatement

13 months

Will not pay Life Cover benefit arising directly or indirectly from life insured's suicide during first 13 months from Cover start date, increase date, reinstatement date, or buy back/purchase date. Exclusion does not apply to replacement insurance meeting specific conditions.

13 months

No payment for intentional self-inflicted act within 13 months after Plan start date, after any increase, or after reinstatement. Waiver available if prior death cover held for 13+ consecutive months.

13 months

Death benefit not payable for suicide within 13 months of death benefit start date, any increase, or policy reinstatement

12 months life expectancy

24 months life expectancy

12 months life expectancy

age 99 for Life Cover outside super, age 75 for Life Cover inside super, age 65 for TPD and Critical Illness

Life Cover: policy anniversary after age 99 (outside super) or age 75 (inside super). TPD Cover and Critical Illness Cover: policy anniversary after age 65

age 100 (outside super), age 75 (inside super)

Life Cover expiry is Policy Anniversary prior to 100th birthday for Ordinary Plans, 75th birthday for Superannuation Plans. TPD varies by occupation: age 70 for A1-A4/M occupations, age 65 for B1-C2, age 55 for E occupation.

age 99 for Life/Accidental Death, age 70 for TPD/Trauma, age 65 for Income Protection

Expiry ages vary by cover type: Life and Accidental Death to age 99, TPD and Accidental TPD to age 70, Trauma to age 70, Income Protection to age 65, Child Cover to age 21

age 99 for Life Cover, age 80 for TPD inside super, age 99 for TPD outside super, age 80 for Critical Illness

Guaranteed renewable until plan expiry age on plan anniversary after specified ages

age 130

Life Cover ends on policy anniversary when life insured is age 130. TPD Cover entry age maximum is 74-75 depending on structure.

age 100 (outside super), age 75 (through super)

Life Insurance: Policy anniversary before 100th birthday outside super, or before 75th birthday if through TAL Super/retail super fund. TPD Insurance: Policy anniversary before 65th birthday. Critical Illness: Policy anniversary before 70th birthday. Income Protection: Policy anniversary before 65th birthday.

varies by benefit

TPD modified definition applies from age 65, various benefits end at different ages (65, 69, 74, 75 depending on benefit type)

$20,000

Funeral Advancement Benefit (non-super only): lesser of $20,000 and Life Cover sum insured, paid in advance upon death. Reduces Life Cover sum insured by $20,000.

$25,000

Final Expenses benefit advances 10% of Sum Insured up to maximum of $25,000 to assist with immediate financial expenses whilst assessing death claim. Deducted from final Sum Insured payment.

Immediate Expenses Benefit available

Immediate Expenses Benefit is a built-in benefit at no extra cost for Life Cover, Accidental Death Cover, and Child Cover (non-super only). Specific dollar amount not stated in document

$25,000

Funeral Advancement Benefit provides advancement of lesser of $25,000 and Life Cover sum insured upon receipt of death certificate (non-super only)

$25,000

Advance Assistance Benefit pays $25,000 as advance payment of Life Cover amount insured on death (for lump sum amount insured greater than $25,000). For instalment benefit type, can request advance lump sum of three times instalment amount subject to maximum $25,000.

$25,000

Advanced Payment Benefit pays 10% of Benefit Amount up to maximum $25,000 upon receipt of death certificate or medical certificate confirming death. Increased to $35,000 (Repatriation Benefit) if death occurs outside Australia. Only payable for accidental death in first 3 years.

$15,000

Advancement for funeral expenses up to $15,000 of death benefit to reimburse funeral expenses (not available in superannuation)

Yes

6 sessions included

Yes

Unlimited sessions for 12 months

Child Support Benefit under Critical Illness Cover: $10,000 per child if child dies or suffers specified critical illness condition between ages 2-21. Does not reduce Critical Illness sum insured. Available once per child across all policies.

Complimentary Family Final Expenses provides automatic cover for children aged 2-17. Pays lower of $20,000 or 10% of highest Sum Insured for Life/Term/Accidental Death on child's death or Terminal Illness. Maximum $200,000 for all children. Family Protection also available as optional Rider Benefit.

Child Cover available from age 12 months to age 21, with benefit amount $10,000 to $200,000 per child. Covers specified trauma conditions, terminal illness, and death. Not available inside super

Child Cover available for children aged 2-17, provides lump sum for death, terminal illness or specified critical illness events. Sum insured range $10,000-$200,000. Cover ends at plan anniversary after child turns 19

Child Cover available for children age 2-15. Provides lump sum Cover for child trauma, death and terminal illness. Minimum amount insured $10,000, maximum $200,000.

Child's Critical Illness Benefit pays $10,000 if child aged 2-19 suffers listed event (included with Life/TPD/Critical Illness). Standalone Child's Critical Illness Insurance available up to $200,000 for ages 2-18, covering specified critical illness events until age 23.

Zurich Child Cover provides lump sum for trauma conditions, includes death and terminal illness benefit, and carer benefit

Built-in benefits
Premium Freeze Available Whether premium freeze exists	no	yes Premium Freeze allows you to keep premium the same for following year by reducing Sum Insured amount. Must be at least 35 years old and paying Variable age-stepped premiums.	yes Premium Freeze Benefit is a built-in benefit at no extra cost for Life Cover, TPD Cover, and Trauma Cover	no	yes Premium Freeze is a standard feature available for Life Cover and TPD Cover (referenced on pages 27 and 28)	yes Premium Freeze Benefit available - premiums stay same and Benefit Amount reduces at each Policy anniversary. Only available if Variable Age-Stepped Premiums selected and Life Insured at least 30 years of age.	no No premium freeze option mentioned, but premium waiver option available if life insured is totally disabled
Premium Freeze Option to freeze premiums at a certain age	—	—	No Not available	—	Yes Available for first 3 years	Yes Available for first 5 years	Yes Available for first 3 years
Guaranteed Renewability Policy cannot be cancelled by insurer	—	—	Yes Renewable to age 80	—	Yes Renewable to age 65	Yes Renewable to age 99	Yes Renewable to age 99
Automatic Indexation Automatic annual increase in cover with CPI	—	—	No Optional add-on	—	Yes Annual CPI	Yes CPI or 5%, whichever is lower	Yes Annual CPI adjustment

yes

Premium Freeze allows you to keep premium the same for following year by reducing Sum Insured amount. Must be at least 35 years old and paying Variable age-stepped premiums.

yes

Premium Freeze Benefit is a built-in benefit at no extra cost for Life Cover, TPD Cover, and Trauma Cover

yes

Premium Freeze is a standard feature available for Life Cover and TPD Cover (referenced on pages 27 and 28)

yes

Premium Freeze Benefit available - premiums stay same and Benefit Amount reduces at each Policy anniversary. Only available if Variable Age-Stepped Premiums selected and Life Insured at least 30 years of age.

No premium freeze option mentioned, but premium waiver option available if life insured is totally disabled

Yes

Available for first 3 years

Yes

Available for first 5 years

Yes

Available for first 3 years

Yes

Renewable to age 80

Yes

Renewable to age 65

Yes

Renewable to age 99

Yes

Renewable to age 99

Yes

CPI or 5%, whichever is lower

Yes

Annual CPI adjustment

Policy changes
Cooling Off Period Period to cancel policy and receive full refund	30 days 30 days from the earlier of: the date you receive your policy schedule; or five business days after your policy commencement date	30 days Cooling-off period starts from the earliest to occur of: the day you receive the Policy Schedule, and the end of the fifth day after the day on which we sent the Policy Schedule. Full refund of premiums including policy fee.	30 days Starts on the earlier of: the date you receive your policy, or five business days after your cover start date	30 days Within 30 days of the earlier of: the date you receive your plan schedule; or five business days after your plan commencement date	30 days Policy owner can cancel OneCare policy or any individual Cover within 30 days from the date Policy Schedule is issued	30 days Full premium refund unless claim made. If structured through superannuation, refunded premiums subject to preservation rules.	not mentioned No cooling-off period is explicitly stated in the document

30 days

30 days from the earlier of: the date you receive your policy schedule; or five business days after your policy commencement date

30 days

Cooling-off period starts from the earliest to occur of: the day you receive the Policy Schedule, and the end of the fifth day after the day on which we sent the Policy Schedule. Full refund of premiums including policy fee.

30 days

Starts on the earlier of: the date you receive your policy, or five business days after your cover start date

30 days

Within 30 days of the earlier of: the date you receive your plan schedule; or five business days after your plan commencement date

30 days

Policy owner can cancel OneCare policy or any individual Cover within 30 days from the date Policy Schedule is issued

30 days

Full premium refund unless claim made. If structured through superannuation, refunded premiums subject to preservation rules.

not mentioned

No cooling-off period is explicitly stated in the document

Premium structure
Premium Indexation How premiums are indexed	CPI or 3%, whichever is greater Indexation Benefit automatically increases sum insured annually by the greater of CPI increase or 3%. Can be declined by policy owner. Premium increases accordingly.	CPI with minimum 5% Benefit Indexation automatically increases Sum Insured at Policy Anniversary each year by the higher of CPI Increase and 5%, and adjusts premium accordingly. Can opt out on application form or before any Policy Anniversary.	CPI Indexation Benefit automatically increases benefit amount at each policy anniversary by the percentage increase in Consumer Price Index (CPI). Can opt out of increases	CPI Indexation Benefit automatically increases sum insured annually by higher of 5% or CPI percentage increase	yes Indexation is a standard feature (page 59). Allows increase of Cover each year to keep up with inflation. Indexation increases continue during premium waiver periods.	optional Inflation Protection Benefit automatically increases Benefit Amount on Policy anniversary by greater of 5% and Indexation Factor. Can be removed. Policy fee increased annually by greater of Indexation Factor or 3%.	yes Inflation protection increases cover annually by higher of 5% or CPI increase, can be declined
Premium Type Stepped or level premium structure	stepped Variable age-stepped premium for all cover types	stepped, level, and optimum available Premium options include Variable age-stepped premium, Variable premium (level), and Optimum premium. Availability varies by cover type.	both available Variable age-stepped premium and variable premium available. Variable premium converts to variable age-stepped at policy anniversary after age 65	both available Variable age-stepped premium, Variable premium to age 65 (reverts to age-stepped after 65), Variable premium to age 70 (reverts to age-stepped after 70)	stepped and level available Variable age-stepped premiums mentioned. For life insured over age 60 at application, only variable age-stepped premiums available for certain covers.	both available Variable Age-Stepped Premiums and Variable Premiums available. Variable Age-Stepped increases with age and policy duration. Variable Premium based on age at Plan start date, with option to convert to Age-Stepped at age 65 or 70.	variable age-stepped or variable premiums Policy schedule shows whether premiums are variable age-stepped or variable premiums

CPI or 3%, whichever is greater

Indexation Benefit automatically increases sum insured annually by the greater of CPI increase or 3%. Can be declined by policy owner. Premium increases accordingly.

CPI with minimum 5%

Benefit Indexation automatically increases Sum Insured at Policy Anniversary each year by the higher of CPI Increase and 5%, and adjusts premium accordingly. Can opt out on application form or before any Policy Anniversary.

CPI

Indexation Benefit automatically increases benefit amount at each policy anniversary by the percentage increase in Consumer Price Index (CPI). Can opt out of increases

CPI

Indexation Benefit automatically increases sum insured annually by higher of 5% or CPI percentage increase

yes

Indexation is a standard feature (page 59). Allows increase of Cover each year to keep up with inflation. Indexation increases continue during premium waiver periods.

optional

Inflation Protection Benefit automatically increases Benefit Amount on Policy anniversary by greater of 5% and Indexation Factor. Can be removed. Policy fee increased annually by greater of Indexation Factor or 3%.

yes

Inflation protection increases cover annually by higher of 5% or CPI increase, can be declined

stepped

Variable age-stepped premium for all cover types

stepped, level, and optimum available

Premium options include Variable age-stepped premium, Variable premium (level), and Optimum premium. Availability varies by cover type.

both available

Variable age-stepped premium and variable premium available. Variable premium converts to variable age-stepped at policy anniversary after age 65

both available

Variable age-stepped premium, Variable premium to age 65 (reverts to age-stepped after 65), Variable premium to age 70 (reverts to age-stepped after 70)

stepped and level available

Variable age-stepped premiums mentioned. For life insured over age 60 at application, only variable age-stepped premiums available for certain covers.

both available

Variable Age-Stepped Premiums and Variable Premiums available. Variable Age-Stepped increases with age and policy duration. Variable Premium based on age at Plan start date, with option to convert to Age-Stepped at age 65 or 70.

variable age-stepped or variable premiums

Policy schedule shows whether premiums are variable age-stepped or variable premiums

General
Company Size Market position and scale of operations	Member of Nippon Life Group Nippon Life Insurance Australia and New Zealand Limited ABN 90 000 000 402 AFSL 230694, member of the Nippon Life Group	Part of AIA Group, largest independent publicly listed pan-Asian life insurance group, 50 years of experience in Australia, 3.1 million Australian customers AIA Australia is part of the AIA Group with presence in 18 markets across Asia-Pacific region. Has 50 years of experience and protects more than 3.1 million Australians.	ASX listed, $359 million in-force premiums, 80,000+ policyholders Listed on Australian Securities Exchange with $359 million of in-force premiums as at 31 December 2023, protecting over 80,000 policyholders with 100% Australian-based operations	APRA regulated life insurer NobleOak Life Limited ABN 85 087 648 708, AFSL 247 302, regulated by Australian Prudential Regulation Authority	Over 150 years heritage, part of Zurich Insurance Group, serves more than two million customers, employs more than 56,000 people worldwide, operates in over 210 markets OnePath is a leading life insurance brand with heritage of over 150 years. Part of Zurich Insurance Group, one of Australia's largest life insurers	TAL Group paid over $4.2 billion in claims to over 50,128 customers between 1 April 2023 and 31 March 2024 Claims statistics based on total claims paid under TAL Life Limited and TAL Life Insurance Services Limited insurance products	ABN 92 000 010 195, AFSL 232510 Zurich Australia Limited with Australian Business Number and Financial Services License
Annual Claims Paid Total dollar value of claims paid annually	—	$2.6 billion In 2024, AIA paid over $2.6 billion in Retail, Group and Direct insurance policy claims.	$127 million Over $127 million paid in claims to 1,032 claimants in FY23 (12 months to June 2023)	—	—	$4.2 billion Total claims paid by TAL Group between 1 April 2023 and 31 March 2024 to over 50,128 customers and their families	—

Member of Nippon Life Group

Nippon Life Insurance Australia and New Zealand Limited ABN 90 000 000 402 AFSL 230694, member of the Nippon Life Group

Part of AIA Group, largest independent publicly listed pan-Asian life insurance group, 50 years of experience in Australia, 3.1 million Australian customers

AIA Australia is part of the AIA Group with presence in 18 markets across Asia-Pacific region. Has 50 years of experience and protects more than 3.1 million Australians.

ASX listed, $359 million in-force premiums, 80,000+ policyholders

Listed on Australian Securities Exchange with $359 million of in-force premiums as at 31 December 2023, protecting over 80,000 policyholders with 100% Australian-based operations

APRA regulated life insurer

NobleOak Life Limited ABN 85 087 648 708, AFSL 247 302, regulated by Australian Prudential Regulation Authority

Over 150 years heritage, part of Zurich Insurance Group, serves more than two million customers, employs more than 56,000 people worldwide, operates in over 210 markets

OnePath is a leading life insurance brand with heritage of over 150 years. Part of Zurich Insurance Group, one of Australia's largest life insurers

TAL Group paid over $4.2 billion in claims to over 50,128 customers between 1 April 2023 and 31 March 2024

Claims statistics based on total claims paid under TAL Life Limited and TAL Life Insurance Services Limited insurance products

ABN 92 000 010 195, AFSL 232510

Zurich Australia Limited with Australian Business Number and Financial Services License

$2.6 billion

In 2024, AIA paid over $2.6 billion in Retail, Group and Direct insurance policy claims.

$127 million

Over $127 million paid in claims to 1,032 claimants in FY23 (12 months to June 2023)

$4.2 billion

Total claims paid by TAL Group between 1 April 2023 and 31 March 2024 to over 50,128 customers and their families

Compare Life Insurance Providers

Common questions about life insurance

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Related reading

Life insurance guide

Insurer panel

Health conditions

Glossary

Feature-by-feature comparison