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NobleOak Life Insurance Review

Determine if NobleOak Life Insurance is the right cover for you.

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. some of the key benefits of NobleOak include:

  • Up to $15 million in cover
  • Application can be made over the phone with NobleOak. No need to work through an adviser
  • A 98.5% customer satisfaction score (April 2016 client survey by Pure Profile)
  • Tailored cover to avoid surprises later on

Get a quote for NobleOak life insurance and apply securely online.

Product details Maximum cover Maximum Entry Age Cooling-off
(days)
NobleOak Term Life Insurance
NobleOak Term Life Insurance
Get a quote for up to $15 million in life insurance cover. Cover can be tailored to meet your personal needs. $15,000,000 69 30 Get quoteMore info
NobleOak Income Protection
NobleOak Income Protection
Cover up to 75% (to a maximum of $25,000) of your monthly income with NobleOak Income Protection. Benefit period can be tailored to suit your needs. $25,000 59 30 Get quoteMore info
NobleOak TPD Insurance
NobleOak TPD Insurance
Get fully underwritten TPD Insurance that can be customised to fit your occupational situation and financial circumstances. $5,000,000 64 30 Get quoteMore info
NobleOak Trauma Insurance
NobleOak Trauma Insurance
Get trauma insurance cover for 38 medical conditions including heart attack, stroke and coronary bypass surgery. $2,000,000 59 30 Get quoteMore info
NobleOak Business Expenses
NobleOak Business Expenses
Monthly benefit of up to $25,000 payable in the event that the Life Insured is disabled due to injury or sickness and unable to work. Benefit is the lesser of monthly benefit and 1/12 of the Allowable Business Expenses incurred during preceding 12 months. $25,000 59 30 Get quoteMore info
Maximum cover amount$15,000,000
Age of entry16 - 69
How do I apply?
Online with NobleOak

Based on Noble Oak Premium Life Direct Life insurance plan.

ProsCons
  • Policies are fully underwritten so you can tailor you cover to your personal situation during the application process.
  • Premium rates may be changed in the future.
  • Cover is guaranteed as long as you pay your premiums.
  • 5% frequency charge applies if you pay for your premiums monthly.
  • A wide range of cover options to suit your needs.

Note: Conditions apply, always consult the Product Disclosure Statement (PDS)

What features does a policy from NobleOak offer?

NobleOak life insurance policies offer several competitive features to policyholders:

  • 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.

Who is NobleOak?

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 adheres to four key elements to maintain consistency and value in their services:

  1. Make it happen. Means NobleOak will meet and execute the promises they make to clients, while remaining focussed on value and costs.
  2. Simplify. NobleOak keeps it simple by offering easy to understand products, application and communications with clients.
  3. Adapt. NobleOak has managed to remain a trusted and relevant insurer for since 1877 by being responsive to changes in the market and their customers’ needs, and adapting the use of new technologies to make their business more efficient.
  4. Be noble. As their name suggests, NobleOak will always put their policyholders and members needs first.

NobleOak Company History

A company doesn’t remain strong and well reputed in the Australian insurance industry without going through a few changes in its history, and for NobleOak these developments and improvements have included the foundation of the Druids Friendly Society in England in 1781, from which NobleOak has grown. In 1851, Bro James Hymen migrated from London to set up the Druids Lodge and then in 1861 NobleOak was first able to offer insurance to its members.

In 1877 the company NobleOak Life Limited was established as a mutual society. Over the years the company grew and adapted their services to the changing needs of their members, so that in 2011 NobleOak was able to demutualise and convert members to shareholders, providing greater access to capital and future growth.

Why Choose NobleOak?

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.

Does NobleOak have any awards?

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.

How can I pay for NobleOak Life Insurance?

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.

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

Other factors

After assessing your health, family history and pastimes during the insurance application process, NobleOak may attach a premium loading to your policy.

Are there any other charges are there to be aware of?

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.

What are some the key exclusions?

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.


How to apply

  1. You can either get a quote online or by giving NobleOak a call.
  2. You'll go through a full medical and lifestyle questionnaire over the phone with them.
  3. Your application will be sent off to their Underwriters for assessment.
  4. Once approved, they will give you a call and organise a date to activate your cover.

Receive a quote for NobleOak Life Insurance 

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