nib Life Insurance Review

Looking for straightforward life insurance options that provide cover you can tailor to your needs? Australian health fund nib has extended its insurance range to now offer life and income insurance to give you and your family financial security in the event of death, serious illness or injury.

Backed by one of Australia's largest life insurance companies, TAL, nib offers a straightforward means to get flexible cover in place online or over the phone with no medical exams required.

This review will provide an overview of the different policies available from nib, some key questions you might have about the cover and the eligibility requirements.

• Summary of nib Life Insurance
• Pros and Cons
• Who this is and isn't for

What life insurance policies are available from nib?

Value Life Insurance

• Pays a lump sum up to $1 million if you die or become terminally ill
• Can be used to help your family pay off the mortgage, pay bills and maintain current lifestyle
• Choose cover from $100,000 up to $1 million
• Advance Payment on approved claims of $10,000 to cover funeral expenses and other immediate costs
• Premiums waived for up to six months if you’re seriously incapacitated from an accident
• Simple to apply with no medical tests required
• Worldwide cover 24/7

Note: Be sure to check the Product Disclosure Statement (PDS) for terms and conditions.

Income Protection

• Provides a replacement income when you are unable to work due to illness or injury
• Provides an ongoing monthly benefit of 85 per cent of your regular income (up to a maximum of $10,000 per month)
• Save up to 30 per cent off your premiums if you’re in good health
• Receive a benefit for up to 24 months while you recover
• Optional extra cover for Involuntary Unemployment and Permanent Disability
• Basic Cover also offered for stay-at-home parents, self-employed applicants and students
• Choice of waiting periods: 14 or 28 days
• Pay premiums annually and receive 12 months cover for the cost of 11

Note: Be sure to check the Product Disclosure Statement (PDS) for terms and conditions.

Some questions you might have about your nib Insurance

• How much optional Involuntary Unemployment Cover is available on an nib Income Protection policy?

  You can receive an ongoing monthly benefit to replace up to 85 per cent of your income (up to a maximum of $3,000 per month) if you are made involuntarily unemployed. However, a range of terms and conditions apply so read the PDS.

• How much optional Permanent Disability Cover is available under an nib Income Protection policy?

  If you are permanently disabled by a sickness or injury, you can receive a lump sum benefit under this extra-cost option. The maximum amount of cover available, including any increases due to indexation, is $1 million.

• Who underwrites nib ’s life insurance policies?

  nib ’s life insurance policies are underwritten by TAL Life Limited.

  St Andrew’s Insurance (Australia) Pty Ltd ABN 89 075 044 656 AFSL 239649 issues the optional Involuntary Unemployment benefit.

• How long does it take to apply for nib Value Life Insurance?

  You can apply for nib Value Life Insurance or Income Protection over the phone or online within minutes. There are no medical or blood tests to complete.

• What factors affect the cost of my nib Value Life Insurance premium?

  Your premium amount is influenced by a wide range of factors, including your age, gender, health, smoking status, occupation, lifestyle, level of cover selected and how often you pay your premiums.

• What are the premium payment options for nib Value Life Insurance?

  You can pay your premiums fortnightly, monthly, quarterly or annually.

• What is the nib Premium Protection Benefit on my Value Life Insurance policy?

  This benefit allows you to waive your premiums for up six months if you are seriously incapacitated as the result of an accident.

Who is eligible for nib Policies?

Eligibility requirements vary depending on the nib policy you select.

• To qualify for Value Life Insurance you will need to be an Australian resident aged between 18 and 65 years. You will also need to be currently living in Australia and not have any plans to move overseas. The maximum amount of cover you can apply for is $1 million.
• To be eligible for nib Income Protection Insurance you will need to be an Australian resident aged from 18 to 60. The maximum benefit payable under this policy is $10,000 per month. Cover can be renewed until the policy anniversary following your 75th birthday, but the maximum monthly benefit amount is limited to $3,000 once you have reached 65 years of age.

How do I make a claim for nib Insurance?

nib ’s claims process is designed to be as simple and straightforward as possible. You or your nominated beneficiary will need to phone nib to inform the provider of your wish to make a claim. You will then be sent a claim form to complete, sign and then return to the insurer.

You will also need to supply any documentation or evidence required by the insurer to support your claim. Examples of this may include:

• A certified copy of proof of age of the life insured
• Evidence of the date and location of any event that led to an injury or Illness.
• Evidence from a medical practitioner about the extent of an illness or injury, for example clinical, radiological and laboratory evidence
• Confirmation that any surgical procedures are medically necessary
• Proof of income for the last 12 months or last financial year (for income protection claims)
• Confirmation that you have registered to find employment (for involuntary unemployment income protection claims)