Australia’s best life insurance for April 2024

Two parents swing their child by the arms in an open field, with a Mozo Experts Choice Awards badge for Life Insurance laid over the top.

While it can be unpleasant to think about, planning ahead in case you become ill, unable to work, or pass away unexpectedly is a common way to ensure the financial security of your family and loved ones. Life insurance can help you prepare financially for the unexpected. 

What is the best life insurance?

The best life insurance includes the appropriate level of cover at an affordable premium. However, if you don’t know how much cover you need, or where to compare life insurance policies, Mozo is here to help.

Every year, our dedicated team of analysts trawl a wide range of policies for the Mozo Experts Choice Life Insurance Awards^. In 2023, our expert judges sifted through pricing and policy information from 20 different Australian life insurance providers to find the very best life insurance, income protection, and trauma cover. Only the best life insurance providers received awards for their standout coverages.

“Life insurance can help take care of the financial uncertainties your family may endure should you become terminally ill or pass away unexpectedly,” Mozo expert judge Peter Marshall said.

“Too often people are hesitant to discuss their mortality, but with the cost of living on the rise, it pays to have a great policy providing peace of mind that your family will be looked after.”

We’ve detailed the winning life insurance providers and policies below, across our Exceptional Value and Exceptional Quality award categories.

RELATED: Cheap life insurance

Expert recommendations: Mozo Experts Choice Award-winning best life insurance

The Mozo Experts Choice Awards badge

Once a year, Mozo’s team of expert data analysts and researchers undertake a comprehensive review of life insurance policies available in Australia through our product database. They collect and calculate information on premiums and coverage to assess each policy, including running each through a range of scenarios and comparing quote prices. 

After all this work is done, we award the Mozo Experts Choice Awards^ to outstanding life insurance policies and providers in terms of quality and value.

In 2023, the team analysed 20 different insurance providers to find the best of the bunch. You can check out the full list of winners and get all the details about judging criteria at the Mozo Experts Choice Life Insurance Awards page. Or, you can read on to learn more about some of the policies that impressed the judges in the seven categories we assess.

Exceptional Value Income Protection

HCF Life Protect*
  • Pay out from $100,000 up to $1.5 million depending on your age and level of cover
  • Advance payment from your Insured Benefit of $15,000 (T&Cs)
  • Eligible HCF members save 10% on Life Protect premiums

HCF’s Life Protect Insurance is designed to help you look after your family if you’re no longer able to. Life Protect pays from $100,000 up to $1.5 million depending on your age and level of cover (T&Cs apply). 

You’ll be able to access the telephone helpline for grief counselling and funeral support at no extra cost. Plus, eligible HCF members save 10% on Life Protect premiums, helping them save even more on their insurance. 

Enjoy a fast quote in under 3 minutes. Conditions apply. 

Exceptional Value Life Insurance

NobleOak - Premium Life Direct*
  • Quality life cover up to $15 million
  • Policy can be renewed up to age 99
  • Fully underwritten to minimise claim delays

An incredible winner of a whopping seven 2023 Mozo Expert Choice Awards^, including Exceptional Value Life Insurance^, NobleOak’s premium life insurance policy stood out for its top value and quality for the fourth year in a row. NobleOak’s competitive life covers include optional extras such as income protection, TPD, and trauma, to give you the security you need. Policyholders with life insurance can  relax with cover up to $15 million and a $15,000 funeral advance benefit (T&Cs apply). 

Depending on your plan, other useful benefits could include financial advice, grief counselling, and advance death cover in the case of terminal illness. There’s even an option to freeze your premium so that your costs stay the same over time (just bear in mind this may also reduce your cover over time). If you select the optional (and award-winning) TPD cover, NobleOak also offers cover for 2 year, 5 years, or until age 65 benefit periods. 

Australian residents can take out new life insurance policies between ages 16 and 69, but they’re renewable until age 99. You can read the full product disclosure statement (available on NobleOak’s website) for a full list of exclusions and sub-limits that may apply.

* Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Editor's pick of the month: Best life insurance deals on Mozo in April 2024

A family takes a selfie together on the beach

In the editor's pick section you'll find life insurance policies from our partners this month. 

We're highlighting these policies because they include features and deals that might be of interest.

If you'd like to see more, make sure you compare life insurance with Mozo. 

Zurich Ezicover Life Insurance*
  • Life insurance cover from $50,000 to $1.5 million
  • $15,000 death advance benefit
  • First month of your premium free (T&Cs apply)
  • Access to Zurich’s Loving Life rewards program

Zurich’s Ezicover Life Insurance policy is available for Australians aged 19 to 69 years old (with rolling cover until your 99th birthday). Zurich’s life insurance has flexible lump sum cover that ranges from $50,000 to $1.5 million, depending on the age and needs of the insured party. Zurich offers a $15,000 cash advance payment after the death of the insured person, which you may receive while your claim is being assessed, to cover funeral costs for example. You may also be able to get cover for the first 30 days of your year’s premium for free, as well as access to lifestyle and entertainment offers from the Entertainment™ Book, through Zurich’s Loving Life rewards program. 

For a full list of terms, conditions, and policy exclusions/limits, consult the product disclosure statement (PDS) on Zurich’s website.

Interested in comparing life insurance policies? Head over to our life insurance hub.

Most common FAQs about life insurance

Why should I take out life insurance?

Life insurance could offer you and your loved ones extra financial protection if you die or become terminally ill. Claim payments from an eligible life insurance policy could lessen or eliminate the financial burden left to your family, and could help cover medical/funeral costs, consolidate debts, or pay for your children’s university education.

Different life insurances will have different exclusions for what they cover, and offer different levels of protection. Most will have an age limit for when you can take out a policy, so as you accrue debts and go through life, it’s important to consider whether a life insurance policy could help ease your family’s way if you’re no longer around to support them.

For more information, check out our article on why having life insurance could benefit you.

When should I get life insurance?

While the right time to get life insurance will depend on the person, it could be a good idea to take out life insurance when you start having people depend on you financially or when you accrue debt. Events like the birth of a child or taking out a home loan could be opportune times to take out life insurance. 

Most life insurance providers have age limits. Generally, you can purchase life insurance between the ages of 16 and roughly 75, depending on the provider. Life insurance will become more expensive with each passing year, so the early bird gets the discount. (Healthy lifestyle, young age, and other factors that lower your risk can make your premium cheaper, too).

How do I find the best life insurance?

The best life insurance policy should fit comfortably into your individual needs and budget. Adequate cover for you and your family could start with bare essentials or features extra covers, like advance funeral payments or total permanent disability cover. 

Life insurance policies will also often have ‘stepped’ or ‘level’ premiums, so you can decide how to budget costs over time. A stepped premium is recalculated every year based on your age (and will generally get more expensive with time), whereas a level premium is calculated based on the age you are when you first take out your policy. This means a level premium may be more expensive up front, but will get cheaper as your policy continues.

What life insurance do I need?

How much life insurance coverage you need will depend on your circumstances. In order to provide your loved ones financial security in the event you can no longer support them, it’s important to consider ongoing expenses, such as your current debt, income, ongoing household expenses, lifestyle costs, childcare, and home assistance.

Basically, you want to avoid underinsurance, which is when you are insured for less than what you need should the worst happen. There are different extras available with life insurance policies, too, which can give you more comprehensive protection.

Can I get life insurance with my super?

Absolutely! Buying life insurance through your superannuation fund can be an affordable and convenient way to get coverage. However, there are pros and cons to consider before deciding the best way to go about taking out a policy. 

For example, using your super to pay for life insurance can get you the cover you need without eating into your budget. You can also make before-tax contributions to your super to pay for your insurance, which may give you a tax-break.

However, if you don’t make these additional super contributions, the life insurance premiums could lessen your retirement savings. There are also different rules and exclusions around life insurance policies owned through your super, which could make benefit payments less tax-effective for your loved ones. 

You can help make a decision that works for you by consulting with a tax advisor.

Are life insurance premiums tax deductible?

Unfortunately, life insurance premiums aren’t usually tax deductible. However, when it comes to income protection insurance, you may be able to claim a deduction on your premium.

Are life insurance payouts taxable in Australia?

In most cases, life insurance payouts are tax-free in Australia. 

However, your payout may be subject to tax if your policy was bought through your superfund and the proceeds go to an adult who isn’t considered a ‘financial dependant’, even if they’re a family member. 

But the situation will be different for everyone, so it’s always worth checking with your policy provider to find out the details.

Does life insurance cover you if you are overseas?

While most life insurance policies are valid when you're overseas, it's always worth checking the product disclosure statement (PDS) or calling the provider of your policy before relying on it. 

When will life insurance not pay out?

While life insurance can cover death for a range of natural causes and accidents, there are a few cases where a life insurance policy will not cover death. 

There are also cases where someone has lied or withheld information on their application which can result in a provider rejecting a claim.

Usually, it's the circumstances surrounding a death that can invalidate a life insurance claim. 

For example, if you die participating in a risky activity (e.g. piloting your own plane), if you're murdered by a beneficiary of the policy, or if the policyholder commits suicide before the suicide clause in a policy kicks in, your life insurance provider may not pay out the claim.