NobleOak Life Insurance Review

Published: January 18, 2018

If you are considering NobleOak insurance as your trusted life cover provider, you’ve come to the right place. We provide you with a detailed analysis of the insurer; unpacking the features, benefits and suitability of each product offering.

NobleOak life insurance offers affordable and comprehensive life cover through their Premium Life Direct products. With simplicity, personal service and lower premiums, NobleOak insurance strive to continually adhere to their philosophy of noble service and accessibility to their customers. Covers provided include Life, TPD, Trauma, Income Protection and Business Expenses insurance.

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Policy Maximum Cover Maximum Entry Age Expiry Age  
NobleOak Direct Life Insurance AIA
$15,000,000
69
99
Protect your family with Life Insurance and pay on average 20%* less when compared with other insurers. T & Cs apply. Consider the PDS. Issuer is NobleOak Life Limited ABN 85087648708. AFSL 247302.

Who is NobleOak Insurance?

NobleOak Life Limited is a specialist life insurance company that has been insuring Australians for over 140 years and because of their great price and features, they won the Canstar Outstanding Value Award in both 2016 and 2017.  

Backed by a leading global reinsurer, Hannover Life Re, NobleOak is one of the longest standing life insurers in Australia. They believe in putting their client’s needs first at all times, which is evident by them offering their Premium Life Direct products at very attractive rates. With no mass marketing campaigns, they’re able to pass those savings onto their customers

Premium Life Direct Product Offering

This comprehensive insurance product from NobleOak Life enables you to choose the type and amount of cover you want.

Cover applies world-wide 24/7 and as long as you keep paying your premiums, NobleOak guarantees to renew your cover every year. Meaning, they cannot cancel or reduce your coverage due to any future changes in your health, lifestyle, occupation or pastimes.

Life Insurance

People between the ages of 16 to 69 years old can usually apply for a NobleOak life insurance policy and get coverage of up to a maximum of $15 million. Cover expires at age 99.

The lump sum cover amount will then be paid to your nominated beneficiaries in the event of your death or terminal illness.

Funeral advancement benefit

  • Upon receipt of a valid death certificate and completed claim forms, up to $15,000 will generally be paid in advance, from your life cover lump sum, to help your loved ones pay for your final expenses.

Terminal illness benefit

  • You could receive up to $3 million, depending on the amount of cover you purchased, when you are diagnosed with a terminal illness, with the remainder being paid upon your death.

Financial advice benefit

  • When your death benefit exceeds $200,000 cover, NobleOak insurance will generally reimburse you for the cost of engaging with a qualified financial adviser, up to $2,000.

Grief counselling benefit

  • You will usually receive reimbursement, up to $1,000, for the cost of grief counselling for you or your spouse in the event of your death or terminal illness.

Premium freeze benefit

  • If at any time you need help keeping your premiums affordable, you can typically request that your premiums be fixed at the amount you were paying on the date of notification. Take note, this option is generally only available for stepped premium options and your cover amount will be adjusted to maintain the fixed premium price.

Indexation benefit

  • To ensure your life policy keeps up with inflation, your policy and premium will automatically increase each year using the Consumer Price Index (CPI). To keep costs affordable you may contact the insurer to remove this benefit.

Exclusions

  • No benefit will be paid if death occurs as a result of suicide within 13 months of your policy commencement, reinstatement or increase of cover (only to the extent of that cover increase).

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Total and permanent disablement (TPD) insurance

Receive a lump sum of up to a maximum of $5 million if you become totally and permanently disabled due to a sickness or injury. TPD insurance could help you and your loved ones adjust to your new circumstances; modify the home or replace lost income.

During a significant life event, you are generally able to increase your cover amount without the need for additional medical evidence. For example, if you get married or register a partnership, have children or take out or increase a mortgage.

Take note: This is cover is only available when purchased with life insurance. When claiming TPD,  your life cover benefit will reduce by the amount of the TPD benefit paid.

  • Own Occupation: Up to $3 million cover if you are unable to work in your own specific occupation.
  • Any Occupation: Up to $5 million cover when you are unable to work in any occupation that you are suited to by training, education or

Exclusions

  • A TPD benefit will not be paid if disablement is due to an intentional self-injury or intended suicide 13 months from your policy commencing, being reinstated or cover increase (but only to the extent of that increase).

Trauma Cover

Up to $2 million in cover is paid should you suffer any one of the 38 serious medical conditions, as listed by the insurer, including cancer, hearts attack, stroke and coronary bypass. The lump sum amount is to help you adjust to your new lifestyle and pay for treatment expenses.

Trauma insurance is available as a standalone or optional extra to be added to your life policy. If taken with life insurance any trauma claim paid will reduce your remaining life insurance cover amount. Once your claim has been paid trauma cover will cease.

Take note: If you are the insured of a standalone trauma insurance policy and do not survive 14 days after the trauma event without the aid of artificial life support, a trauma benefit will generally not be payable.

Exclusions

  • Most trauma events listed in the PDS require a 90 day waiting period, from commencement date, before a claim can be made.

Policy Maximum Monthly Benefit Percentage of Income Covered Benefit Period Waiting Period  
NobleOak Direct Income Protection AIA
$25,000
75%
2 years or up to age 65
30 or 90 days
Receive up to 75% of your monthly income with Income Protection Insurance. Cover essential living expenses when you’re unable to work due to an illness or injury. Consider the PDS. Issuer is NobleOak Life Limited ABN 85087648708. AFSL 247302.

NobleOak Income Protection

A monthly benefit of up to 75% of your income (max $25, 000 per month) gets paid if you are unable to work for a specified period due to a sickness or injury. This monthly benefit enables you and your family to maintain your current lifestyle while you focus on recovery.

  • Benefit period: Your choice of 2 years or to your age 65.
  • Waiting period: Choose either 30 days or 90 days.

Partial disablement benefit

  • NobleOak income protection insurance may provide you with a reduced benefit should you return to work in a reduced capacity. Meaning, you are able to perform some of your occupational duties, following the advice of a medical practitioner and your monthly income is less than your pre-disablement income.

Recurring disablement benefit

  • If you were to return to work for less than 6 months after receiving your most recent total or partial disablement benefit and suffer a reoccurrence from the same related cause, your claim will be treated as a continuation of the original claim. So, no waiting period will be applied.

Premium pause

  • Once your cover has been in place for more than 2 years, you can write to the company and request that they pause your premiums for up to 12 months if you need to take an extended leave from employment to study full time, or for maternity leave or compassionate leave.
  • Take note: No benefit will be paid if sickness or injury occurs during a premium pause or within 90 days of restarting your premium payments.

Premium waiver benefit

  • When receiving a monthly income protection benefit, you won’t have to pay a premium for the period the claim payment relates to.

Death benefit

  • Should you pass away while receiving a total or partial disablement benefit, your estate will be entitled to a lump sum amount equal to 3 months of your total disablement benefit.

Rehabilitation expenses benefit

  • An additional payment of up to 50% of your monthly benefit may be paid for up to 12 months for your participation in a rehabilitation program. Additionally, NobleOak Life will reimburse you for any total disability claim up to 12 times your monthly benefit for costs incurred for special equipment to help you re-enter the workforce.
  • Another payment of up to 3 times your monthly benefit will be reimbursed for costs incurred for modifications to your workplace so that you can return to gainful employment.
  • *Above is subject to a valid claim, your medical practitioner’s recommendations and NobleOak’s approval.

Nursing care benefit

  • You are eligible to receive a daily portion, monthly in arrears, of your benefit if you are totally disabled and confined to a bed, and a medical practitioner certifies in writing that you need full-time care from a registered nurse for more than 3 consecutive days during your waiting period.

Spouse benefit

  • If your spouse has to stop working due to your total disablement, you’ll receive the lessor of the amount your spouse would have earned per month had they kept working or a monthly benefit of $2,000, for up to 6 months. See NobleOak PDS for details.

Exclusions

  • No benefit will be provided if sickness or injury was caused by normal, uncomplicated pregnancy, childbirth or miscarriage. If sickness or injury was as a result of addiction to intoxicating drugs or liquor or due to intentional self-inflicted injury or attempted suicide within the first 13 months of your policy commencing. Also, if the cause was your voluntary participation in a criminal act.

Business Expense Insurance

The self-employed person’s financial backup plan in the event that you are unable to work for a specified period of time due to injury or sickness. Choose up to $25,000 per month to help cover the fixed costs of running your business.

  • Waiting period of 30 days and,
  • Benefit period of 12 months

Extended benefit period

  • If after your 12 month benefit period you still remain totally disabled, and the total benefit paid is less than 12 times your monthly benefit, the company will continue to pay the benefit until the earliest of total payment equalling 12 times your monthly benefit has been paid, the further 12 months have expired and you cease to be totally disabled.

Exclusions

  • No business expense benefit will be paid if your sickness or injury was as a result of attempted suicide or intentional self-injury within 13 months of your policy commencing. A claim is void if due to addiction to intoxicating drugs or alcohol or because of normal and uncomplicated pregnancy, childbirth or miscarriage. Neither will it be paid if due to your voluntary participation in a criminal act.

For a complete list of terms and conditions, benefits and exclusions, please consult the NobleOak product disclosure statement (PDS).

Frequently Asked Questions

How do I claim on my policy?

NobleOak aims to make your claim payment as quickly as possible after receiving all necessary documentation and your claim being approved. They generally require the following:

  • Completed and signed claims forms
  • Death and birth certificate (if claiming for a death benefit)
  • Any additional medical documentation and certificates required

To make a claim simply contact NobleOak via phone or email. Details can found on their website. Once a claim has been lodged, you will be assigned a personal claims specialist to work alongside you, providing support every step of the way.

How much does NobleOak life insurance cost?

The premium you’ll pay for a NobleOak life insurance policy is dependent on your unique requirements and individual factors, including your age, the amount of cover you want, your overall health and smoking status.

Before you make a decision, you might want to first compare other top life insurance companies offering similar products to ensure you find the best price possible.

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