2024 Direct Income Protection Star Ratings and Award
Australia’s largest comparison site, Canstar, releases its
2024 Direct Income Protection Star Ratings and Award.
Released: 20 February, 2024
About the Direct Income Protection Award
Canstar’s Direct Income Protection Award is based on our Star Ratings and recognises the providers offering outstanding value cover to working consumers in Australia.
Learn more about our Award process in the methodology.
Numbers crunched by Canstar Researchers
- 11 providers assessed
- 80 consumer profiles considered
- 2 award-winning providers
Read our methodology →
View the full Star Ratings results →
See all Canstar Star Ratings and Award results →
About this year’s awards
Canstar Research uses a unique, sophisticated ratings methodology for Canstar’s Direct Income Protection Star Ratings, assessing the direct income protection policies on our database based on both the features included and cost of the policy.
To be considered for evaluation, policies must meet Canstar’s eligibility criteria detailed in the methodology. Canstar’s Research Team assesses each eligible policy across 80 different consumer profiles, taking into account a range of age groups and occupational categories, as well as gender and smoking status.
The Direct Income Protection Outstanding Value Award is determined based on the providers with the highest cumulative performance across all 80 profiles.
Congratulations to the Award winners
(Winners are listed alphabetically)
Budget Direct
Outstanding Value Award – Direct Income Protection
Winning the Award for the first time, Budget Direct’s Income Protection Insurance is competitively priced and offers consumers a strong feature proposition that sees Budget Direct recognised for offering outstanding value to its customers in 2024.
Budget Direct stands as a prominent general insurance provider in Australia, claiming to have insured more than 3 million Aussies since it was founded in 2000. Budget Direct’s income protection insurance is issued by NobleOak.
NobleOak
Outstanding Value Award – Direct Income Protection
NobleOak has won the ninth year in a row, maintaining their dominance in the market. NobleOak continues to have competitive price positioning, offering some of the lowest premiums in the market. Year on year, NobleOak’s policy features continue to grow, now offering online application options.
NobleOak, or NobleOak Life limited, is an insurance provider specialising in life insurance policies, and claims to be one of Australia’s oldest life insurers.
Does Canstar rate other products?
Insurance
Accounts and Transfers
About Canstar
Canstar also has insights and information about financial products and services generally. You can find out about topics such as: interest rates, buy now pay later (BNPL), business products and tax. You may also be interested in discovering more about calculators and resources, such as our rate checker and free credit score tool, to help you with your financial decision-making.
FAQs
About: Josh Sale, Group Manager, Research & Ratings
Bachelor of Commerce, Economics/Finance dual major, Griffith University. Master of Data Science, Strategy and Leadership, RMIT (ongoing studies)
Joshua Sale is responsible for developing the methodology and delivering Canstar’s flagship Star Ratings, as part of Canstar’s Research team. With tertiary qualifications in economics and finance, he enjoys helping Australians find more suitable financial products by transforming complex calculations into a consumer-friendly Star Rating that explains the values and benefits of different financial products.
As one of Canstar’s company spokespeople, Joshua has participated in print, radio and broadcast interviews with the likes of the Australian Financial Review, news.com.au and Money magazine, along with other leading media outlets, discussing topics such as home loan equity, banking incentive schemes, digital wallets and wider finance trends.
Joshua is known for his ability to simplify complex products and technical information, crunching the data into meaningful insights for consumers about finance. He has analysed several consumer markets across banking, insurance and wealth, and is keenly interested in various topics, ranging from how Australians interact with their superannuation funds, to the dynamic nature of the health insurance market, and collecting and redeeming credit card reward points.
Joshua believes that knowledge is the first step towards empowerment. Even while studying, he facilitated peer-assisted study sessions for economics, and represented his University’s Business School in an academic committee.
You can follow Josh on LinkedIn, and Canstar on Twitter and Facebook.