Australia’s best income protection insurance policies for 2021
Life is full of uncertainty and last year forced many Australians to confront that fact head on. And if you have dependents, 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. And if you're unsure where to start, the 2021 Mozo Experts Choice Awards are here to help you narrow down your search.
Our panel of judges analysed pricing and cover information across 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 policies.
2020 Income Protection Insurance Awards Winners
As part of the judging process, we considered both the quality and the value of the cover on offer. When assessing the quality of a policy, our judges looked for standout features, such as the ability to pause cover and premiums, rehab expense cover, total permanent disability benefit, and spouse benefit.
When assessing the value on offer, 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. Below are the winners from both categories.
- NobleOak Premium Life Direct - Exceptional Value Award & Exceptional Quality Award
- NIB Income Protection - Exceptional Value Award
- Standout Income Protection Policies
- RAC Income Protection - Exceptional Value Award
- NobleOak Premium Life Direct Income Protection Insurance
Standout Income Protection Policies
- Mozo Experts Choice Awards insurer of the year
- Insure for up to 75% of your pre-tax income
- Premium waived in the event of total or partial disability
NobleOak was the main standout in this year’s Mozo Experts Choice Awards, taking out the coveted title of Insurer of the Year. Its income protection insurance in particular was recognised in both Exceptional Quality and Exceptional Value categories — the only policy to do so.
When you sign up with NobleOak, you can apply to insure up to 75% of your before-tax income (up to $25,000 per month) in case you suffer an accident or illness and are unable to work. You may also be entitled to a smaller benefit if you are partially disabled and return to work in a reduced capacity.
NobleOak could also waive your premium if you’re eligible for a Total or Partial Disablement Benefit. And if you pass away while receiving a Total or Partial Disablement Benefit, you could be entitled to a lump sum payment equal to three months of your Total Disablement Benefits. Make sure to read over the PDS on the NobleOak website carefully before signing up.
For more information about our awards, as well as the full list of winners across multiple categories, be sure to visit our 2021 Mozo Experts Choice Awards methodology page.