With approximately 11% of all adult deaths in Australia occurring before age 60 and an estimated 18.5% of the population having some form of disability, life insurance should be seen as a must for most Australian adults. Particularly those with a family to support, with debts to pay, with a business to retain or an income to protect. To help consumers find a product that represents outstanding value CANSTAR have crunched the numbers, obtaining more than 640,000 premium quotes across five occupation categories and four age groups for Term Life Insurance, Total and Permanent Disability Insurance (TPD), Trauma Insurance and Income Protection Insurance.
“Life insurance, encompassing life, trauma, total and permanent disability and income protection, is a necessary cost for most households, albeit one they hope to never claim on,” said CANSTAR Manager, Wealth, Paul O’Connor. “It’s worth remembering that illness and injury isn’t always physical; anxiety, depression and general stress-related illnesses are also some common causes of insurance claims.
“It’s also worth remembering that not all policies are created equal. Small differences in policy wording or features, for example the difference between “any occupation” and “own occupation” when it comes to TPD cover, can mean the difference between receiving compensation or a claim being denied. It’s vital that consumers weigh up their individual needs and choose a policy that strikes an ideal balance between features and price.”
WHO PROVIDES OUTSTANDING VALUE?
This year yielded two national winners for our outstanding value – Life Insurance Australia award: TAL and Zurich.
“This is the seventh year we have conducted this research and we continue to be impressed by the quality of the five star-rated products we see,” Mr O’Connor said. “TAL and Zurich both deserve congratulations for their national achievement in what is a competitive market. Both insurance providers have struck what we consider to be an outstanding value mix of price and features.”
In addition to the national award, CANSTAR also awards insurance providers for specific life insurance products and this year the CANSTAR analysis has provided the following product-specific winners:
National Product Category Awards
Outstanding Value Insurance – Term Life
AIA Australia
Asteron Life
TAL
Outstanding Value Insurance – Trauma
AIA Australia
OnePath
Outstanding Value Insurance – TPD
Clearview
Zurich
Outstanding Value Insurance – Packaged Life
Clearview
Zurich
Outstanding Value Insurance – Income Protection
Macquarie
TAL
