Life Insurance Award

Life Insurance Brand Ratings

View recent rewards and ratings for Australian life insurance companies

With a variety of life insurance providers and policies, it can be difficult to determine which provider to choose to take your cover with.

Independent entities such as Standard & Poor’s often give annual reviews to Australia’s life insurance companies. Remember that these are just reviews and should not be viewed an industry-wide ratings of the “best” or “top” life insurance providers.

It is important to note that life insurance company ratings should not be the only indicator of whether or not the policy is suited to your needs, as the features and benefits may vary significantly between providers. Always make sure that you read the PDS carefully to determine the suitability of the policy to your personal circumstance.

Life insurance awards from 2016 - Blue Ribbon Awards

Best income protection: ClearView Life Solutions: Income Protection Plus

Clearview's Life Solutions: Income Protection Plus policy took home the Blue Ribbon Award for the best income protection, with the judges impressed by its combination of cover features with affordable premiums.

The Rice Warner judges labelled the pricing of Income Protection Plus “excellent”, ensuring that it offers broad appeal to Australians of all ages and working in a variety of occupations. Adjusting the benefit period or waiting period to suit your personal needs still results in competitive policy premiums across the board.

ClearView’s comprehensive definitions of total and partial disability were also praised, providing clarity and easy-to-understand cover in what can be an area of confusion with many income protection policies.

Highly commended

Highly Commended:

  • Macquarie Futurewise DI plus
  • TAL Accelerated Protection

Best term life/TPD policy – MLC Life Cover with TPD Rider

MLC Life Cover has been a consistent performer throughout the history of the Blue Ribbon Awards, and things were no different in 2016.

What made this policy so appealing?

With a pleasing mix of sharp pricing and comprehensive features, this MLC policy with the TPD option was once again a hit with the Rice Warner judges.

The judges were particularly impressed with the flexibility of MLC Life Cover. The policy offer broad appeal to:

  • People working across various occupations
  • Men and women across an extensive age range.

Combined with a comprehensive range of benefits, competitive premiums and the backing of an insurer with a AA- rating from Standard & Poor’s, this made MLC Life Cover with TPD Rider a clear winner in this category.

Highly commended

  • TAL Accelerated Protection
  • CommInsure Life Care

Best trauma policy – BT Protection Plans: Living Insurance Plus

When assessing the Best Trauma Policy category, the judges took into account that because trauma insurance must be paid for with your money after it has been tax, sharp pricing is essential.

What made this policy so appealing?

BT's Protection Plans: Living Insurance Plus offers sharp pricing for a wide range of occupations and ages while also allowing you to take out up to $2 million of cover – more than its competitors can offer.

In addition, Living Insurance Plus provides cover for an extensive list of trauma conditions and is offered to eligible applicants aged between 18 and 59. Counselling, child support, loyalty and business cover benefits are all included, making this policy the standout performer in this category.

Highly commended

  • AMP Flexible Lifetime Trauma Optimum
  • MLC Critical Insurance Plus

Best term life/TPD policy for superannuation – MLC Life Cover with TPD Rider

After taking out the Blue Ribbon Award for best term life/TPD policy, MLC Life Cover with TPD Rider also secured this new addition to the awards.

What made this policy so appealing?

The key factor that set this policy apart from the competition was its impressive pricing across a broad spectrum of occupations and ages.

But there were plenty of other highlights that also impressed the judging panel, including:

  • An unlimited lump sum benefit for term life cover
  • up to $5 million for TPD.
  • Combined with benefits for terminal illness and accidental injury
  • Any- or own-occupation cover
  • An expiry age of 100, MLC Life Cover with TPD Rider offers a comprehensive
  • Sharply priced cover solution.

Highly commended

  • TAL Accelerated Protection
  • AIA Priority Protection

Best income protection policy for superannuation – OnePath OneCare

OnePath’s OneCare policy was the clear winner of the Blue Ribbon Award for the best income protection cover available through superannuation.

What made this policy so appealing?

The key factor that impressed the judges was the flexibility on offer, with OneCare providing useful options to allow customers to tailor cover to their needs.

Key features

  • Easy to understand but detailed definitions of total and partial disability
  • The policy stood head and shoulders above the competition in terms of its standard features and also its premiums.
  • Flexible choice of waiting periods ranging from 2-14 years
  • The option to pause family cover
  • A benefit to cover the cost of retraining expenses.

Whether you’re purchasing cover through an SMSF or a small APRA fund, the judges were convinced that this was the best pick.

Highly commended

  • TAL Accelerated Protection,
  • CommInsure Income Care Plus

Past awards for life insurance brands

Life Insurance BrandAwards Received in 2015 / 2014
Asteron
  • 2014 Winner - FSC Life Insurance Awards - Asteron Life won the William Roberts Lawyers Consumer Innovation Award for their Smarter Years campaign.
AIA
  • 2015 Winner - Life Insurance Company of the Year Award - The Australian and New Zealand Institute of Insurance and Finance (ANZIIF)
  • 2015 Winner - Best Term and TPD Insurance - Money the best of the best
  • 2015 Winner  - Best Term and TPD product - AFR Smart Investor Blue Ribbon Awards
  • 2014 Winner - Innovation Award for Best Risk Product - AFA
  • 2014 Winner - Best Term & TPD Product - AFR Smart Investor Blue Ribbon Awards
AMP
  • 2015 Winner - Best Trauma Policy - AFR Smart Investor Blue Ribbon Awards
  • 2014 Winner  - Best Trauma Policy - AFR Smart Investor Blue Ribbon Awards
BT
  • 2014 Winner - Risk Company of the Year - Money Management
  • 2014 Winner - Super Risk Term & TPD Rider Product - Money Management
  • 2014 Winner - Super Risk Disability Income Product - Money Management
  • 2014 Winner - Risk Business Overhead Products - Money Management
  • 2014 Winner - Risk Trauma Products - Money Management
CommInsure
  • 2015 Winner - Simply Life - Critical Illness Insurance - Direct Insurance Awards
  • 2014 Winner - Life Insurance Company of the Year Winner -The Australian Insurance industry awards.
  • 2014 Winner - Customer Service Award - Direct Insurance Awards
OnePath
  • 2014 Winner - Income Protection Product of the Year - Smart Investor Awards
  • 2014 Winner - Income Protection Product of the Year - Smart Investor Awards - AFA/Plan for Life Awards
TAL
  • 2015 Winner - Best Term Life/TPD - Association of Financial Advisers (AFA)/Plan for Life Awards
  • 2015 Winner - Income Protection - Money Management
  • 2015 Winner -  Best Trauma Insurance -Association of Financial Advisers (AFA)/Plan for Life Awards
  • 2014 Winner - Best Featured Income Protection Insurance - Money Magazine Best of the Best Awards Winner
  • 2014 Winner - Cheapest Income Protection Insurance - Money Magazine Best of the Best Awards Winner
Zurich
  • 2015 Winner - Online Platforms Brokers on Insurers award
  • 2015 Winner - Training and Development Brokers on Insurers award
  • 2015 Winner - Product Innovation Brokers on Insurers award
  • 2015 Winner Service Quality - AFA / Plan for Life Insurer of the Year
  • 2015 Winner Underwriting & New business team - AFA / Plan for Life Insurer of the Year
  • 2015 Winner Business support services & BDM team - AFA / Plan for Life Insurer of the Year
  • 2015 Winner - Lewers Benchmarking - Reputation
  • 2015 Winner - Financial Services Council - Big Thinking Award
  • 2015 Winner - Best Featured Income Protection Insurance - Money Magazine's Best of the Best Awards
  • 2014 Winner - General Insurer of the Year - National Insurance Brokers Association (NIBA)
  • 2014 Winner - Insurer of the Year - Brokers on Insurers Survey
  • 2014 Winner -  Insurer of the Year - Service Quality -AFA / Plan for Life
  • 2014 Winner - Big Thinking Award - Financial Services Council
  • 2014 Winner - Reputation - Beaton Benchmarking
  • 2014 Winner - Direct Life Insurance Excellence Award for Term Life - Plan for Life

It is important to note that life insurance company ratings should not be the only indicator of whether or not the policy is suited to your needs, as the features and benefits may vary significantly between providers. Always make sure that you read the PDS carefully to determine the suitability of the policy to your personal circumstance.

Compare Life Insurance or Income Protection Quotes

Please enter your full name
Please enter a valid email address
It's important to give us a valid phone number
Gender
Smoker
Date of Birth
Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
By submitting this form, you agree to the finder.com.au privacy policy
Compare Quotes

Compare Life insurance quotes from these direct brands

Product details Maximum cover Maximum Entry Age Cooling-off
(days)
Life Insurance
Life Insurance
Choice of cover options and flexible premiums to suit budget. No lock-in contracts and fast application. $1,500,000 65 30 Get quoteMore info
Term Life Insurance
Term Life Insurance
A simple life insurance product that can offer up to $1,500,000 in a lump sum payment on death or diagnosis of terminal illness. $1,500,000 69 30 Get quoteMore info
Life Insurance
Life Insurance
Get flexible life insurance up to the sum of $2,000,000. $2,000,000 59 21 Get quoteMore info
NobleOak Term Life Insurance
NobleOak Term Life Insurance
Save 20% on NobleOak life insurance and pay no premium in the first month. $15,000,000 69 30 Get quoteMore info
Woolworths Life Insurance
Woolworths Life Insurance
Receive a discount of 10% on life insurance as a Woolworths Rewards Member. T's and C's apply. $1,500,000 65 30 Get quoteMore info
Ezicover Life Insurance
Ezicover Life Insurance
Get up to $1.5 million in life cover. 10% discount available on a second life insurance policy when two policies are issued at the same time. $1,500,000 69 30 Get quoteMore info

Richard Laycock

Richard is the senior insurance writer at finder.com.au and is on a mission to make insurance easier to understand.

Was this content helpful to you? No  Yes

Related Posts

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

Ask a question
feedback