Life insurers Zurich Financial Services Australia and ING Life – which has since become part of the ANZ Banking Group – have come up trumps in Cannex’s second annual life insurance star ratings.

The financial services researcher has found cancer is the leading cause of claims under critical illness insurances in Australia, followed by cardiovascular disease.

Official death rates show the reverse, with coronary heart disease, stroke and heart failure accounting for 34% of deaths in Australia, and cancer the country’s second-highest killer at 30%.

Cannex’s Head of Wealth Management Stephen Mitchell says this shows critical illness insurance is just as, if not more, important than adequate life cover.

Five-star awards in the term life, trauma, total and permanent disability, packaged life and income protection categories also went to Tower Life Australia, Asteron, CommInsure, Axa, Macquarie Life and AIA Australia.

“There is no doubt about the overall strength and competitiveness of the life insurance industry in Australia, with seven of the 15 companies researched winning category awards,” Mr Mitchell said.