NobleOak and Ozicare have been named “outstanding value insurers” in the Canstar Direct Life Awards.

The financial comparator says NobleOak was selected for its Premium Life product.

It is the only direct life insurance provider to achieve a Canstar award two years running.

“The impressive result is due to a combination of very competitive premiums and strong features,” Canstar GM Wealth Josh Callaghan said.

“With new entrants and a number of product changes in the industry, it’s quite the achievement for NobleOak to have once again secured the award.”

Mr Callaghan says Ozicare’s product features are regarded as superior to the average market offering, and are very competitively priced.

Canstar reviewed 31 direct life products from 30 insurers.

“There are now some direct life insurance policies in the market that are highly featured products,” Mr Callaghan said.

“The coverage is getting closer and closer to what you’d get from an advised life policy.

“Some insurers have been restructuring their policies, removing some temporarily from the market and returning with new and improved products that offer more coverage.”