General Knowledge
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Australian insurance premiums moved significantly in 2026 - and not always in the direction you'd hope. TPD insurance saw the largest changes, with NEOS and Acenda recently raising premiums by 34-66% depending on occupation class, following Zurich and OnePath changes earlier this year. The gap between the cheapest and most expensive remains substantial.
We track pricing across all major retail insurers. Here's what changed between March and July 2026, why it matters, and where the TPD market sits now.
Disclaimer
- Analysis based on Keep Insurance quote engine data, February to July 2026.
- Non-smoker, stepped premium, male, NSW, clerical occupation, entry ages 35, 45 and 55.
- Quote basis: income protection $4,000/month benefit, 60-day wait, 5 year benefit; trauma $150,000 sum insured; TPD $500,000 any and own occupation; life $500,000.
- Any occupation figures are monthly premiums with male and female rates averaged; the chart uses monthly own occupation clerical premiums.
Premium movement
TPD Insurance Was the Big Mover in 2026
TPD had the most significant pricing movements of any product we tracked this year. The story is consistent across both any occupation and own occupation: NEOS and Acenda raised prices with the scale of the increases varying by occupation class.
NEOS any occupation
+34-66%
increase depending on occupation class
Acenda any occupation
+34-50%
increase depending on occupation class
Everyone else since March 2026
0%
TAL, AIA, MetLife, OnePath and Zurich held flat
Any occupation prices went up
For any occupation TPD - which pays only if you can't work in any role suited to your skills and experience - the dominant story is increases. Large ones.
| Insurer | Clerical any occupation | Unqualified blue collar | Direction |
|---|---|---|---|
| NEOS | +35% | +66% | Raised across all age bands |
| Acenda | +34% flat | +50% flat | Raised uniformly at every age |
| OnePath | 0% | +22% | Held clerical, raised blue collar |
| Zurich | 0% | +13% | Held clerical, modest increase blue collar |
NEOS and Acenda were part of the cheapest cluster before these increases - broadly in line with Zurich and OnePath. After increases of 34-66% depending on occupation class, they now sit significantly higher. They went from being near the bottom of the market to the middle of it in a single rate review. Other insurers held flat (so far).
Own occupation
Own Occupation Followed the Same Pattern
Own occupation told the same story as any occupation. Since our last review in March, NEOS and Acenda raised clerical own occupation premiums by 34-37%.
| Insurer | Clerical own occupation change | Now vs cheapest |
|---|---|---|
| OnePath | 0% | cheapest — $84/month avg |
| Zurich | 0% | 1.07x OnePath — $91/month avg |
| TAL | 0% | 1.32x OnePath — $111/month avg |
| Acenda | +34% | 1.36x OnePath — $115/month avg |
| NEOS | +37% | 1.38x OnePath — $116/month avg |
| AIA | 0% | 1.48x OnePath — $124/month avg |
| MetLife | 0% | 2.01x OnePath — $169/month avg |
OnePath remains the cheapest own occupation option on clerical. The insurers that held flat — TAL, AIA — now look relatively better value compared to NEOS and Acenda, which went from being the cheapest own occupation options to sitting above TAL in a single review.
MetLife is 2.01x OnePath on own occupation clerical, and still well above the next most expensive. That suggests they may not be actively competing for new TPD business at current market rates.
Market comparison
Where the TPD Market Sits Now
After all the changes, here's the current market on clerical TPD cover across both any occupation and own occupation definitions.
Swipe sideways to see more
| Age band | Acenda | AIA | OnePath | TAL | MetLife | NEOS | Zurich |
|---|---|---|---|---|---|---|---|
| 25-29 | $36.25 | $43.55 | $31.90 | $42.70 | $69.39 | $39.09 | $30.37 |
| 30-34 | $36.93 | $43.55 | $28.42 | $43.54 | $68.78 | $38.64 | $30.45 |
| 35-39 | $38.85 | $43.59 | $28.66 | $42.35 | $70.62 | $39.26 | $32.30 |
| 40-44 | $54.13 | $45.92 | $39.72 | $52.63 | $75.12 | $53.54 | $43.27 |
| 45-49 | $96.36 | $77.65 | $74.34 | $95.49 | $119.52 | $92.28 | $80.80 |
| 50-54 | $196.32 | $176.57 | $157.41 | $183.54 | $259.55 | $193.87 | $171.69 |
| 55-59 | $474.66 | $486.42 | $386.98 | $402.06 | $669.50 | $449.72 | $336.59* |
Monthly premiums. Non-smoker, any occupation, clerical. Male and female averaged. July 2026.
Note
Summary averages use ages 25-54 unless stated otherwise. The detailed age-band tables and chart still show the 55-59 band; Zurich values marked * are affected by Zurich not offering standalone TPD from age 57, so that band is shown for transparency but excluded from the summary averages.
For a more detailed breakdown including light manual and blue collar occupation classes - where the pricing gaps are even wider - see our TPD insurance guide.
Own occupation snapshot
How Own Occupation TPD Compares After the July Changes
The chart below uses monthly own occupation clerical premiums by age band. It compares March and July pricing so the NEOS and Acenda changes can be read against the rest of the market.
TAL AIA OnePath Acenda MetLife NEOS Zurich
+37%
NEOS avg increase (ages 25-54)
+34%
Acenda avg increase (ages 25-54)
>2×
MetLife vs cheapest at most ages
Source: Keep Insurance quote engine, July 2026. Own occupation, clerical, non-smoker, stepped premium, monthly premiums, ages 25-59. Zurich does not offer standalone TPD from age 57, so Zurich 55-59 values marked * are shown for transparency but excluded from summary averages. Encompass does not offer TPD and is excluded. Not personal financial advice.
Other products
Other Products Moved Too
While TPD dominated the 2026 rate activity, other products also moved:
- Trauma - NEOS raised trauma premiums by 20-34% across age bands. They were already in the upper tier of the market. At ages 45 and above they are now the most expensive trauma insurer by a meaningful margin. Zurich remains the cheapest across all ages. Everyone else held.
- Income protection - NEOS went up 19% at younger ages but very modest decreases in older ages. Zurich cut premiums by 15%, and OnePath by 14%, both uniformly across all age bands. Zurich is still the clear cheapest option on income protection. See our guide to income protection insurance for more detail on how these products work.
- Life insurance - NEOS raised life premiums by 21-39% at younger ages (25-39) and 8 -14% in the 50s. but held flat at working ages. Every other insurer was unchanged. If you're under 40 and hold a NEOS life policy, your renewal will reflect those increases.
Practical takeaways
What to Do With This Information
- 01
If you hold a NEOS or Acenda TPD policy
Your renewal premium may be materially higher than it was. Comparing alternatives before auto-renewing is sensible. Switching isn't always straightforward - re-underwriting may apply - but the premium difference is large enough to warrant checking.
- 02
If you're shopping for TPD now
Zurich is the cheapest option across most occupation classes and age bands in this analysis. The gap to the most expensive insurer is large, so compare properly before committing.
- 03
If you have linked cover
Check which insurer is pricing your TPD component. If your TPD is priced at the expensive end of the market, that pricing can flow through to your combined life and TPD premium.
Final word
Final Word
Some of the recent changes are large enough that policies bought at the start of the year look quite different at renewal. The market will keep moving.
At Keep, we track pricing continuously and publish what we find. You can compare quotes across all major insurers online without a phone call or email sign-up. Our 12.5% cashback applies to every premium.
Frequently Asked Questions
Which TPD insurer is cheapest in Australia in 2026?
Based on our July 2026 analysis, Zurich is the cheapest TPD insurer across most occupation classes and age bands. NEOS and Acenda were previously competitive with Zurich but raised premiums by 34-66% depending on occupation class, moving them to the middle of the market.
Why did NEOS and Acenda raise TPD premiums so much in 2026?
Insurers do not always explain rate changes publicly. NEOS raised any occupation clerical TPD premiums by 35% across all age bands, and unqualified blue collar by up to 66%. Acenda applied flat increases of 34% on clerical and 50% on blue collar.
Did any insurers reduce TPD premiums in 2026?
No insurer reduced clerical TPD premiums. TAL, AIA, MetLife all held flat. NEOS and Acenda raised both any occupation and own occupation clerical premiums by 34-37%. Earlier this year we saw additional increases from OnePath (+22%) and Zurich (+13%).
What is the difference between any occupation and own occupation TPD?
Own occupation TPD pays if you cannot work in your specific job. Any occupation TPD pays only if you cannot work in any job suited to your skills and experience. Own occupation provides broader protection and is generally more expensive. For manual workers especially, the difference in definitions at claim time can be material.
What happened to income protection premiums in 2026?
Zurich cut income protection premiums by 15% and OnePath by 14%, both uniformly across all age bands. TAL, AIA and MetLife held prices flat. Zurich is now the clear cheapest option on income protection.
Should I review my insurance policy after these price changes?
If you hold a NEOS or Acenda TPD policy, or a NEOS life or trauma policy, your renewal premium will be materially higher than it was earlier in 2026. It is worth comparing alternatives. Switching is not always straightforward as re-underwriting may apply, but the premium differences are large enough to warrant checking. For complex situations, speak with a licensed financial adviser.