Australia’s best life insurance for 2021

Dad and child laughing, with a Mozo Experts Choice Awards badge for Life Insurance laid over the top.

Despite our most organised efforts, we can’t plan for every event in life. But when it comes to ensuring the financial security of your family and loved ones, life insurance can make sure their needs are met in case you become ill and are unable to work or, in the worst case scenario, pass away unexpectedly. 

It pays to find a life insurance policy with features that cater to you and your family’s needs at a premium you can comfortably fit in your budget. If you don’t know how much life cover you need or even where to start comparing life insurance policies, Mozo is here to help.

Each year, our team of dedicated analysts scour a huge range of policies to award the highest  quality and best value options in the Mozo Experts Choice Life Insurance Awards. In 2021, our Expert Judges sifted through pricing and policy information from 26 different life insurance providers to find the top contenders for life insurance, income protection and life and trauma insurance.

“Life insurance can help take care of the financial uncertainties your family may endure should you fall terminally ill or pass away unexpectedly,” Mozo Expert Judge Peter Marshall said.

“Too often people are hesitant to discuss their mortality, but with the cost of living on the rise, it pays to have a great policy that gives you peace of mind that your family will be looked after.”

Below, we’ve detailed winning life insurance providers and policies in the 2021 awards across the Exceptional Value and Exceptional Quality award categories.

Life Insurance Company of the Year - NobleOak graphic.

For a third year running, NobleOak has been crowned Mozo’s Life Insurance Company of the Year. In addition to the title, NobleOak was awarded in all six separate award categories this year after impressing our analysts with broad and flexible coverage that caters to different budgets. 

First established 140 years ago, NobleOak is one of Australia’s longest-standing life insurance providers, and they’re on a mission to make life insurance more affordable and accessible.  See some of the provider’s award-winning policies below.

NobleOak Life Insurance*
  • Cover available up to $15 million
  • Policy can be renewed up to age 99
  • Includes $15,000 funeral advance benefit

NobleOak’s life policy has a generous maximum cover level of $15 million. On top of this, there’s a $15,000 funeral advance benefit, a terminal illness benefit, a financial advice benefit and a grief counselling benefit. Plus, with this policy there’s even the option to freeze your premium amount. Just bear in mind that policies can only be taken out up until the age of 69. Existing policies can be renewed up until age 99. We recommend reading the full product disclosure statement (which is available on NobleOak’s website), for a full list of exclusions and sub-limits that may apply to this policy.

NobleOak Premium Life Direct Income Protection Insurance*
  • Insure up to 70% of your pre-tax income
  • Maximum $30,000 monthly cover benefit
  • Choose a 30 or 90 day waiting period

Worried about protecting your salary? You might want to check out NobleOak’s Income Protection Insurance. Not only did this policy receive a Mozo Experts Choice Award for Exceptional Value, but it was one of only two insurance policies to be given the Mozo Experts Choice Award for Exceptional Quality Income Protection in 2021. You can opt for either a 30 or 90-day waiting period and policies can be taken out up to the age of 59. Again more information on exclusions and sub-limits can be found in the product disclosure statement – which is available on NobleOak’s website.

Exceptional Value Life Insurance

It's crucial when shopping around for a policy that you weigh the features and benefits against the price you will be paying for the cover. But taking out a great value life insurance policy doesn’t mean you have to miss out on great features.

This year’s Exceptional Value Life Insurance winners were among the most competitively priced options for the cover they offered to a broad range of customers. The 2021 winners were Allianz, NobleOak and RAC.

Exceptional Value Life Insurance Winners graphic.

Exceptional Quality Life Insurance

To find life insurance policies with the highest quality cover, our expert analysts investigated the generosity of coverage limits and additional benefits, as well as the  flexibility of optional extras, irrespective of price. 

If you are looking for the very highest level of cover, winners in the Exceptional Quality category are the insurance companies to assess in your own research process. This year’s winners were Qantas, NobleOak, TAL and Woolworths.

Exceptional Quality Life Insurance Winners graphic.

Beyond direct life insurance policies, the Mozo Expert Judges also assessed income protection and life & trauma insurance as independent categories. You can find more details on how the best income protection insurance policies and top options for trauma cover were analysed and selected in the Life Insurance Awards methodology report. If you’re considering taking out a policy, please read the full product disclosure statement (PDS) available on each providers’ website before making your final  decision.

*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.

^See information about the Mozo Experts Choice Life Insurance Awards