Canstar's 2024 Direct Income Protection Star Ratings and Award

Outstanding Value Award – Direction Income Protection

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.

direct income protection logo

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

Josh Sale – Canstar’s Group Manager, Research & Ratings

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?

 

 

About Canstar

Canstar also has insights and information about financial products and services generally. You can find out about topics such as: interest ratesbuy 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

Canstar’s expert researchers review the overall value offered by a provider for its products in a financial services category. We consider metrics such as price and costs against features and functionality, with all of the competitors in a category compared using Canstar’s unique research methodology. The products or providers recognised as winners are those that offer the highest overall value proposition.

In addition to Canstar’s Star Ratings that appear in our comparison tables, Canstar gives Outstanding Value Awards that identify providers with high-performing products. Separately, Canstar’s Customer Satisfaction Awards reveal how content customers are with a particular financial institution or insurance provider.

Canstar recognises financial institutions with annual Awards for outstanding value across a wide range of product categories. These Awards are given to the providers whose products are the strongest overall performers in our Star Ratings over the award period.

Canstar’s Customer Satisfaction Awards are for providers, recognising institutions with the most satisfied customers overall based on consumer surveys.

As Australia’s biggest financial comparison site*, Canstar compares more than 775 brands across more than 30 finance categories. Each of Canstar’s Star Ratings and Awards uses a unique methodology that is brought together by our expert Research team, with products analysed based on price and features. The top 10% of products are recognised with a 5-Star Rating. You can find out more about how Canstar’s value-based rating system works.

For media enquiries, commentary or analysis about Canstar’s Star Ratings and Awards, including our Outstanding Value Awards or Customer Satisfaction Awards, please contact our Corporate Affairs team.


About: Josh Sale, Group Manager, Research & Ratings

Headshot of Josh Sale, Canstar

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.


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