If you’re looking for life insurance, our judges have assessed and found the best policies from 15 different life insurance companies. This year, choose the right cover to protect yourself and your family with the help of our Mozo Experts Choice for Life Insurance Awards, helping you find cover that's right for you and your needs.
Standout Winners
Life Insurance Company of the Year
In 2024, for an incredible sixth year in a row, one insurance company managed to nab more awards than any other provider. NobleOak earned awards for Exceptional Value and Exceptional Quality, taking out the crown once again as the Life Insurance Company of the Year.
Congratulations to:
NobleOak
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Life Insurance
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Premium Life Direct Income Protection Insurance
Exceptional Value Life insurance
This category assessed direct life insurance policies for eligible new customers up to the age of 55. The winners offer the most competitively priced plans across the broadest range of customers.
Congratulations to:
Budget Direct and NobleOak
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Premium Life Direct
- Up to $25,000,000 in Life Cover
- Funeral advancement up to $15,000
- Cover pause option up to 12 months
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Premium Life Direct
- Up to $25,000,000 in Life Cover
- Funeral advancement up to $15,000
- Cover pause option up to 12 months
Exceptional Value Life & TPD Insurance
For this category the judges assessed the combined Life and Third Party Disability options on offer to find those with the most competitive prices for the broadest range of customers.
Congratulations to:
Budget Direct, NobleOak, and TAL
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Premium Life Direct
- Up to $5,000,000 total and permanent disability cover
- Up to $2,000 of financial advice cover when a benefit of more than $200,000 is paid
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Accelerated Protection
- Up to $3,000,000 total and permanent disability cover, with a maximum of $1,500,000 for online applications
- Inflation Protection Benefit
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Premium Life Direct
- Up to $5,000,000 total and permanent disability cover
- Up to $2,000 of financial advice cover when a benefit of more than $200,000 is paid
Exceptional Value Life & Trauma Insurance
For people looking to combine their Life policy with Trauma Insurance, the judges ran a range of scenarios and compared the prices quoted to identify the insurance companies that are most competitive for a wide range of people.
Congratulations to:
Budget Direct, NobleOak, and TAL
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Premium Life Direct
- Up to $2,000,000 cover for specific medical conditions
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Accelerated Protection
- Up to $2,000,000 critical illness cover, with a maximum of $500,000 for online applications
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Premium Life Direct
- Up to $3,000,000 cover for specific medical conditions
Exceptional Value Income Protection
To assess Income Protection Insurance, the judges considered the cost of plans with both 1 and 3 month waiting periods, and 1 and 2 year benefit periods, for a variety of professions.
Congratulations to:
Budget Direct, HCF, and NobleOak
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Income Protection Cover
- Up to 70% of income covered (maximum of $30,000 benefit per month)
- Benefit period options of 2, 5 years or to 65 years old (limits apply)
- Optional cover for superannuation contributions
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Income Protection Cover
- Up to 70% of income covered (maximum of $30,000 benefit per month)
- Benefit period options of 2, 5 years or to 65 years old (limits apply)
- Optional cover for superannuation contributions
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Income Protect Insurance
- Up to 70% of income covered (maximum of $7,500 benefit per month)
- 1 year benefit period
- Optional cover for superannuation contributions
Exceptional Quality Life Insurance
This category assessed direct Life Insurance policies based on the quality of their cover, irrespective of price. The winners of this category offered the most generous combination of cover across the features assessed.
Congratulations to:
Budget Direct, NobleOak, and RAC
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Premium Life Direct
- Up to $25,000,000 in Life Cover
- Funeral advancement up to $15,000
- Cover pause option up to 12 months
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My Protection Plan
- Up to $25,000,000 in Life Cover
- Funeral advancement up to $15,000
- Cover pause option up to 12 months
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Premium Life Direct
- Up to $25,000,000 in Life Cover
- Funeral advancement up to $15,000
- Cover pause option up to 12 months
Exceptional Quality Income Protection
For this category, judges assessed the quality of direct Income Protection insurance policies. Policies that did not offer partial disability cover and excluded mental health conditions were disqualified. The winner offered the best combination of cover across the features assessed.
Congratulations to:
TAL
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Accelerated Protection
- Up to 70% of income covered (maximum of $30,000 benefit per month)
- Benefit period options of 1, 2, 5 years or to 65 years old
- Optional cover for superannuation contributions
What are the Mozo Experts Choice Awards?
Now in their eleventh year, the Mozo Experts Choice Awards present an opportunity to highlight products in the market we believe offer great value to Australians.
For the 2024 Life Insurance awards, we analysed 15 different insurance companies.“Having life insurance can give peace of mind in knowing that your loved ones will be taken care of financially if something unexpected happens to you, but finding the right cover can be hard with so many options in the market,” said Mozo Experts Choice Award judge, Peter Marshall.
“Our awards are based on thorough research, comparing both the cost of premiums and the benefits offered. Our results showed that there can be huge differences between policies; so checking out the winners of these awards can be a great way to start your search for a policy that suits your needs and budget.”
For details on how we crunched the numbers and determined our winners, see the 2024 Mozo Experts Choice Life Insurance Awards methodology report.
Our Expert Judges
We couldn’t have a name like the Mozo Experts Choice Awards without a dedicated and experienced team of product data analysts at the helm. Combined they have decades of experience behind them. Meet them below.
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AJ Duncanson
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Peter Marshall
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Meredith Allan
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George Hirst
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Rumpa Saha
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Afia Asha
FAQs
How do I find the cheapest life insurance policy for me?
To help you on your search, check out the winners in the Exceptional Value category. Our experts crunched the data on a range of customer scenarios and these were the insurance companies and policies that came out the cheapest when compared to similar products.
It’s important to note that several factors go into determining the cost of life insurance such as your age, profession, gender, and if you smoke or not. So, you’ll still need to do a comparison of features and options to find a policy that is right for you and then get quotes so that you can compare the price based on your profile.
See Mozo’s life insurance hub to compare more options or read through our helpful life insurance guides to get up to speed on the industry.
What’s the Judging Criteria for the awards?
Running since 2014, the Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers. See our Mozo Experts Choice Life Insurance Awards methodology report for more detailed information on how we performed product comparisons and determined the final Life Insurance Award winners for 2024.
Did you compare all online life insurance companies in the market for these awards?
For the Mozo Experts Choice Awards, we aim to include most life insurance companies in the market. However, not every institution or product on the market will be included in our review. Any product we review must be available in the market at the time of our analysis.
Who are the Mozo Experts?
The Mozo Experts Choice Awards are overseen by AJ Duncanson and Peter Marshall. AJ is Mozo’s Data Director, a data scientist and actuary who has worked in financial services and product comparison for over 30 years. Peter has been in the industry even longer, and as Mozo's Financial Services Specialist he contributes to the team of analysts that gather information and compare products every day, and oversees the calculations and data quality used for producing the Mozo Experts Choice Awards.
I work for a winning insurance company, how do we promote our win?
Please get in touch with us to discuss by email should you have any queries.