RAC award-winning life insurance
A household name in WA - RAC (officially the Royal Automobile Club) has a long history of lobbying for road safety in the state and in recent years it has become well known for providing insurance to car owners. However, did you know that RAC offers other types of insurance now? This includes life and income protection.
Not only does RAC offer these products, but it also just won awards for its Life and Income Protection Insurance policies!
That's right after assessing plans from 26 different insurance companies, our team of experts deemed RAC's policies worthy of not one but three 2021 Mozo Experts Choice Award for:
- Exceptional Value Life Insurance
- Exceptional Value Life & TPD Insurance
- Exceptional Value Income Protection
This is the fourth year in a row that our research team has analysed policies from Australian life insurance providers. Expert Judge Peter Marshall says to determine the winners of the income protection awards, the team gathered quotes for policies with a monthly benefit of $4,000.
He said, "Of the policies that we analysed, RAC's offerings really stood out. We were impressed with the value offered with both Life and Income Protection Insurance."
Marshall says if you're after a cost-effective life or income protection insurance policy, then the offerings from RAC might be worth considering.
Back in 1905 when car ownership was far from common, a group of motoring enthusiasts in Western Australia started the Royal Automobile Club. The initial aim of the club was to support the interests of car owners, but in the over 100 years that have passed since then, RAC have branched out to insurance.
The life and income protection insurance RAC offers is underwritten by AIA Australia Limited. The AIA Group itself has a long history of providing insurance, dating back as far as 1919 when it was founded in Shanghai, China. Today, it is one of the biggest life insurance providers in the Asia-Pacific region.
RAC's award-winning Life and Income Protection insurance
With so much history and expertise backing it, it's no wonder RAC's Life and Income Protection policies received 2021 Mozo Experts Choice Awards. Both policies offer a 10% online discount and a 5% joint policy discount. Besides this, some standout features of RAC's Life Insurance are:
- Cover that costs as little as 60c a day
- Comprehensive life insurance cover ranging from $100,000 to $1 million
- Advance payment of $15,000 to help your family with immediate expenses
- Option to apply for as much as $750,000 Total and Permanent Disability cover
RAC's Income Protection Insurance includes:
- Cover for up to 75% of your income (up to a maximum of $10,000 per month)
- The option to pause premiums for up to 12 months, while you are taking parental leave or are involuntarily unemployed
- No medical tests required to apply
- Total disability cover
With RAC life insurance policies you will also be given access to the AIA Vitality wellness program. The aim of this program is to support healthier lifestyle choices. It even includes perks such as discounts on gym memberships, spa treatments and gift vouchers.
How to take out life insurance with RAC
Think this might be the insurance plan for you? Well you'll be happy to hear that you can get a quote in less than two minutes via RAC's website. If you're satisfied with the quote you can then apply online, after which RAC will confirm your purchase. Just keep in mind that RAC insurance plans are only available to permanent residents of WA. This includes Australian citizens, permanent residents and New Zealand citizens, currently living in the state.
Of course before you make any decision, we recommend reading through the product disclosure statement thoroughly. This can be found on RAC's website.
If you don't live in WA you might want to check out the other winners of the 2021 Mozo Experts Choice Awards for Life Insurance. Or to read more about how the awards are conducted, check out our methodology report which includes information on the winners and how they were chosen.