Canstar is pleased to congratulate our two winners for this year’s Direct Income Protection Insurance Award: NobleOak and Virgin Money.
If you’d rather buy income protection insurance direct from an insurance provider instead of going through a financial advisor, these two insurers provide outstanding value in their field.
NobleOak Premium Life Direct Income Protection
Why NobleOak was a winner
NobleOak were awarded a 5-star rating for their Premium Life Direct Income Protection policy in each of the 80 consumer profiles that Canstar rates. They led the market in terms of low cost to consumers and the features they offer.
Well priced and strongly featured, the most distinguishing features of NobleOak’s Premium Life Direct Income Protection policy include:
- Of the products available directly to consumers, this is the only income protection policy with the option of a benefit period to age 65. Consumers who choose this benefit period when they sign up for their policy have peace of mind that if they remain unable to work they can potentially receive their benefit each month until they reach the age of 65 years old. Reassuringly, the benefit amount will increase each year to help protect against the effects of inflation on purchasing power.
- A maximum benefit of $25,000/month, meaning incomes right up to $400,000 may be insured up to the maximum 75%.
- This is the only product available directly to consumers that offers a partial disability benefit. When the insured person is not able to work because of serious illness or injury, if they then return back to work but can’t perform all their regular duties and their income drops, a partial disability benefit may be paid.
- This is one of a few products in the market offering a specified injury benefit (covering 8 specified injuries) and a specified illness benefit (for 30 specified illnesses). If the person insured is injured or ill and can still work, if it is because of one of the illnesses or injuries specified they may receive a special payment (of between 3 and 6 months of their monthly benefit).
- Several benefits come built into the policy, some of which include:
- A maximum death benefit of $75,000
- Terminal illness benefit
- Rehabilitation benefit
- Spouse cover
- Nursing care benefit
- Pre-existing conditions are not excluded and there is strong coverage for conditions that are typically excluded by other insurers – such as injury or illness caused by mental illness, chronic fatigue, dangerous pursuits or occupations.
Find out more about NobleOak and their award-winning direct income protection policies here.
Virgin Money Income Protection
Why Virgin Money was a winner
For their Tailored Income Protection policy, Virgin Money received a 5-star rating in 49 of the 80 profiles considered by Canstar.
They are competitively priced and their feature offering is very strong relative to the market.
Virgin Money’s Tailored Income Protection offers:
- A range of waiting periods to choose from, with waiting periods as short as 14 days on offer.
- A selection of benefit periods, with the longest on offer being a 5-year benefit period.
- An online application process, where the consumer can save the application and return to it later to complete.
- Phone-based support to assist with an application for insurance.
- This is one of a few products in the market offering a specified injury benefit (covering 21 specified injuries) and a specified illness benefit (for 3 specified illnesses). If the person insured is injured or ill and can still work, if it is because of one of the illnesses or injuries specified they may receive a special payment (of between 1 and 24 months of their monthly benefit).
Please note: Virgin Money Australia stopped offering new income protection quotes on 26 March 2021. New policies were no longer offered from 1 April 2021.
Compare direct income protection insurance policies
Compare direct income protection in Australia on the Canstar website. We’ve rated each product so you can see which products offer the best value for money in terms of price and features:
Find out more about income protection options with our latest star ratings report: