nib Life Insurance Review

Keep your family financially secure with flexible life insurance options from nib

nib Life Insurance

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.

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Compare life insurance options from nib

Name Product Maximum cover Maximum Entry Age Minimum Sum Insured Cooling-off
(days)
Expiry Age Short Description
nib Value Life Insurance
$1,000,000
65
$100,000
30
80
Receive one month's premiums off every year if you pay annually upfront. T&C’s apply.

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Maximum covered amount$1,000,000
Age of entry18
How do I apply?Through the NIB website

Based on NIB Value Life Insurance policy. Information last updated September 2019. Always consult the Product Disclosure Statement (PDS)

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)

Based on NIB Value Life Insurance policy. Information last updated September 2019. Always consult the Product Disclosure Statement (PDS)

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.

Apply carefully if:

  • You have pre-existing conditions - make sure you can declare your condition during the application for assessment. Otherwise, they could be excluded at claim time.

Don't get this cover if:

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

Based on NIB Value Life Insurance policy. Information last updated September 2019. Always consult the Product Disclosure Statement (PDS)

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

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)
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7 Responses

  1. 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

  2. Avatarfinder Customer Care
    NikkiJune 6, 2018Staff

    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

  3. Default Gravatar
    KarenNovember 2, 2017

    how do i get a quote

    • Default Gravatar
      ArnoldNovember 2, 2017

      Hi Karen,

      Thanks for your inquiry

      As stated on the page above finder.com.au does not currently have access to this insurance brand.
      You may like to review our other life insurance options here. Please fill in the necessary information and follow a short process to get your quote.

      Hope this information helps

      Cheers,
      Arnold

  4. 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.

      Apologies however as finder.com.au does not currently have access to this insurance brand.

      You may go online and apply through them directly, or alternatively, you may like to review our other life insurance options that might also be suitable for your needs.

      Cheers,
      Gru

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