How we found the best life insurance policies of 2026
Why the Life Insurance Awards matter right now
Money's 2026 Life Insurance Awards bring you the best policies, from best-value data-based awards to leaders in innovation, for peace of mind in today's uncertain world.
Money, together with its research partner Rainmaker Information, recognises the best offerings in the insurance sector at the annual Life Insurance Awards. Now in its second year, these awards are underpinned by independent research and form part of Money's long-established suite of industry awards.
Life Insurance Awards promote the value of life, total and permanent disability (TPD), trauma and income protection insurance by recognising products that offer strong risk-mitigation solutions across superannuation, adviser and direct sales channels.
Life insurance plays a critical role in protecting Australians financially when the unexpected happens. It provides reassurance that loved ones will be financially secure by helping settle debts and mortgages, and ensuring income replacement to protect a family's lifestyle and future goals when someone is no longer here.
How different types of cover protect Australian families
If a severe illness or injury leaves you unable to work again, TPD insurance is crucial. It provides a lump-sum payment that can be used for rehabilitation, high medical costs, debt reduction and everyday living expenses, helping safeguard a family's financial future.
Trauma insurance provides a tax-free lump sum when serious conditions such as cancer, stroke or heart attack are diagnosed. This payment can be used to cover significant out-of-pocket medical expenses, mortgage repayments or ongoing rehabilitation at a time when income may be disrupted.
Income protection insurance replaces up to 70% of pre-tax income if illness or injury prevents you from working. It works as a financial safety net, helping cover essential expenses such as mortgage payments, school fees and utilities during recovery.
What the data shows about how Australians buy insurance
According to the latest available APRA data, a total of 29.1 million insurance policies were issued as of June 2025. About 75% of those policies were issued through a superannuation fund, with 12% sold through advisers, 9% sold directly to consumers and 4% arising from ordinary group policies.
While insurance through super remains the most affordable and popular option, industry research highlights a significant under-insurance gap. Millions of Australians are not adequately protected, with the largest gap among people under 35 years.
To better engage this younger, more digital-first generation, insurers are investing heavily in flexible product design and technology, offering streamlined digital experiences and more personalised solutions that help consumers make informed decisions.
Why direct and advised insurance is becoming more important
With adviser numbers shrinking and group insurance through super often offering limited or default levels of cover, access to quality and affordable life insurance solutions is becoming increasingly important.
In particular, the continued improvement of the direct life insurance market is critical to ensure everyday Australians can access suitable cover without professional advice.
Recognising that no single sales channel meets all needs, Money awards overall winners across three channels, super, advised and direct.
How Money and Rainmaker chose the overall winners
The winners for Life Insurer of the Year - Advised and Life Insurer of the Year - Direct were determined by benchmarking financial strength, market performance, product features, premium rates and adviser service quality or online experience.
The overall winner for Life Insurer of the Year - Group was determined using a combination of financial strength, market performance, product features, premium rates, service quality and membership attrition.
How super fund insurance was assessed
To identify the best insurance options through super, Rainmaker analysed more than 10,000 death and TPD, and income protection offerings from public offer super funds.
Policies were ranked based on premium value across different risk types, occupations, ages, waiting periods and benefit payment periods. All awarded super funds held a AAA rating.
How best-value direct insurance was identified
For direct insurance, Rainmaker analysed more than 25 products offered by eight issuers across death, TPD, trauma and income protection cover.
Pricing was assessed across various age groups, occupation classes and benefit levels. Winners were determined by combining the lowest price with strong product features, reflecting the importance of value for money.
How advised products were benchmarked
In the advised category, Rainmaker benchmarked products from 10 life insurers, assessing financial strength, market performance, adviser service quality, product features and pricing.
Lower lapse rates, health and wellness initiatives and product sustainability were also recognised when selecting overall winners.
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