When deciding on which life insurance company you should take out cover with, there are a number of factors to consider. In general, every person and their needs are unique and as a result, it is impossible to say that insurance company ‘XYZ’ is the best in the marketplace.  There are a number of different ratings and credit houses who specialise in providing scores and rankings relating to the value, security and service an insurance company offers.

Standard & Poors is one of the world’s largest credit rating agencies. Standard & Poors provides research concerning the financial stability and security of many of Australia’s top insurance companies. It is important to note that, due to the stringent regulatory environment in Australia, all insurance companies are subject to highly conservative rules and restrictions concerning the way in which the operate. The Australia Government is able to ensure this by having agencies such as APRA and ASIC set standards that will maintain and ensure the integrity of the insurance industry in Australia.

 

How to find the best insurance company for you?

Due to the varied nature of clients and products, different insurers are considered to be the best value for different scenarios. Canstar is a very prominent ratings house in Australia that specialises in rating financial services products ranging from home loans to income protection. Canstar produces an annual report identifying which insurance companies provide the best value insurance for differing stages of life.

The report from Canstar suggests that for a young female professional, looking to take out Term Life Insurance, TPD insurance, Income Protection and Trauma Insurance – the only two insurers to offer ‘outstanding value’ are ClearView and OnePath . See the relevant extract from the Canstar report below.

The report from Canstar suggests that for a young male in a managerial position, looking to take out Term Life Insurance, TPD insurance, Income Protection and Trauma Insurance – the three insurers that offer ‘outstanding value’ are ClearView  and AMP and OnePath. See the relevant extract from the Canstar report below.

As with all ratings and rankings systems regarding financial products and services, there is always more to it than meets the eye. We rely heavily on our own independent research when it comes to ensuring that our clients are covered by the best insurance company for their needs.

Source: Canstar

 

General Advice Disclaimer

General advice warning: The advice provided is general advice only and in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

Factual Advice Disclaimer

The information I have provided you is purely factual in nature and does not take account your personal objectives, situation or needs. The information is objectively ascertainable and, therefore, does not constitute financial product advice. If you require financial product advice you should consult a properly licensed or authorised financial adviser.