TPD Insurance Price Increases March 2026 - How the Market Stacks Up
2 Apr 2026 • General Knowledge
In March 2026, two of Australia's most competitively priced TPD insurers, Zurich and OnePath, without much fanfare quietly increased their premiums, and they've meaningfully shifted how the TPD market stacks up.
We ran the numbers across all major retail insurers so you don't have to. If you want the broader context around cover structures, claims, and definitions, our TPD insurance hub pulls that together in one place.
How Big Were the Increases?
Across ages 25–54, the increases were material:
| Insurer | Average increase (ages 25–54) | Range |
|---|---|---|
| OnePath | ~36% | ~27% (age 25–29) to ~37% (age 45–49) |
| Zurich | ~26% | ~21% (age 25–29) to ~26% (age 45–49) |
These aren't rounding errors. A 36% premium increase on a policy you've held for years is a meaningful hit to household budgets - and a reminder that TPD pricing is not static.
How Does the Market Look Now?
The chart below shows average annual TPD premiums across all major retail insurers, post the March 2026 changes. Use the tabs to switch between actual dollar premiums, a relative cost index, or the increase for OnePath and Zurich specifically.
Source: Keep Insurance quote engine, March 2026. Own occupation · clerical · non-smoker · stepped premium · ages 25–54. AIA (Zurich ENC) does not offer TPD and is excluded. Not personal financial advice.
What the Data Tells Us
1. The bottom tier just got tighter
Before March 2026, Zurich and OnePath were comfortably the cheapest across most age bands. Post-increase, they now sit broadly in line with NEOS and Acenda. Those four form a reasonably competitive cluster - meaningful price differences remain between them at specific ages, but none of them stands out as a clear outlier in either direction.
2. TAL and AIA sit in the middle
TAL prices clearly above the cheaper cluster at most ages. AIA sits above TAL - and the gap between them widens noticeably at older ages. Neither is in the MetLife category, but neither is competing on price either.
3. MetLife remains in a category of its own
MetLife's TPD premiums are more than double the cheapest options at most ages. That's not a typo. At age 50–54, MetLife's average annual premium is $4,478 compared to $2,442 for NEOS. The gap is consistent across the entire age range we analysed. We can only assume MetLife is not actively seeking new TPD business at current market rates.
Why Does This Matter for You?
TPD insurance is designed to protect your financial future if you're permanently unable to work. It's not a product you shop for every year - which is exactly why price movements like this can fly under the radar.
If you took out TPD cover through OnePath or Zurich in the last few years, your renewal premium may be materially higher than last year. You may not have seen it framed as a 36% increase - but that's what the data shows across the age bands we analysed.
More broadly, the spread between the cheapest and most expensive TPD policies in Australia remains extraordinary. At age 50–54, the difference between the cheapest and most expensive insurer in our analysis is over $2,000 per year - for comparable cover. That's money back in your pocket just from choosing the right insurer. If you want a wider breakdown of how premiums are typically structured, see our guide to TPD insurance costs .
The bottom line:
- Always compare before you buy - the savings are real.
- Compare at renewal too - the market moves and your insurer may not tell you.
- Policy definitions matter as much as price - cheaper isn't always better if the claim definition is weaker.
A Note on Policy Definitions
This analysis compares premiums on an own occupation (clerical) basis - the most common TPD definition for office-based workers. But TPD definitions vary considerably between insurers and can affect whether a claim is paid. We cover that in more detail in our own occupation vs any occupation TPD guide .
Key things to check when comparing TPD policies:
- Own vs any occupation - own occupation pays if you can't work in your specific job. Any occupation pays only if you can't work in any job suited to your skills and experience. Own occupation is broader protection.
- Activities of daily living (ADL) definitions - some policies include an ADL trigger for certain occupations or circumstances, which may be harder to satisfy.
- Superannuation linkage - TPD held inside super will use a different (often stricter) definition than retail cover. Our TPD in super guide explains why.
Price matters. But it's worth checking what you're actually buying.
Final Word
The March 2026 TPD price increases from Zurich and OnePath are a useful reminder that the life insurance market is not static. Prices change. Market positioning shifts. And the difference between the cheapest and most expensive insurer for comparable TPD cover can be substantial.
At Keep, you can compare TPD quotes from multiple insurers online - without giving your email address or sitting through a sales call. And if you go ahead with a policy, our standard 12.5% cashback applies.
Need help? Use our online quote comparison tool or life insurance calculator to understand how much cover you might need. For complex situations, speak with a licensed financial adviser.
Frequently Asked Questions
Why did Zurich and OnePath increase their TPD premiums in March 2026? +
Insurers do not always publicly explain the reasons behind premium changes. TPD pricing is driven by claims experience, reinsurance costs, regulatory capital requirements, and overall product sustainability. Both Zurich and OnePath were among the cheapest TPD providers before the increase, and the changes have brought them broadly into line with competitors such as NEOS and Acenda.
How much did OnePath and Zurich TPD premiums increase? +
Based on Keep Insurance quote engine data for March 2026, OnePath premiums increased by an average of around 36% across ages 25–54, and Zurich by an average of around 26%. The increases varied by age band, with larger percentage changes at some ages than others.
Which insurer now offers the cheapest TPD insurance in Australia? +
Based on our March 2026 analysis, NEOS and Acenda are among the most competitively priced TPD insurers across most age bands for non-smokers in clerical occupations. Zurich and OnePath remain competitive despite the increases. Pricing varies by age, occupation, sum insured and premium structure, so it is important to compare quotes for your specific circumstances.
Why is MetLife TPD so much more expensive than other insurers? +
MetLife's TPD premiums are consistently more than double the cheapest options in our analysis. We cannot speak to their internal pricing strategy, but the premium levels suggest they may not be actively competing for new TPD business at current market rates. This highlights why comparing policies is so important - the gap between insurers is far larger than most people realise.
What is the difference between own occupation and any occupation TPD? +
Own occupation TPD pays a benefit if you are permanently unable to work in your specific occupation. Any occupation TPD pays only if you are unable to work in any occupation suited to your education, training or experience. Own occupation cover provides broader protection and is generally more expensive. The analysis in this article is based on own occupation cover for clerical workers.
Should I switch my TPD insurer after these price increases? +
It is worth reviewing your TPD cover at renewal, particularly if you are with OnePath or Zurich and have seen a significant premium increase. However, switching insurers is not always straightforward - you may need to re-underwrite, which could affect cover for pre-existing conditions. We recommend comparing quotes and, for complex situations, consider whether you should speak with a licensed financial adviser before making changes.
How does Keep Insurance help me compare TPD policies? +
Keep Insurance allows you to compare TPD quotes from multiple retail insurers online, without needing to provide your email address or speak to a sales representative. If you proceed with a policy through Keep, our standard 12.5% cashback applies to every premium - on new and transferred policies alike.
Does TPD insurance held in superannuation use the same definition? +
Not always. TPD cover held inside superannuation may use a stricter any occupation definition, because the superannuation trustee must also be satisfied that a condition of release has been met. Retail TPD cover held outside super can offer own occupation definitions and is generally more flexible at claim time.