The Australia data base is much smaller than the rest of the Google data centers but still not bad considering there is no term related to your keyword in the root domain name. When you see the amount of competing pages show for a site you are seeing all pages containing the words "life" and "insurance". They don't even need to be next to each other on the page. Just on the page to count for the overall competing page count. Considering that site has only been around since October of 2007, it shows a
PR of 4 (does that even matter anymore?) and Yahoo shows about 18,000 links and about 5550 page links. That is a fair amount in a short amount of time. Granted, it is in a much smaller data center but still not bad.

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I also noticed that within the links to that site that there seems to be some site wide links that may have been purchased and the company that apparently did the
SEO is placing anchor text links at the very bottom of their home page to the insurance site as well.