Mozo unveils Australia’s best income protection insurance policies for 2019
Thursday 18 July 2019
Finding the right income protection insurance policy can be a hassle, especially with so many different insurers and policies on offer.
But in exciting news for Australians shopping around for a first class income protection insurance policy, Mozo has just unveiled its inaugural 2019 Mozo Experts Choice Life Insurance Awards!
As part of the Awards, Mozo recognised both the best value and best quality income protection insurance policies on the market following a thorough analysis of 25 different insurers.
2019 Mozo Experts Choice Income Protection Insurance Award winners
- NIB Income Protection - 2019 Exceptional Value Income Protection Award
- NobleOak Premium Life Direct - 2019 Exceptional Value Income Protection Award
- NRMA Income Protection - 2019 Exceptional Value Income Protection Award
- Virgin Money Income Protection - 2019 Exceptional Value Income Protection Award
- NobleOak Premium Life Direct - 2019 Exceptional Quality Income Protection Award
“When it comes to comparing income protection insurance policies there are a number of different factors Australians will take into consideration - from finding the best value for money to a policy that provides the quality features they’re after,” said Mozo Experts Choice Judge, Peter Marshall.
“That’s why the Mozo Experts Choice Awards recognise policies either for their exceptional value, or for their exceptional quality. Virgin Money, NobleOak, NIB and NAB were named winners for exceptional value, while NobleOak’s Premium Life Direct policy also impressed for its exceptional quality.”
Why choose a Mozo Experts Choice Award winner?
Like all types of insurance, Income Protection Insurance is designed to provide a safeguard in case the worst happens.
In this case, if injury, illness or redundancy prevents you from working for a period of time you’d be able to receive a payout from your insurer - generally a previously agreed percentage of your income.
So when it came down to comparing policies, how did Mozo’s Expert Choice judges separate the best from the rest?
To determine the exceptional value income protection insurance winners, policies were compared based on a monthly benefit amount of $4,500, a range of waiting periods (30 and 90 days) and a number of different benefit periods (1 year, 2 years and ‘until the age of 65’).
The best value winners were then selected for being the most affordable policies for the cover they provided, with Virgin Money, NobleOak, NIB and NAB standing out from the pack.
Aside from providing exceptional value for money, many of the 2019 Mozo Experts Choice Award winning income protection insurance policies also offer cover for a range of Australians, not just those in full time work.
This includes cover for contractors, part time workers, self-employed workers and even stay at home parents.
When it came to finding an exceptional quality winner, Mozo’s judges looked at policies which included: the ability to pause cover or premiums, a partial payment on partial disability, cover for rehabilitation expenses, no exclusion for mental health and a death benefit.
In this case, NobleOak’s Premium Life Direct policy stood out above the rest, which is perhaps unsurprising given that the insurer also took out the prestigious 2019 Life Insurer Of The Year Award.
Interested in looking at even more award-winning policies? Don’t miss the full list of 2019 Mozo Experts Choice Life Insurance Award winners.