Finder’s income protection insurance methodology

What are the Finder income protection awards?

Finder's income protection awards is a ratings methodology that compares both price and features across 11 income protection policies. We got 170+ income protection quotes based on multiple profiles to determine the winners in 2024.

We use the final scores from our insurance awards to inform the top picks on our best income protection insurance page.

Finder's income protection awards criteria

The criteria for Finder's income protection awards was determined by our insights team and insurance experts.

Income protection eligibility criteria

• It must be a direct income protection insurance policy (e.g. no broker is needed)
• The provider must have offered the policy for 12 months or longer
• Quotes must be available online or over the phone

Finder's income protection awards methodology

1. How we calculated our price score for income protection

To determine our income protection insurance award winners, we got prices across a total of 32 customer profiles varying in age, gender, occupation and smoking status:

2. How we calculated our features score for income protection

The features score takes into account 8 different features commonly covered by an income protection policy. Features were scored and weighted as follows:

3. How we calculated our final scores for income protection

Frequently asked questions

• How does Finder ensure the impartiality of its income protection awards?

  Our awards methodology is developed by our in-house insurance experts and insights team. It is based on objective data including pricing and specific policy features. Insurers cannot influence their scores or rankings. Finder maintains an independent editorial approach to ensure our award results are fair and transparent for consumers.

• What criteria define a blue collar worker versus a white collar worker for your quotes?

  For our awards methodology we use standard industry definitions. A white collar worker typically performs administrative, managerial or professional roles with lower physical risk. A blue collar worker usually engages in manual labour or trade-based occupations which are often associated with higher physical risk. These distinctions influence insurance premiums significantly.

• Why are some features weighted more heavily than others in the awards methodology?

  The weighting of features is determined by our insights team and insurance experts. It reflects the relative importance of each feature from a consumer perspective and its impact on the overall value and effectiveness of an income protection policy. For example, features like highest benefit period and maximum monthly benefit are typically more critical to a policy's core offering.

• What is meant by 'direct income protection insurance' in your eligibility criteria?

  Direct income protection insurance refers to policies that can be purchased directly from the insurer without the need for a financial advisor or broker. This ensures that the policies we assess are widely accessible and comparable for everyday Australians looking to buy insurance independently.

• What happens if an insurer updates its policy features or prices during the year?

  Our Finder income protection awards are conducted annually based on policy data available during the review period. If an insurer makes changes to its policy features or pricing after our awards are published these updates will be considered in the next annual review. We always recommend checking the most current product disclosure statement from the insurer for the latest information.

Written by

Gary Ross Hunter

Journalist

Gary Ross Hunter has over 6 years of expertise writing about insurance, including life, health, home, and car insurance. Having reviewed hundreds of product disclosure statements and published over 800 articles, he loves simplifying complex insurance topics for everyday readers. Gary has contributed to major outlets like Yahoo Finance, The Sydney Morning Herald, and news.com.au, and holds a Bachelor of Arts (Honours) in English Literature from the University of Glasgow, along with a Tier 2 General Advice certification, ensuring his work adheres to ASIC’s RG146 standards. See full bio

Gary Ross's expertise

Gary Ross has written 573 Finder guides across topics including:

• Health, home, life, car, pet and travel insurance
• Managing the cost of living