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Allianz’s Life Plan product has been awarded a CANSTAR CANNEX Five Star Rating for Outstanding Value in Direct Life Insurance.
Allianz Managing Director Terry Towell said of the award, “When Allianz entered the direct life insurance market a few years ago we promised to give the sector a shake-up, by offering market-leading levels of cover at highly competitive prices. Achieving a Five Star Rating for Outstanding Value for the second year running, is recognition that Allianz Life continues to deliver on this promise.”
The direct life insurance market has expanded rapidly over the last few years – sales increased by around 27% in the last year – as insurers have developed products with high levels of cover that can be obtained quickly and easily, without the need for medical tests or the need to use a financial adviser.
Mr Towell said, “Allianz Life Plan offers life cover of up to $1.5 million, which can be obtained online or over the phone in around 12 minutes, and recently also increased the maximum level of permanent disability cover to a market-leading $1.5 million.”
The CANSTAR CANNEX Five Star Rating is awarded to a direct life insurer that
offers outstanding value across all 16 individual profiles (eg age, gender) analysed
and two levels of cover ($100,000 and $400,000).
The CANSTAR CANNEX report said, “Allianz is a general insurance giant which repeated its feat of last year, thanks to consistently cheaper products in all our profiles. Allianz’s Life Plan adds a strong suite of features to its premium price structure to offer attractive direct life insurance to the majority of consumers.”
Mr Towell commented, “There is a chronic underinsurance problem in the life insurance segment. This has come about for a range of reasons, including lack of affordability, apathy and an unfounded belief that the life cover people have within their superannuation policy will be adequate.”
“By offering market-leading levels of direct life cover, that can be obtained quickly and easily and at affordable prices, Allianz is playing an important role in helping to reduce the level of underinsurance and assisting Australians and their families to be financially sustainable should the worst happen.”