After its review of the entire industry, ratings agency Cannex has declared ING Life the best value life insurer.
The assessment saw organisations rated for value across five categories including term life, trauma, total and permanent disablement (TPD), packaged life and income protection.
Across the five insurance categories, ING Life stood out for consistency, earning it a five star rating for Overall Best Value Life Insurer.
In the individual categories, five stars were awarded to Tower Life Australia for term life, Macquarie Life for trauma and packaged life, AMP Life for TPD, and CommInsure and ING Life for income protection.
Insurers were also judged on the value of cover offered to different occupation sectors such as professionals, white collar, light manual, and blue collar.
ING Life also scooped the pool in the occupation categories – receiving five stars for the value of its insurance provided to professionals, white collar workers, and blue collar workers.
Macquarie Life also received a five star rating for its servicing of the light manual workforce.
“These insurers demonstrated broad and deep value offered to consumers through a network of financial planners, and deserve our congratulations for the consistent service they provide to the Australian population,” Cannex said.
In examining the life insurance industry, the ratings house did conclude the sector was a complex one and recommended people seek advice from a financial adviser to help determine the appropriate cover for their own set of circumstances.
