Awards from Reputed Agencies Help Us Choose the Right Life Insurance Company

Awards from Reputed Agencies Help Us Choose the Right Life Insurance Company

You may wonder why you should compare life insurance quotes when you take out a life insurance policy, after all, all the insurance companies are in it for money and business so if they cut down on one end they will definitely increase on the other to make up for their losses. Well this may be true but only to a certain extent, it is imperative that the life insurance companies think of what they are offering the consumers if they want to retain their reputation and customers. But who will decide which insurance company is offering the best to the consumers as most individual would only compare life insurance quotes against price of policy and premium payable. Well, Canstar Cannex does it for you.

Each year Canstar Cannex announces winners based on the consistency in value the winning company was able to offer its consumers. First let me tell you this year’s winner and then I will elaborate on how the winners are chosen. For 2012 Canstar Cannex has awarded AIA and OnePath the Five Star Outstanding Value awards. Both AIA and OnePath had won these awards in 2011 too. OnePath has won this award consecutively for the fifth time. Canstar Cannex awarded these companies based on the results that showed that both these giants in the insurance industry have been able to provide consistent value to their consumers.

The winners of individual product category awards for Outstanding Value are:

Term Life insurance – Zurich Australia and AIA Australia
TPD Insurance – Zurich Australia and Clearview
Trauma Insurance –OnePath and AMP Life
Packaged Life Insurance –OnePath and AIA Australia
Income Protection Insurance – OnePath and AIA Australia

Canstar Cannex awards the companies based on ratings that are obtained from research. 13 insurance companies that specialize in specific product categories are pitted against each other. They process over 600,000 quotes including life insurance quotes from these 13 competitors and the 5-Star awards is given to the company that is able to provide consumers the best value for their money, that is their policies have the best combination in terms of features and price.

AIA is not only the winner of Canstar Cannex awards, but has been declared as the Life Insurance Company of the Year for 2012 by ANZIIF. During a gala ceremony held in Sydney ANZIIF or Australian and New Zealand Institute of Insurance and Finance honoured AIA for its achievements in the insurance market in Australia. ANZIIF also has 13 award categories that encompass brokers, law firms, underwriting agency, claims service provider and Reinsurance Company. Their awards include

– Small, Medium and Large broker of the year award
– Small or Medium and Large General insurance company of the year award
– Insurance leader of the year award
– Life Insurance Company of the year award
– Law firm or Practitioner of the year award
– Underwriting agency of the year award
– Claims Service Provider of the year
– Best Service provider to insurance industry
– Innovation of the year award
– Reinsurance company of the year and
– ANZIIF Fellow – The Lifetime achievement award

With so many agencies rating the companies for the sake of us consumers, choosing a life insurance company to take out policies just became easier.


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