nib Life Insurance Review

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.

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

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.