What is Life Insurance?
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policyholder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.
Top 5 life insurance companies in Australia
1.TAL Life Limited: Ranks 1st, with a market share of 16.6%
2.AIA Australia Limited: Ranks 2nd, with a market share of 14.3%
3.AMP Limited: Ranks 3rd, with a market share of 12.4%
4.MLC Limited: Ranks 4th, with a market share of 12%
5.Comminsure: Ranks 5th, with a market share of 11.1%
TAL is Australia’s leading life insurance specialist and for over 140 years, we’ve been protecting people, not things.
Together with our partners we protect almost 4 million Australians and their families, helping them look after what matters most, so they have the freedom to keep living the life they planned.
Every claim we pay is a promise kept. In 2016, we paid $1.4 billion in claims to over 23,000 Australians and their families. That’s equivalent to over $26 million every week.
2:AIA Australia Limited
AIA an independent life insurance specialist with over 40 years’ experience offering insurance products through financial advisers and a valued network of partners. And now, This company has introduced AIA Vitality to offer Australians life insurance that rewards a healthy lifestyle.
Not to mention we’re backed by AIA Group, the largest independent publicly listed pan-Asian life insurance group – with a presence in 18 markets around the Asia-Pacific region.
AIA placed a strong emphasis on innovation, quality customer service and professionalism, and it’s with this focus that ala teams are proud to have gained widespread recognition and won numerous industry accolades.
AMP was founded on a simple yet bold idea—that every individual should have the power and ability to control his or her life.
For more than 160 years, AMP team dedicated themselves to making this possible. And while they grown and changed over the decades, one thing has remained the same—our unwavering sense of purpose to help people own their tomorrow.
Today they are leading specialist wealth management company in Australia and New Zealand, helping our customers with:
- financial advice
- superannuation, retirement income and other investment products for individuals
- superannuation services for businesses
- administration, banking and investment services for self-managed super funds
- income protection, disability and life insurance
- selected banking products, and
For over 130 years, MLC has been helping customers create the best possible future.
As National Australia Bank’s wealth management business, MLC provides investments, superannuation and financial advice to corporate, institutional and retail customers. Its all about using the expertise and the capabilities of the NAB Group to give our customers a bigger vision for their future and the bigger picture of their wealth.
MLC Life Insurance and Nippon Life Insurance Group – working together to protect Australians when they need it most.
Comminsure is the first Australia’s leading provider of integrated financial services, including retail, premium, business and institutional banking, funds management, superannuation, insurance, investment and share-broking products and services.
From online security, complying with the highest level of conduct codes and making banking easier for older Australians and people with disabilities, they are committed to becoming Australia’s most accessible bank.
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