Affordable cover with great service. Just a few of the features that make NobleOak Life Insurance stand out.
NobleOak has made the process of finding the right cover easier through its suite of simple, straightforward life insurance products available directly in an honest and cost-effective way. Application can be made over the phone with NobleOak. No need to work through an adviser.It's no wonder why we rated NobleOak one of the best life insurance policies in Australia.
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What types of cover does NobleOak offer? Compare policies below.
This table offers a quick review of NobleOak and the reasons for and against getting cover from this brand.
|Maximum cover amount||$15,000,000|
|Age of entry||16 - 69|
|How do I apply?||On the phone with NobleOak|
This cover might be suitable if:
- You're looking for cover that can be tailored toward your needs
- You don't want to go through an adviser
- You want an insurer that will evaluate your pre-existing condition and let you know if you are covered
Don't get this cover if:
- You want your premiums to stay the same for life.
Based on Noble Oak Premium Life Direct Life insurance plan. Information last updated April 2019. Always consult the Product Disclosure Statement (PDS)
Contents of this review
- A quick review of NobleOak Life Insurance
- Who is NobleOak?
- Why Choose NobleOak?
- Does NobleOak have any awards?
- Why does NobleOak Life Insurance have such high customer satisfaction?
- How can I pay for NobleOak Life Insurance?
- Are there any other charges are there to be aware of?
- What are some the key exclusions?
- How to apply
NobleOak is an insurer dedicated to providing a simple life insurance alternative, so that all Australian families who need protection are able to be covered easily and affordably. NobleOak offers a genuine local alternative to the dominant wealth businesses and banks (through insurance subsidiaries) selling insurance in Australia, with a transparent and cost effective range of products. Since 1877, NobleOak has worked hard to build and cement its reputation as a friendly society, synonymous with trust and integrity.
An insurer doesn’t operate for over 135 years if they’re not following through on their promises of transparency and integrity. A business isn’t able to consistently offer simple and affordable products without being dedicated to keeping their overheads low and operating as an APRA regulated insurer for reliability.
NobleOak offers a genuine alternative to the major insurance institutions by offering Australian products, service and advice. Being a local, established in the industry for over 135 years, also means that NobleOak is a trustworthy, friendly and reliable insurer, who will be there for you no matter what.
You will also find the NobleOak insurance products easy to use and understand, because the company works hard to remain focussed on its core values, and delivering exactly what their customers need and want.
With a long history as one of Australia’s leading life insurance providers, NobleOak has won a number of industry awards. Some of its recent accolades include the following:
- 2016 Direct Life Insurance Award Overall Excellence Award - Strategic Insight.
- 2016 Direct Life Insurance Award for TPD Rider Option - Strategic Insight.
- 2016 Direct Life Insurance Award for Trauma Rider Option - Strategic Insight.
NobleOak has also featured as a finalist in several other categories at the 2016 Strategic Insight Awards, including Term Life Insurance, Standalone Trauma Insurance, Income Protection and Customer Service.
A big reason why NobleOak Life Insurance has a 98.5%2 customer satisfaction score is because of the competitive features it offers. They include.
- Flexible payment options. You can choose to pay your premiums monthly or annually, whichever suits your budget.
- 24/7 worldwide cover. NobleOak life insurance provides financial protection for you and your family 24 hours a day, 7 days a week, anywhere in the world.
- Guaranteed renewability. NobleOak life insurance will renew your cover every year, even if your health changes or you experience significant life events*.
- Tailored cover. NobleOak life insurance is fully underwritten, which means your cover and the premiums you pay are tailored to your specific situation and needs.
- Inflation protection. Your policy is indexed to provide protection against inflation, ensuring that your sum insured keeps pace with the rising cost of living.
- 30-day money-back guarantee. Thanks to NobleOak’s 30-day cooling-off period, you will receive a full refund if you change your mind about cover and cancel your policy within the first 30 days.
- Dedicated claims consultant. When you make a claim on your NobleOak life insurance policy, a dedicated claims consultant will guide you through the process from beginning to end.
- Security and experience. NobleOak has been operating since 1877 and its policies are backed by Hannover Life Re, the world’s third largest global re-insurer.
*As long as you continue to pay your premiums.
You can pay NobleOak life insurance premiums on a monthly or yearly basis. You can pay your monthly premiums by Visa or Mastercard or by direct debit from your nominated bank account. If you opt to pay premiums yearly, you can make your payment by cheque or direct debit. Annual premiums allow you to remove a 5% loading that applies to monthly premiums.
NobleOak Life Insurance quote estimates
We calculated a few quotes with NobleOak Life Insurance to get a rough idea of the monthly cost. Note: Quotes taken out December 2018 and will vary based on the individual.
|Cover amount||Male (31 years of age)||Female (31 years of age)|
|$250,000||$14.31 per month||$7.51 per month|
|$500,000||$24.33 per month||$12.77 per month|
Profile based on a non-smoker.
What affects the cost of my premium
The following factors also have a bearing on your NobleOak life insurance premium:
- Your sum insured and the type of benefits you select
- How old you are – premiums generally increase as you age
- Whether you are a smoker
- Your occupation
After assessing your health, family history and pastimes during the insurance application process, NobleOak may attach a premium loading to your policy.
All fees and charges that apply to your NobleOak life insurance policy are included in the premium amount. There are no additional costs you need to worry about once you have taken out cover.
Note: It’s important to remember that 'indexation' applies to your policy. Indexation aims to increase the sum insured to keep up with inflation. As such, your premiums will also increase each year.
No death benefit is payable under your NobleOak policy if your claim is a result of the following:
- A suicide that occurs within 13 months of the commencement, reinstatement or increase of cover.
- Any exclusion that specifically applies to your policy.
A range of other exclusions also apply to specific policy benefits:
- No TPD benefit is payable if your claim is a result of any intentional self-inflicted injury or suicide that occurs within 13 months of the commencement, reinstatement or increase of cover.
- No trauma insurance benefit is payable if you have standalone trauma insurance and the life insured does not survive for a period of at least 14 days after the trauma event without the aid of an artificial life support system.
- No income protection benefit is payable if your claim is due to normal and uncomplicated pregnancy, drug or alcohol addiction, or your voluntary participation in a criminal act.
Check the product disclosure statement for a full list of the exclusions that apply to your NobleOak life insurance policy.
- You can either get a quote online or by giving NobleOak a call.
- You'll go through a full medical and lifestyle questionnaire over the phone with them.
- Your application will be sent off to their Underwriters for assessment.
- Once approved, they will give you a call and organise a date to activate your cover.