We will share you about Australia’s Largest Life Insurance Companies that you may know these companies well.

AIA Australia Limited

In June 2009 AIG Life changed its name to AIA Australia Limited to reflect its separation from the US company AIG to become part of the AIA Group in Asia. The new AIA group listed on the Hong Kong Stock Exchange in October 2010 and has over 20 million customers and over 20,000 staff in Asia-Pacific. AIA has been operating in Australia since 1970. Australia’s Largest Life Insurance Companies

AMP Life Limited and National Mutual Life Association of Australasia Ltd

AMP Life is owned by AMP Limited, which was established in 1849 as a mutual company and listed on the Australian Stock Exchange in mid 1998. In March 2011 AMP merged with AXA. AXA was listed in 1996 as a result of the demutualisation of National Mutual and the acquisition of 51% of the company by French company AXA. Following the successful merger between AMP and AXA the combined entity is now one of the largest life insurers in Australia. On 12th November 2012 the AXA Elevate range of life insurance products were rebranded AMP Elevate. Australia’s Largest Life Insurance Companies

Asteron Life Limited (including Suncorp Group)

Asteron has a history in Australia that can be traced back to 1833. Following the merger of Promina with Suncorp in March 2007 Asteron has become part of the Suncorp Group which has more than 7 million customers in Australia and New Zealand. Australia’s Largest Life Insurance Companies

Westpac Life Insurance Services Limited

BT Financial Group is the wealth management arm of the Westpac Bank which has been delivering banking and other financial services to Australians since 1817. The insurance business provides general and life insurance protection to more than 1 million Australians. Australia’s Largest Life Insurance Companies

ClearView Insurance Ltd

In 1976 Clearview started out as NRMA Life providing life insurances to NRMA customers. Over the years Clearview has evolved into a diversified life insurance and wealth management business. Clearview is currently listed on the ASX and is not aligned with any large national or international financial institutions. Australia’s Largest Life Insurance Companies

Colonial Life Assurance Society Ltd

The Colonial Mutual Life Assurance Society was established in 1873. In 1997 Colonial acquired Prudential and was in turn acquired by the Commonwealth Bank in 2000. By 2002 Colonial was operating under the CommInsure brand name. The Commonwealth Bank was founded in 1911 and is one of the largest listed companies in Australia. Australia’s Largest Life Insurance Companies

OnePath Life Limited (formerly known as ING Life)

OnePath was previously known as ING Australia Limited. It was formerly a joint venture between the ANZ bank, one of Australia's major banks, and the ING Group, a Dutch based global financial services company. In September 2009 ANZ announced its move to full ownership and the business and products were rebranded in November 2010 as “OnePath”. Australia’s Largest Life Insurance Companies

Macquarie Life Limited

Macquarie Bank opened business in Sydney in 1985 and listed on the Australian Stock Exchange in 1996. In 2007 Macquarie Life launched its Futurewise range of life insurance products. Australia’s Largest Life Insurance Companies

MLC Ltd

MLC is owned by the National Australia Bank, one of Australia's largest banks and has over 120 years of insurance experience. MLC also provides investment and superannuation solutions and has a customer base of over 1.5 million. In October 2009 Aviva Australia, previously known as Norwich Union Life, was purchased by the National Australia Bank and these products have been rebranded as MLC products. Australia’s Largest Life Insurance Companies

TAL Ltd

TAL (previously known as Tower Australia) originated in 1869 in New Zealand. Tower entered Australia in 1990 and was listed on the Australian Stock Exchange in 1996. In 2007 Tower merged with Prefsure. In 2008 Tower purchased InsuranceLine a direct distributor of insurance. In June 2011 Dai-ichi Life moved to 100% ownership of Tower. Dai-ichi is the second largest life insurer in Japan with around $400 Billion in assets. In October 2011 Tower Australia changed its name to TAL. In 2013 TAL took its shareholding in insurance comparison business Lifebroker to 100%. TAL currently insures over 2.5M Australians. Australia’s Largest Life Insurance Companies

Zurich Australia Ltd

Zurich Australia is 100% owned by the Swiss-based worldwide Zurich Financial Services Group which operates in over 170 countries. In 1961 Zurich entered Australia purchasing the Commonwealth General Assurance Corporation which had been operating since 1920. Australia’s Largest Life Insurance Companies

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There are two types of life insurance, term and permanent, which are best known for their primary function of providing a death benefit. But if you look beyond the death benefit and understand the various options life insurance offers, you can find even more ways to strengthen your financial position. Benefits from Permanent Life Insurance

Term life insurance provides financial protection for a specific period of time (e.g., 10, 20, or 30 years) and pays a benefit only if you die during the term. If you outlive your policy, it will expire, and your coverage will end. Benefits from Permanent Life Insurance

Permanent life insurance, on the other hand, provides protection throughout your lifetime, as long as premiums are paid, and offers numerous additional financial benefits. Permanent life insurance policies build equity called “cash value” that accumulates over time. This accumulation of cash value, along with tax advantages available with a permanent life insurance policy, allows you to enjoy “living benefits,” including:

Guaranteed, tax-deferred growth-Your life insurance cash value is guaranteed to grow and to never decline in value. It contributes to your financial security with stable yet consistent growth that supports your financial goals. Benefits from Permanent Life Insurance

“Collateral” for policy loans-The cash value you accumulate is an asset on your balance sheet with unique characteristics compared to other assets, such as your home, business, investments, and retirement funds. You may borrow money against the cash value of your policy at any time and for any reason. Among other things, policy loans can be tapped for funds to purchase a home, invest in a business or commercial property, handle a financial emergency, or supplement retirement income. You also may use the cash value as collateral to secure a loan from a bank. Cash value and death benefits are reduced if the loan is not repaid. Benefits from Permanent Life Insurance

Dividend payments-Though they are not guaranteed, Northwestern Mutual has paid dividends on its insurance policies every year since 1872. If a dividend is awarded, you can choose to take the amount in cash, use it to pay back a policy loan, or use it to purchase additional insurance (known as paid-up additions) that increases the death benefit and cash value of the policy. Like other cash value, reinvested dividends grow tax-deferred. Cash proceeds may be taxed if they exceed the amount you’ve paid in premium during the life of the policy. Benefits from Permanent Life Insurance

Flexible funds for retirement-You can use your permanent life insurance cash value to supplement your retirement income without the requirements and limitations that apply to 401(k) and IRA retirement accounts. You have several choices, including receiving your dividends in cash, surrendering paid-up additions that you purchased along the way, or taking a policy loan (all of which may have tax consequences or impact the death benefit). If you no longer need the death benefit and would like guaranteed income from your life insurance contract, you also may terminate the policy and have the cash surrender values paid out as an annuity. Benefits from Permanent Life Insurance

College savings-Life insurance cash value is one of the few assets not considered in federal college financial aid calculations. Families with college-age children who have permanent life insurance policies not only can use the policy’s cash value (via policy loans) to pay college tuition and housing expenses but also might benefit from greater financial aid opportunities. Benefits from Permanent Life Insurance

Legacy opportunities-There are many opportunities to leave a legacy through life insurance in addition to providing for your spouse, family and other heirs. If you own a business, you may consider using a policy as part of a buy-sell agreement to ensure continuity of a small business or liquidate your ownership stake upon your death. If you have a favorite charity or local cause, you can fund a legacy gift with a life insurance policy, naming the organization as beneficiary. Benefits from Permanent Life Insurance

Locked-in insurability-Buying life insurance early in life is the best way to lock in your insurability, whether you are a parent buying life insurance for your children or a young single person without a spouse or children. As needs change, you can expand your coverage by converting a term policy to permanent insurance before it expires or by adding to an existing permanent insurance policy using an additional purchase option. Benefits from Permanent Life Insurance

Long-term care-If paid-up additions have been purchased with dividends during the life of your policy, you may be able to surrender them tax-free to pay for long-term care (LTC) insurance premiums by utilizing a 1035 exchange. This will decrease the policy’s death benefit and cash value as well as future dividends but could help you to fund long-term care insurance if you so choose. There also are other options for paying LTC premiums with your cash value. A financial representative can tell you more about these options for using your life insurance policy. Benefits from Permanent Life Insurance

Tax benefits-Permanent life insurance offers many tax advantages, including tax-deferred growth on cash value accumulation, tax-favored access to cash value up to the basis, and generally tax-free distribution of death benefits. Life insurance is also used for estate planning to help cover estate taxes and ensure that the estate owner’s assets can be distributed as desired to heirs and family members. Benefits from Permanent Life Insurance