If you’ve been thinking about life insurance, but not sure where to begin, our judges have sifted through policies of 21 life insurance companies to make the job easier for you. This year, choosing the right cover to protect yourself and your family is easy; simply check out the winners of our Mozo Experts Choice for Life Insurance and get cover that’s right for your needs.
For an incredible fourth year in a row, one insurance company scooped more awards than any other provider in 2022. 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
• Premiums are generally tax-deductible • Protecting Australians for over 140 years
• Process claims within 5 business days on average • Protecting Australians for over 140 years
Life insurance can be a long term investment, so it’s important to find insurance that offers exceptional value. This category assessed direct life insurance policies eligible for new customers up to the age of 55. Those awarded offer the most competitively priced plans across the broadest range of customers.
Congratulations to:
Budget Direct, NobleOak, and RAC
• Process claims within 5 business days on average • Protecting Australians for over 140 years
• Lump sum payment if you pass away • Get funeral advance payment
• Funeral advance payment • Get cover for death and terminal illness
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
• Cover paid as lump sum • Dedicated claims support
• Optional extra to your life insurance • Future increases benefit
• Advanced payment benefit • Flexible policy features
For people looking to combine their Life policy with Trauma Insurance, the judges identified the insurance companies that are most competitive on price for a wide range of people.
Congratulations to:
Budget Direct and NobleOak
• Low premiums • Simple and straightforward
• Fully underwritten insurance • Optional extra or standalone cover
If you’re after income protection cover, should you not be able to work for some time due to illness or injury, finding exceptional value income protection is essential. To assess Income Protection Insurance, our judges considered the cost of plans with both 1 and 3 month waiting periods, and one and two year benefit periods, for a variety of professions.
Congratulations to:
Budget Direct, HCF, NobleOak, and RAC
• Premiums are generally tax-deductible • Protecting Australians for over 140 years
• Lump sum payment if you pass away • Get funeral advance payment
• Fast claims process • No complex medical checks
• Ability to pause premiums • Partial disability benefit
If it’s what’s included that matters most, then exceptional quality life insurance could be your ticket. 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 TAL
• Process claims within 5 business days on average • Protecting Australians for over 140 years
• Lump sum payment if you pass away • Get funeral advance payment
• Designed for flexibility • Advanced payment benefit
For this category, judges assessed the quality of direct Income Protection insurance policies. Only policies that offered partial disability cover and cover for mental health conditions were eligible for this award. The winner offered the best combination of cover across the features assessed.
Congratulations to:
Budget Direct, NobleOak, and RAC
• Premiums are generally tax-deductible • Protecting Australians for over 140 years
• Lump sum payment if you pass away • Get funeral advance payment
• Rehabilitation and retraining support • Waived premiums if you claim
Now in their ninth year, the Mozo Experts Choice Awards present an opportunity to highlight products in the market we believe offer great value to Australians.
For the 2022 Life Insurance awards, we analysed 21 different insurance companies.
“Life Insurance is not something we tend to think about very often, and that can make it very hard to figure out how to find insurance that is better than the rest,” said Mozo Experts Choice Award judge, Peter Marshall.
“Our awards are based on extensive research, comparing both the cost of premiums and the benefits offered. We found there can be huge differences between policies; so checking out the winners of these awards can be a great way to get started on 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 2022 Mozo Experts Choice Life Insurance Awards methodology report.
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.
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.
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 detailed information on how we performed product comparisons and determined the final Life Insurance Award winners for 2022.
We collected pricing and cover information from 21 different insurance companies for the 2022 awards. We aim to include most life insurance companies in the market in the Mozo Experts Choice Awards. However, not every institution or product in the market will be included in our review. Any product we review must be available to the general public and in the market at the time of our analysis.
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 Research Manager he leads the team of analysts that gather information and compare products every day, and perform all the calculations behind the Mozo Experts Choice Awards.
Please get in touch with us to discuss by email should you have any queries.