Award Winner: NobleOak Income Protection
Best Income Protection Insurance 2020
- Fully underwritten
- Up to $25,000 cover
- Benefits up to age 65
Updated . What changed?
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NobleOak Income Protection won the 2020 Finder award for best income protection thanks to their affordable cover and the range of unique features on offer.
NobleOak offers a higher maximum payout than the other insurers featured on Finder, so if you're looking for a bigger benefit, this could be the policy for you. You also have the option to receive benefits up until age 65 with NobleOak, whereas other insurers looked at by Finder limit payouts to five years or less.
Our 2020 Finder Awards for Best Income Protection Insurance looked at 14 online Australian brands across 12 different personas for both males and females aged between 30 and 50. We only compared direct insurance brands in Australia and our comparison was not whole of market.
Multiple quotes were obtained from each provider. The following product features were scored and weighted as follows:
Overall score was calculated as follows:
You can read our methodology in full here.
After reviewing 14 direct insurance brands for 12 personas across Australia, these were the finalists in the 2020 Finder Awards.
|Policy||Maximum coverage offered||Stand out features and benefits||Apply|
We get it, reading about insurance is boring, but it's an important financial decision so it's worth getting it right. Here are some key features to keep an eye on while trying to find the best income protection insurance for you:
If you're still unsure how to find the right policy, or you have a tonne of income protection questions, you can find plenty of guides on Finder. Take a look out our income protection beginner's guide to get you started.
It can be tempting to buy an income protection policy because it's cheap, but if you don't check the benefits and exclusions, you could end up with cover that doesn't fit your needs and doesn't pay out when it comes to crunch time.
Unfortunately, you might struggle to find income protection insurance if you're over the age of 60. The table below shows the maximum entry age of different insurers as well as the age at which your policy would expire.
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According to healthdirect.gov.au, about one in five Australians suffer from a mental illness every year, yet some income protection policies won't pay out if you're unable to work due to mental illness. Thankfully, there are income protection policies which will, including NobleOak and TAL.
If you want income protection insurance that will cover you if mental illness keeps you from working, it's worth considering one of these brands.
The price of your income protection policy will be influenced by the job you do – the riskier your profession, the higher your premium. However, a few jobs are considered so dangerous that some brands won't cover them at all.
This means if you were injured while at work, you wouldn't be able to claim on your income protection insurance. Instead, you'd only be able to claim for injuries that happened outside of work.
|Brand||Excluded professions / working conditions|
Some people live riskier lifestyles than others. Unfortunately, if you're one of those people, you'll probably end up paying more for your income protection insurance. Some brands may even refuse to insure you for particularly dangerous pastimes or hobbies.
The table below shows some of the dangerous pastimes that insurers may not cover you for. The list isn't exhaustive, so always check your PDS or talk to your insurer directly if you have any questions about coverage for more risky activities.
You can use some of the tips provided in our guide to help you find the right cover for you. Use the table to compare key benefits of some other different income protection policies at a glance. Continue reading this guide to see what else makes up the best income protection cover.
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