Discover Whether Nib Offers Value for Money Life Insurance
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You know about nib health insurance policies, but maybe you’re wondering how their life insurance products compare to other leading life insurance companies in Australia.
If you've seen a nib life insurance advert and would like to know more or already have a life policy them and feel it is time to review your cover, then the guide below might be of service.
The launch of nib Value Life Insurance
Nib started as one of Australia's most significant private health funds and has since grown to include overseas student health cover, travel insurance, life cover, income protection insurance and funeral plans.
Value Life Insurance customers automatically receive Premium Protection, which reimburses your health cover and waive your premium costs for up to 6 months when you're severely incapacitated due to an accident and unable to perform daily activities.
nib life insurance review
Life insurance coverage provided by nib gives you the opportunity to protect yourself and your loved ones from the potential financial loss resulting from death, illness or injury. However, you must be an Australian resident, currently living in Australia, with no plans to move overseas.
You can apply for coverage online or over the phone with no complex application forms to fill out or medical tests to undergo. You'll also receive one month's cover free for every year you pay annually.
You can choose a cover from $100,000 to $1 million, and your premium will be calculated using factors like your age, gender, health status, your lifestyle, whether you smoke and your occupation.
Your death benefit is payable when you die or get diagnosed with a terminal illness with less than 12 months to live.
Once a claim has been approved, the insurer will offer an advanced payment of $10,000, to assist your loved ones with paying for funeral arrangements.
Exclusions: No benefit will be paid if death is a direct or indirect result of suicide or an intentional self-inflicted act within the first 13 months of your policy commencing or being reinstated.
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nib income protection
Receive a monthly benefit of up to 85% of your pre-tax income, to a maximum of $10,000, when you're unable to work for a period because of an illness or injury. You can choose a waiting period of either 14 or 28 days and benefit period of 6, 12 or 24 months.
Benefits of income protection insurance from nib
- Optional permanent disability cover: Choose a benefit amount between $50,000 to $500,000 to add to your basic cover for protection against sickness or an accident leaving you permanently disabled.
- Optional involuntary unemployment cover: If working on a permanent basis for 30 hours or more a week, you can claim 85%, up to $3,000, a month for up to 3 months.
- Basic cover available for student, at home parents and self-employed individuals. Receive 85% of your pre-tax income, up to $7,500, a month if you work or $3,000 a month when working less than 20 hours per week. A fixed waiting period of 28 days applies.
Exclusions on nib income protection insurance
Generally, no income protection, permanent disability or involuntary unemployment benefit will be paid if your claim is as a result of:
- Heart attack, stroke or cancer within the first 6 months of your policy starting.
- Being in jail or lawfully detained.
- War and terrorism.
- Any mental health disorder, including depression, anxiety, or any treatment complications.
- Known or pre-existing medical conditions, including a BMI of 40 or higher, high blood pressure or cholesterol and being diabetic.
- Self-harm, as well as drug and alcohol-related sicknesses or injuries.
- Disorders relating to fatigue, including chronic fatigue syndrome.
- Normal and uncomplicated pregnancy.
- Sickness or injury related to aviation, apart from being a fare-paying passenger on a commercial flight.
- Dangerous occupations, for example, working at heights above 20 meters.
- Dangerous past-times, like competitive fighting or diving below 30 meters underwater.
Please review your product disclosure statement (PDS) for a full list of exclusions.
nib funeral plans
TAL Life Limited is the issuer of nib funeral plans, and thus responsible for the claims assessment and ongoing administration of your policy.
Usually after 24 hours of receiving a valid death claim, your funeral plan pays you up to $15,000 to help your family cover funeral expenses. This cover is available to all Australians aged 17 to 80, acceptance guaranteed.
Your benefit amount will generally remain the same unless you choose the Inflation Protection Options, which helps your cover amount stay in line with inflation. Take note, adding this option will also result in your premium increasing each year.
Frequently asked questions and answers
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