Sydney, 20 August, 2012
Following a review of 26 direct life insurance policies offered by 24 insurers, Allianz has again received, for a fourth year in a row, a Five Star CANSTAR CANNEX rating for Outstanding Value in Direct Life Insurance.
Allianz Managing Director Terry Towell said “when Allianz entered the direct life insurance market a few years ago, we were the first to deliver a straightforward insurance policy to help protect families and their assets. Since then the market has grown significantly with 32 registered life companies in Australia1.”
“Achieving a Five Star Rating for Outstanding Value, for a fourth year in a row, reassures consumers of Allianz’s commitment to delivering market leading products at competitive prices,” he said.
With no medical tests required, Allianz life insurance covers up to $1.5 million and can be obtained online or over the phone in less than 15 minutes, so there is no requirement to purchase through a financial advisor.
The CANSTAR CANNEX Five Star rating compares pricing and features across four common profiles and two amounts $200,000 and $500,000
The CANSTAR CANNEX report said: “All three top insurers are very strong in the things that matter – the suite of features covered, reasonable premium costs and ease of eligibility for the majority of consumers… CANSTAR congratulates all three insurers for targeting this growing market with such accuracy.”2
“Australians are significantly underinsured when it comes to life insurance. Many Australians hold life and income protection insurance through their super but many have only accepted the default level, which can leave them exposed to the risk of not having enough during financial hardships.
As at June 2010, the overall level of underinsurance is $669 billion to meet the continuing needs of families and dependents after death.3While this is an improvement since 2005, this is still a problem as it means many Australians would face financial hardship if something were to happen that would prevent them from earning an income,” Mr Towell said.
“By offering market leading levels of direct life cover, that can be obtained quickly and easily at competitive prices, Allianz is playing an important role in helping reduce the levels of underinsurance in Australia, therefore helping families become for financially prepared should the worst happen,” he said.
1. Plan for Life - Life Insurance Risk Premium Inflows and Sales for Year Ended September 2011
2. CANSTAR CANNEX, D.I.Y life insurance: no medicals, no hassle, media release August 2012
3. Rice Warner, Life Insurance gap beginning to close in Australia, media release, June 2011
Large General Insurance Company of the Year 2009, 2011, 2012*
Best General Insurance Company of the Year 2006, 2007, 2010**
Allianz Australia delivers a wide range of personal, commercial and corporate insurance products and services to more than 2 million policyholders. Over 50% of Australia’s top 200 BRW-listed companies have some form of insurance cover with the group and the group provides workers compensation services to around one-fifth of Australian employees.
*Australian Insurance Industry Awards
**Australian Banking and Finance Insurance Awards