Star rating of life insurance products released
A star rating report of life insurance products across the industry has been released by the financial research and ratings company CANNEX.
The report rated products in term life insurance, trauma insurance, total and permanent disablement, packaged life insurance and income protection across 15 different companies, with 300,000 quotes. The products were rated up to five stars.
The head of CANNEX Adviser Services, Stephen Mitchell, said: “We looked at four occupation categories and three age groups to determine how well products performed and were pleasantly surprised at the solid, overall strength of the life industry in providing strong value contracts.”
ING Life, Tower LifeAustralia, Macquarie Life, CommInsure, and AMP Life received ‘superior’ product ratings, with CommInsure and ING Life both receiving five stars for best value income protection. ING Life was awarded the CANNEX National 5 stars for overall best value life insurer.
“Life insurance is not a DIY product and we have taken great care in stressing to consumers that no matter how much we demystify these products, they are not, and may never be, products you buy without individual professional advice,” Mitchell said.
“Getting it wrong means the involvement of a licensed financial planner is essential in the mix.”
ING Life Risk’s head of retail product, marketing and reinsurance, Gerard Kerr, said that INGs comprehensive product range contained a “delicate balance” of features that led to the five star rating.
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