Now in their sixth year, the Mozo Experts Choice Awards provide a platform to highlight products in the marketplace we believe offer great value to Australians.
Now well established in the banking and general insurance space, in 2019 the Mozo Experts turned their attention to finding the best places online for getting direct life insurance and income protection cover.
“This award recognises providers who offer outstanding value for money and stand-out quality in their life insurance policies. Preparing for the unthinkable isn’t easy, but it’s a proposition many Australians face, which is why it’s important that they have access to insurance policies that are right for them.” said Mozo money expert, Peter Marshall.
For details on how we crunched the numbers and determined the award winners see our methodology report or get more info about our judging criteria and read our FAQs.
NobleOak is the inaugural winner of our Life Insurer of the Year award, having taken out more individual product awards than any other company. NobleOak specialise in selling direct and market their cover as affordable, so it was no surprise to see them in the winners list for each of the Exceptional Value awards. They also took out an Exceptional Quality award for their Income Protection product.
These awards recognise insurance that’s among the best-priced, based on a comparison of prices for selected customer scenarios. The judges’ assessment takes into account a range of different factors - including age, gender and occupation - to find those insurers you should put on your shortlist when shopping around for policies.
The Mozo judges gathered insurance quotes online from 25 different insurers for $400,000 of death cover. Insurers who do not provide quotes online were ineligible.
Two life insurers stood out as being consistently among the lowest cost, across the range of customers we considered.
Insure Me Now - Superior Life Insurance Cover
This policy gives you peace of mind, knowing your loved ones will be taken care of financially if you die suddenly or suffer from a terminal illness.
NobleOak - Premium Life Direct
NobleOak’s most comprehensive insurance product, this policy lets you choose the types and amounts of cover you want, and you only pay for what you are covered for.
To find the best-priced range of income protection insurance, the judges gathered quotes for a monthly benefit of $4,500 across a range of customers and also a range of different waiting period and benefit period options. We found four insurers to be among the lowest cost cover for a significant segment of the market, and so are worthy recipients of an Exceptional Value award.
NIB - Income Protection
NobleOak - Premium Life Direct
NRMA - Income Protection
Virgin Money - Income Protection
These awards recognise insurance cover that leads the market in the generosity of additional benefits and flexibility of options - irrespective of price. If you are looking for the very highest level of cover and options, these are the insurers to consider.
The Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers and have been running since 2014.
See our methodology report for more detailed information on how we performed the price comparisons and determined the final winners list.
We collected pricing and cover information from 25 different insurers that offer direct life insurance. The information collection was conducted in June, 2019. To be considered for inclusion in these awards all information considered must be readily available on the insurer’s website and the policy available to the general public without being a previously established member or customer. Products are considered and awards are made irrespective of a product provider’s commercial relationship with Mozo.
You’ll want to check out the winners in the Exceptional Value category. Our experts crunched the data on a range of customer scenarios and these were the insurers and policies that came out the cheapest when compared to similar products.
It’s important to understand that several factors go into determining the cost of life insurance such as your age, profession, gender, and if you smoke or not. So, you’ll still need to do some comparing of features and options to find a policy that is right for you and then get quotes so that you can compare the price.
See Mozo’s life insurance hub to compare more options or read through our helpful life insurance guides to get up to speed on industry jargon and must knows.
For life insurance, we considered a total of 25 different life insurance providers. If you’d like to see the full list, read our methodology report.
The Mozo Experts Choice Awards analysis is overseen by AJ Duncanson, Mozo’s Data Services Director. AJ is a data scientist and actuary, and has worked in financial services and product comparison for almost 30 years. He is a Responsible Manager on Mozo’s Australian Financial Services Licence and Australian Credit Licence.
Please get in touch with us to discuss by emailing or phoning our account management team on 02 9037 4368.