nib Life Insurance Review

nib Life Insurance offered cover to help keep your family financially secure. Compare other life policies side-by-side.

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Looking for straightforward life insurance options that provide cover you can tailor to your needs? Australian health fund nib provided life and income insurance that could bring financial security in the event of death, serious illness or injury. nib Life Insurance is backed by one of Australia's largest life insurance companies, TAL.

As of 26 March 2021, nib does not offer new life and income protection policies. You can compare other life insurance options available on finder here
Maximum covered amount$1,000,000
Age of entry18
How do I apply?Directly by contacting nib
ProsCons
  • Well known brand with a strong reputation in health insurance.
  • If you want to increase your cover in the future you'll need to take another health / lifestyle questionnaire
  • Backed by TAL, one of Australia's largest life insurance companies
  • Level premiums are not offered
  • No medical assessment (great if you are in good health)
  • This provider no longer offers new life and income protection policies.

This cover might be suitable if:

  • You want to save money by paying annually.
  • You are healthy and don't want to go through a medical assessment.
  • You want a popular and well known brand.

Don't get this cover if:

  • You want your premiums to stay the same for life.

What life insurance policies were 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 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.

As mentioned above, nib no longer offers new life cover policies.

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)

Some questions you might have about your nib Insurance

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.

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

Previously, you could have applied for nib Value Life Insurance or Income Protection over the phone or online. As mentioned, nib is no longer offering new life and income protection policies.

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.

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7 Responses

    Default Gravatar
    LemokMarch 6, 2019

    How much for 1 person for 2 year

      Avatarfinder Customer Care
      ValMarch 6, 2019Staff

      Hi Lemok,

      Thank you for leaving a question. It seems like you are wanting a quote for nib Life Insurance. Please feel free to visit our page again, click on Get Quote – you will be re directed to nib Life Insurance page to enter additional information to get more details on what you are looking for.

      Hope this helps

      Cheers,
      Val

    Default Gravatar
    NikkiJune 6, 2018

    Hi Gordon,

    Thanks for getting in touch with finder.

    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.

    If you are made involuntarily unemployed, a range of terms and conditions apply so read the PDS (Product Disclosure Statements).

    Hope this helps.

    Best regards,
    Nikki

    Default Gravatar
    KarenNovember 2, 2017

    how do i get a quote

      Default Gravatar
      ArnoldNovember 2, 2017

      Hi Karen,

      Thanks for your inquiry.

      You may visit nib’s official website to request a quotation or proceed with your application as well as get in touch with their representatives for further inquiries you may have.

      Please ensure you review the relevant Product Disclosure Statements/Terms and Conditions before purchasing a policy.

      If you’d like to compare your options, you may check other life insurance brands in Australia. On the page, is a comparison table you can use to see which insurer suits you.

      Hope this information helps

      Cheers,
      Arnold

    Default Gravatar
    SanuOctober 18, 2017

    I would like to join NIB life insurance for my family. What I need to do ?

      Default Gravatar
      GruOctober 19, 2017

      Hello Sanu,

      Thank you for reaching out to us.

      nib life insurance is not currently available on our panel so you need to visit their website to request a quotation and apply. Alternatively, you may like to review our other life insurance options that might also be suitable for your needs.

      Please ensure you review the relevant Product Disclosure Statements/Terms and Conditions before applying.

      Cheers,
      Gru

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