Allianz, ANZ and Medibank have won Canstar’s “outstanding value” rating for direct life insurance.

Medibank and Allianz earned five-star ratings in 15 of 16 categories, while ANZ received the top rating in five and four stars in 11.

Canstar studied 24 policies from 21 companies for the annual study.

It compared offerings by age, gender and smoking status, looking at coverage levels of $200,000 and $500,000.

The report also highlights the higher premiums on smokers.

“Even if you smoke just one or two cigarettes now and then, or if you just use a nicotine patch or have an occasional cigar, it can cost you thousands of dollars over your insurable life,” Canstar Research Manager Mitchell Watson said.

A 40-year-old male smoker pays an average of $58 extra a month for $500,000 of cover, the survey shows.

Over 20 years from age 30 to 50, male smokers could pay an extra $17,224 and females an additional $10,825 for $500,000 of life cover.

Women who smoke can expect to pay an extra $20 a month aged 20, rising to $92 a month at 50.