Australia’s best income protection insurance policies for 2021
Life is full of uncertainty, and over the last 18 months many Australians have been forced to confront that fact head on.
If you have children or other family members who depend on your income, it’s only natural to wonder how they would fare if you were no longer able to provide for them.
Income protection insurance can keep those worries at bay. If you're unsure where to start when research and comparing policies, look to the 2021 Mozo Experts Choice Life insurance Awards first.
Our panel of expert judges analysed pricing and cover information from 26 insurance providers, awarding the best value and best quality policies. We’ve compiled a list of the winners below, along with a quick overview of one of the more impressive income protection insurance options.
2021 Income Protection Insurance Award Winners
As part of the judging process, we considered the quality and value of the cover on offer. When assessing a policy based on 'quality', our judges looked for standout features. This included factors like ability to pause cover and premiums, the inclusion of rehab expense cover as well as total permanent disability benefit and spouse benefit.
When assessing a policy's 'value', we collected quotes for income protection policies with 30 and 90 day waiting periods and one-year and two-year benefit periods. Comparing companies that offered the same waiting and benefit period revealed stark differences.
When considering policies offering the best value to customers, RAC Income Protection and NobleOak Premium Life Direct were the standout contenders. But NobleOak couldn't be beaten in terms of quality.
Check out the policy features and inclusions which won NobleOak this dual title, alongside Mozo's prestigious Life Insurance Company of the Year award.
*Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
For more information about our awards, as well as the full list of winners across multiple categories, be sure to check out our 2021 Mozo Experts Choice Life Insurance Awards methodology report.