Australia’s best income protection insurance policies May 2022

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Life is full of uncertainty and if you have family or other loved ones who depend on you financially, what would happen if you suddenly couldn’t provide for them anymore?

Income protection insurance could help keep those worries at bay. If you ever find yourself in an unfortunate situation where you’re unable to work due to an illness or injuries, having income protection can cover a certain amount of your income for a set period of time. 

It can be a bit daunting comparing and researching potential policies, but look no further! We’ve recently crowned the best income protection policies in our 2022 Mozo Experts Choice Life insurance Awards^.

Our panel of expert judges analysed pricing and cover information from 21 different insurance providers to find the best value and best quality income protection insurance policies available in Australia. We’ve listed the winners below, along with a quick overview of one of the most acclaimed options.

Income Protection Insurance Award Winners

When deciding the Mozo Expert Choice Award^ winners, our judges considered the quality and value of the covers offered. When analysing a policy based on ‘quality,’ judges look for standout features, such as the ability to pause cover and premiums, the inclusion of rehab expense cover, total permanent disability benefit or spouse benefits.

The standout winners for Exceptional Quality Income Protection were:

  • Budget Direct - Premium Life Direct
  • NobleOak - Premium Life Direct
  • RAC - My Protection Life Insurance

To figure out the ‘value’ of the policies, our judges 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 Exceptional Value Income Protections, the winners were:

  • Budget Direct - Premium Life Direct
  • NobleOak - Premium Life Direct
  • HCF - Income Protection
  • RAC - My Protection Life Insurance

However, NobleOak couldn’t be beaten in terms of value and quality. This is why they won awards in every category and snagged the prestigious title of Life Insurance Company of the Year. You can check out some of its key policy features and inclusion below.

 NobleOak Premium Life Direct Income Protection Insurance*
  • Mozo’s Life Insurance Company of the Year for 2022
  • Insure for up to 70% of your pre-tax income (up to $30,000 a month)
  • Premium waived in the event of total or partial disability

Not only did NobleOak win the title of Life Insurance Company of the Year, but it won awards in every single 2022 Mozo Expert Choice Awards^ category for Life Insurance. Its income protection insurance was recognised as both the Exceptional Quality and Exceptional Value categories. Not an easy feat!

When you sign up with NobleOak, you could insure up to 70% of your pre-tax income (up to $30,000 a month) in case you suddenly become unable to work due to an illness or accident. You may also be entitled to smaller benefits if you are partially disabled and return to work in a reduced capacity. NobleOak also offers premium pause where you can pause your premiums for up to 12 months if you take an extended leave from work (i.e. full time study or paternity leave).

Make sure to read over the PDS on the NobleOak’s website carefully before signing up.

* 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 2022 Mozo Experts Choice Life Insurance Awards methodology report.