NAB Life Insurance Review

NAB Life insurance features

Some of the main features of NAB life insurance are as follows:

• Sum insured:

• $1 million from ages 18-44
• $750,000 from ages 45-54
• $500,000 from ages 55-64

• Expiry age: Cover continues up to the age of 75
• Age of entry: 18 to 64 years
• How to apply: Get a quote online or call 1300 133 252

What's included in a NAB Life Insurance policy?

These are some of the benefits a NAB life insurance policy can cover you for:

• NAB Essential Life. If you are between 18 and 64 years old, you can apply for NAB life insurance. Depending on your age, you can get terminal illness or death cover with a lump sum payment of up to $1 million.
• NAB Essential critical illness. You can receive a lump sum payment of up to $500,000 if you're diagnosed with a critical illness.
• NAB Essential Injury. You can receive a lump sum amount of up to $40,000 if you suffer a fracture as a result of an accident. You can also receive a daily amount of up to $800 per day if you're not able to carry out daily activities as a result of your injury.
• NAB Essential Accidental Death. Your dependents can receive a lump sum payment of up to $1 million if you have an accident and die within 12 months as a result.

What's not included in a NAB Life Insurance policy?

Like all insurance policies, there are exclusions. No benefits will be paid for claims arising from:

• Suicide or intentional self-inflicted injury that occur in the first 13 months of starting or increasing your life insurance policy.
• The influence of alcohol or drugs that were not taken under the direction of a doctor.
• Any involvement in criminal and illegal activity.
• Mountaineering, motor sports, rock climbing and scuba diving deeper than 40 metres.
• Flying, other than as a passenger on a scheduled flight of a licensed commercial airline.
• Working underground or at heights greater than 10 metres.
• Working with explosives.

Am I eligible for cover?

You can apply for NAB Life Insurance if you:

• Are an Australian permanent resident.
• Are between 18 and 64 years of age.
• Are not already covered by a NAB or MLC Essential Life policy.

The maximum level of cover offered under the NAB Life Insurance Policy will also vary depending on your age:

• People aged 18 to 44 can be covered for up to $1 million.
• People aged 45 to 54 can be covered for up to $750,000.
• People aged 55 to 64 can be covered for up to $500,000.

How do I lodge a claim with NAB?

It's easy to make a claim on your NAB Life Insurance. All you or your beneficiaries need to do is:

1. Call NAB Life Insurance on 1300 411 535.
2. Fill out the claim form.
3. Submit it along with supporting documents.
4. Wait while your claim is assessed.
5. If approved, the benefit will be deposited into your nominated bank account.

A bit more about NAB

The NAB Group looks after more than 12,400,000 customers in Australia, New Zealand, Japan, Singapore, Indonesia, Vietnam, the UK and the US, with more than 42,000 service professionals catering to individual customer needs. The National Australia Bank is one of the leading financial institutions in Australia and is also a well known insurance provider. They offer life insurance, car insurance, travel insurance, home and contents insurance and landlord insurance.

Other things you might want to know about

• How much cover do I need?

  It depends on your personal situation. If you have children to provide for or a mortgage payments to make, you would generally opt for a higher level of cover than someone who is single with no dependents or financial obligations. A financial adviser can help you decide the right level of cover for your needs.

• How much will NAB Life Insurance cost me?

  The cost of your premiums will depend on factors such as your age, gender, smoking status, occupation, lifestyle, medical history and the amount and period of cover you apply for.

• Can I change my level of cover?

  Yes, your policy is flexible and if you want to change your level of cover all you have to do is call NAB on 1300 411 535.

• I'm a smoker, am I still eligible for NAB Life Insurance?

  Yes, but your premiums will be increased due to your smoking habit.

• What is the Best Doctors Service?

  The Best Doctors Service is a global network of medical specialists who are leading experts in their field. It’s a service that’s available through your NAB Life Insurance at no extra charge and it can be used for situations such as confirming a diagnosis you’ve received or getting advice on treatment options.