The Association of Financial Advisers (AFA) says TAL has again been named Life Company of the Year, the fifth straight time that it has taken home the award.

TAL edged out runner ups MetLife, NEOS Life and PPS Mutual for the 2021 honours.

“The AFA congratulates TAL Life on winning the platinum award, and all the winners and finalists of individual awards, who continue to support and innovate within the life insurance sector,” AFA President Sam Perera said.

“Most important is the ongoing role they play in providing certainty and security to millions of Australians, which has never been more important than today.”

The categories for the AFA Life Company of the Year Awards include the overall Platinum AFA Life Company of the Year Award and individual product awards.

They are offered in conjunction with Plan For Life, and the Client Service Team Awards with the Beddoes Institute.

AFA says the overall award and product awards are based around Plan For Life’s Risk Products Benchmarking services, which grades retail life insurers across five key metrics such as financial strength and service quality.

Here is the full list of winners by category:

Overall Platinum: TAL

Service Quality: NEOS Life

Term/Total and Permanent Disability: MetLife – Protect Life Cover Plan

Trauma: NEOS Life – Protection Critical Illness Plus Cover Plan

Income Protection: TAL – Accelerated Protection Income Protection Premier Plan

Risk Product Innovation: PPS Mutual

Investment Bond: AIA

Overall Annuity Provider: Challenger

Long Term Income Stream: Challenger

Short Term Income Stream: AIA

Annuity Innovation Award: AIA

Underwriting Award: NEOS Life

Claims Award: AIA (including CMLA)

BM/Business Support Award: NEOS Life