Research house Canstar has awarded five-star ratings to NobleOak Life and Virgin Money in its review of the direct income protection market.

Some 15 products from 13 providers were examined, and this is the second year NobleOak has taken the top rating.

Canstar GM Wealth Josh Callaghan says NobleOak secured a five-star rating in each of the 80 consumer profiles rated.

“This is the first time this has been achieved by any direct income protection insurer,” he said.

Virgin Money took a five-star rating in 49 of the 80 consumer profiles examined.

Canstar’s assessment of the income protection sector found women pay on average 32% more than men for cover.

Research Manager Mitchell Watson says this is surprising in a modern society.

“There are a number of factors relating to women’s health that make females’ income protection policies more expensive,” he said.

“A 27-year-old non-smoking male chef with a monthly benefit of $3125 – based on 75% of a $50,000 annual income – will pay an average monthly premium of $53, while the same policy for a female of the same age and occupation is 26% higher at $67.”

Mr Mitchell says women traditionally make more claims than men, and this is the driver of higher premiums.

“According to insurers, a higher volume of claims by women is for reasons relating to pregnancy and birth-related problems, a higher likelihood than men in the same occupation of suffering musculoskeletal problems, and a higher propensity to mental and emotional illnesses,” he said.