Types of life insurance in Australia
Learn the types of cover available and what's right for you
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Keep your family financially secure with flexible life insurance options from nib
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.
| Maximum sum insured | Up to $1 million, depending on your age and income |
|---|---|
| Age of entry | 18 to 65 |
| How do I apply? | Online with nib |
Based on the Value Life Insurance policy. Information last checked on April 2019. Conditions apply, always consult the Product Disclosure Statement (PDS)
| Pros | Cons |
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Based on the Value Life Insurance policy. Information last checked on April 2019. Conditions apply, always consult the Product Disclosure Statement (PDS)=
This cover might be suitable if:
- You are after cover that is guaranteed to renew as long as you pay your premiums e.g. it won't be cancelled due to your age.
- You are under 65 years of age
- You'd like to apply quickly for life insurance online
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 'level premiums' that don't increase with age.
- You want the flexibility to increase your cover in the future if you need to (e.g. after having kids), without another health / lifestyle questionnaire.
Based on the Value Life Insurance policy. Information last checked on April 2019. Conditions apply, 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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Ask an Expert
How much for 1 person for 2 year
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
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
how do i get a quote
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
I would like to join NIB life insurance for my family. What I need to do ?
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