Life Insurance Providers

Here in Australia we are lucky to have a strong life insurance industry with a wide variety of insurers to choose from.  This healthy competition has lead to innovative products and affordable premiums.

So who are the life insurance providers in Australia?  Below we have listed some of the major players.

AMP

AMP is one of Australia’s most well known providers of life insurance, and has been helping Australians since 1849.  AMP markets a range of insurance policies under the Flexible Lifetime Protection banner.

In 2011 AMP merged with AXA Asia Pacific to create an industry leader in the life insurance market.  The combined brand will be known simply as AMP.

Asteron

Asteron is the life insurance arm of Suncorp.  The company issued the first ever life insurance policy in Australia back in 1833, and became part of the Suncorp group in 2007.

One of the unique features of Asteron is their loyalty program that rewards clients for holding their policy over a certain number of years.  Additional benefits are provided to clients who have held their policies for two years and again after four years.

MLC

MLC is another of Australia’s well known life insurance companies.  Established in 1886, the company eventually became the life insurance arm of the National Australia Bank when it was acquired in 2000.

Another life insurance company, Aviva, was also acquired by the National Australia Bank more recently, and now forms part of MLC.

OnePath

OnePath is a relatively new brand, having only appeared in 2010.  Most Australians would know OnePath better as ING, and prior to that as Mercantile Mutual.  Originally established back in 1878, the company is now the insurance and wealth management arm of the ANZ Banking Group.

Zurich

Zurich provides a range of financial products including life insurance, general insurance, investment and superannuation.  The company can trace its history in Australia back to 1920, although it wasn’t until 1961 that the Zurich brand arrived on our shores.

Comminsure

Comminsure is the insurance arm of the Commonwealth Bank.  The insurer was originally established back in 1873 as Colonial Mutual, and became part of the CBA family in 2000.

Comminsure is one of the few Australian life insurance providers to offer loyalty rewards to its customers.  Additional insurance cover at no cost is provided to customers with policies that have been in place for three years or more.

Macquarie Life

Macquarie Life is the insurance arm of the Macquarie Group, which is best known for Macquarie Bank.  Their insurance business is one of the youngest in Australia, having only been established in 1990.

Macquarie Life offer one of the most innovative life insurance products on the market, which is their Life Active policy.  Life Active incorporates life insurance, TPD insurance and trauma insurance into a single policy which is designed to cover a greater number of medical conditions.

TAL

TAL is the new name for Tower Australia.  The TAL name has only been used since 2011, however the company’s history goes back to 1869 in New Zealand.

As with most life insurance companies they offer a full range of covers including life insurance, income protection, trauma and TPD insurance.

AIA Australia

AIA is another relatively new name in the Australian life insurance market, however they can trace their history back over 90 years.  AIA have become well known for providing competitively priced life insurance products.