Canstar’s 2023 Direct Life Insurance Award

Direct Life Insurance – Outstanding Value Award
Budget Direct-logo
Nobleoak - Canstar outstanding value award winner
RAC-logo
TAL wins Canstar award

Australia’s largest comparison site, Canstar, releases its

2023 Direct Life Insurance Awards.

Released: 13 June, 2023

About the Canstar’s Direct Life Insurance Award

Canstar’s Direct Life Insurance Award recognises providers who offer outstanding value policies to consumers in Australia.
You can learn more about our Award process in our methodology.

Numbers crunched by Canstar Researchers

  • 14 providers assessed
  • 14 products rated
  • 20 consumer profiles considered
  • 4 award-winning products

Read our methodology →

See all Canstar Star Ratings and Award results →

About this year’s awards

– Josh Sale, Ratings Manager, Canstar

To determine the winners, direct life insurance policies are evaluated using Canstar’s sophisticated ratings methodology, unique to Canstar, which assess the overall value proposition of policies available to consumers in Australia.

The Outstanding Value Award for Direct Life Insurance is awarded to providers that offer customers the strongest combination of price and features across the range of consumer profiles considered.

About the winners

Budget Direct

Budget Direct has partnered with NobleOak, which is the issuer of Budget Direct’s life insurance policy. Like NobleOak’s, this policy is competitively priced and offers consumers a strong feature proposition that sees Budget Direct recognised for offering outstanding value to its customers in 2023.

Founded in 2000, Budget Direct offers a range of general insurance products, as well as pet and travel insurance. Budget Direct’s Life insurance policies are underwritten by NobleOak Life Limited.

NobleOak

This is NobleOak’s 8th consecutive year to win an Outstanding Value Award for Direct Life Insurance, which speaks to their track record of delivering value to their customers over the years. NobleOak notably received a 5-Star Rating in all 20 consumer profiles Canstar’s Research Team assessed across different age groups, genders and smoking status.

NobleOak, or NobleOak Life limited, is an insurance provider specialising in life insurance policies. Outside of direct life insurance, they also provide income protection, trauma insurance, disability insurance and business expenses insurance. NobleOak’s life insurance policies are underwritten by NobleOak Life Limited.

RAC

This is the second year in a row RAC has picked up an Outstanding Value Award, continuing their partnership with NobleOak, which is the issuer of RAC’s life insurance policy. Following NobleOak’s suit, this policy is competitively priced and offers consumers a strong feature proposition that sees RAC recognised for offering outstanding value to its customers in 2023.

Based in Western Australia, RAC provides a range of insurance products including general insurances such as car and home insurance, as well as health insurance, life insurance and pet insurance. RAC life insurance policies are underwritten by NobleOak Life Limited.

TAL

TAL has also maintained their Outstanding Value Award, demonstrating a strong and consistent year on year performance. New to the results last year, TAL’s Accelerated Protection continues to offer outstanding value to customers, with particularly strong performance in the middle aged and older profiles.

With 150 years of experience, TAL predominantly provides life insurance products for Australian consumers, such as income protection insurance, total permanent disability insurance, and critical illness insurance. TAL life insurance policies are underwritten by TAL Life Limited.

(Winners are listed alphabetically)


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

Who decides the winners for Canstar’s Star Ratings and Awards?

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.


What other awards does Canstar give?

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.


What are Canstar’s Outstanding Value Awards?

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.


What are Canstar’s Customer Satisfaction Awards?

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


How does Canstar work out award-winning brands and providers?

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.


Who can I contact for a media enquiry about Canstar’s Star Ratings?

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, Ratings Manager

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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