Life Insurance Companies in Australia
Life insurance is all about protecting self, family, and material things owned. Life insurance, also referred to as life assurance, is a contract between the policy owner and the insurer. The insurer agrees to pay a designated beneficiary of the policy a sum of money upon the occurrence of the insured individual’s or individuals’ death or other event, such as terminal illness or critical illness. As stipulated in the contract, the policy owner agrees to pay a stipulated amount at regular intervals or in lump sums. In some countries, it may be designated in which bills and death expenses plus catering for after funeral expenses should be included in the policy premium.
Basic insurance terms and definitions are provided in Glossary of Life Insurance Terms, Definitions and Resources.
Here’s a list of life insurance companies registered under Australian Prudential Regulation Authority (APRA), updated 6 October 2010. The Life Insurance companies listed below are registered under section 17 of the LifeInsurance Act 1995.
AIA Australia Limited - AIA Australia is a subsidiary of American International Assurance Company, Limited.
Allianz Australia Life Insurance Limited
AMP Life Limited - AMP is a leading wealth management company in Australia and New Zealand, with selective investment management activities in Asia through AMP Capital Investors, and a growing banking business in Australia. Products include home loans, superannuation, retirement, investment, insurance.
Asteron Life Limited - Asteron has been a specialist life insurance company for more than 175 years.
BT Life Limited - BT is one of Australia’s leading providers of superannuation, investment and insurance products. Established in 1969, it is owned by the BT Financial Group (BTFG), the wealth management arm of The Westpac Group.
Challenger Life Company Limited – Australia’s leading provider of annuities, serving a client base of approximately 60,000.
ClearView Life Assurance Limited – ClearView is one of Australia’s leading financial services group that offer range of investment, superannuation products and life insurance options.
Colonial Mutual Life Assurance Society Limited (The)
Combined Life Insurance Company of Australia Ltd
Cuna Mutual Life Australia Limited - Cuna Mutual Group Australia provides insurance and insurance related products under the MemberCare brand to many of Australia’s credit unions including white label solutions.
General Reinsurance Life Australia Ltd
GLOBAL Life Reinsurance Company of Australia Pty. Limited
Hallmark Life Insurance Company Ltd.
Hannover Life Re of Australasia Ltd – A part of the Hannover Re Group, which is one of the world’s largest reinsurance groups, and one of the leading life reinsurers in the Australian market for more than 20 years.
HCF Life Insurance Company Pty Limited – HCF provides private health, travel, pet and life insurance product, with single, couple, or family cover.
ING Life Limited – ING is one of Australia’s leading fund managers, life insurers and superannuation providers for more than 120 years.
IOOF Life Ltd - IOOF is a financial services organisation with merger between Australian Wealth Management in April 2009 and the acquisition of Skandia in March 2009.
Macquarie Life Limited – Macquarie’s comprehensive life insurance products offer options of blending income cover, disability and life into one simple integrated package. The Macquarie Group is a leading provider of banking, financial, advisory, investment and funds management services.
MetLife Insurance Limited – MetLife is a specialist provider of life insurance to affinity partners, superannuation trustees and employers.
MLC Limited / MLC Lifetime Company Limited - MLC is the wealth management division of the National Australia Bank (NAB). MLC provides investment, superannuation, insurance and private wealth solutions to corporate and institutional customers.
Munich Reinsurance Company of Australasia Limited
RGA Reinsurance Company of Australia Limited
St Andrew’s Life Insurance Pty Ltd - St Andrew’s is a leading Australian insurer that also partners with financial institutions to deliver insurance solutions.
St. George Life Limited - St. George Life offers a range of life insurance products to suit one’s needs.
Suncorp Life & Superannuation Limited - Suncorp is Australia’s largest general insurance group in terms of gross written premium. AAMI, GIO, Suncorp, Vero, Apia and Shannons are some of the brands in the Suncorp Group that have built reputations for insurance innovation and customer service.
Swiss Re Life & Health Australia Limited
The National Mutual Life Association of Australasia Limited
Tower Australia Limited – Tower’s special personal insurance offer is known as “accelerated protection” – for lifestyle and independence.
Westpac Life Insurance Services Limited – Westpac’s lifetime protect insurance is flexible to change as life situation changes. Benefits can be added or removed as needed.
WM Life Australia Limited – Information unavailable at this writing.
Zurich Australia Limited – Zurich Australia include the Zurich Life Insurance product.
Interested readers may want to check out Glossary of Life Insurance Terms, Definitions, and aResources
Resources of Life Insurance Companies in Australia Listing:
Life Insurance Glossary of Terms, Definitions, and Resources
Australian Prudential Regulation Authority (APRA) - the prudential regulator of banks, insurance companies and superannuation funds, credit unions, building societies and other friendly societies.
All the links to the above insurance companies have been resourced.
Tel Asiado is a writer, author, and business consultant, previously, IT manager & consultant. Her articles reflect her interests, from small business, biographies & histories, to classical music especially Mozart, art & literature, biographies, and Christian writings. Tel has produced non-fictions, e-books and anthologies. Her education is MBA in Computer Management, BSc Chemistry, Diploma in Small Business & Internet Mktg, and Cert IV Training and Assessment (TAA). Her small office/home site is homebizideasnow.com, and numerous information of Mozart and classical music, mozartandclassicalmusic.com.
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