OnePath and TAL have shared this year’s Canstar award for outstanding value in life insurance.

“The life insurance industry is intense and both companies offer outstanding value across Australia for the suite of life insurance policies,” Canstar Research Manager Mitchell Watson said.

It is the sixth consecutive category win for ANZ-owned OnePath, which was sold by ING in 2009.

More than $4.4 billion was paid on 70,895 life insurance claims in Australia last year, according to figures from the Risk Store.

The sum includes $1.96 billion on life insurance, $1.16 billion to income protection, $718 million on total and permanent disability and $555 million for trauma.

Canstar analysed financial adviser-based life policies from 13 companies, across customer profiles ranging in age from 20-60 years. It obtained 595,458 quotes.

The consumer research service says its findings take account of stepped and level premiums.

The other “outstanding value” category winners are:

• Term life – AIA Australia and TAL
• Trauma – OnePath and AIA Australia
• Total and permanent disability – ClearView and Zurich
• Packaged life – ClearView and OnePath
• Income protection – OnePath and TAL.