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NobleOak life insurance review
NobleOak life insurance is one of the cheapest providers on the market, plus it can pay out up to $25,000,000 – but your premiums will increase as you get older.
There's no adviser with NobleOak's Premium Life Direct policy, which means no adviser fees. It's good if you're happy to work out how much life insurance you need yourself but less so if you want the security of a financial adviser.
NobleOak life insurance comes with the following benefits:
Life insurance. Your beneficiaries (e.g. your family) can receive up to $25,000,000 when you die, subject to underwriting. This is a larger amount than any of the other 25 insurers we reviewed. However, most people probably won't need a life insurance payout this big.
Terminal illness benefit. If you're diagnosed with a terminal illness, you can claim all of your life insurance benefit. Most insurers offer this benefit.
Financial advice benefit. NobleOak will pay up to $2,000 for the cost of a qualified financial adviser for benefits in excess of $200,000. If you're worried this isn't enough, you might want to opt for NobleOak's My Protection Plan – this comes with a $5,000 financial advice benefit.
Grief counselling benefit. Some other insurers offer this. You can get up to $1,000 for grief counselling for you or your loved ones.
Premium freeze benefit. If your premium is becoming unaffordable, you can freeze your premium amount so it doesn't increase any more. However, this will lower your cover sum insured.
Future increases benefit. This lets you increase your cover amount by the lesser of $100,000 or 20% of the original cover amount without having to provide any further medical evidence.​​
New applicants need to be an Australian resident to apply and fall within ages 16 to 74.
You can add the following optional extras onto your NobleOak life insurance policy:
Trauma insurance. This gives you up to $2,000,000 of your life insurance payout if you suffer a serious, listed medical condition. To apply: You must be an Australian resident and have an insurable health status at the time of application. The minimum entry age is 18 and the maximum age is 59. Cover expires at 70.
Total and permanent disability insurance. This can pay you a lump sum if you become permanently disabled. The benefit will reduce your life insurance cover and after you reach 65, your TPD benefit will be reduced by 10% each year until you are 75. To apply: You must be an Australian resident and have an insurable health status at the time of application. The minimum entry age is 16 and the maximum age is 59.
Disability income insurance. This replaces 70% of your lost income up to $30,000 per month if a serious illness or injury forces you to temporarily stop work. To apply: You must be an Australian resident aged between 18 and 55 and have an insurable health status at the time of application. You must also be employed, working at least 20 hours per week and earning no less than $1,500 a month (the minimum insurable income limit).
Prices in the table below are an average taken from NobleOak based on a non-smoking office worker. These prices show an average weekly premium and should only be taken as a rough guide. We got these quotes in October 2022 and are subject to change.
See how NobleOak's claim acceptance rate stacks up against other life insurers
This is the percentage of claims a life insurer pays out. It's based on data from Australian Prudential Regulation Authority (APRA) covering the 12-month period from 1 July 2021 to 30 June 2022. Taken from 18 Australian life insurance underwriters (of direct policies).
What is excluded?
All policies have exclusions. These are some of the main exclusions NobleOak will not cover and they're all very similar to other insurers:
Suicide occurring within 13 months of you taking out a policy
Intentional self-injury or attempted suicide while sane or insane within the first 13 months
Any exclusion, which is specific to you and noted in any Special Acceptance Terms when you sign up
Addiction to intoxicating liquor or drugs
Your voluntary participation in a criminal act
For a full list of exclusions, read the product disclosure statement (PDS).
Why you can trust Finder's life insurance experts
You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
You save time. We spend 100s of hours researching life insurance so you can sort the gold from the junk faster.
You can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.
Frequently asked questions about NobleOak life insurance
You usually have 30 days after your insurance begins to cancel and receive a full refund on any premiums you've paid. If you cancel after this time, you generally won't be refunded for the premiums you've already paid.
Yes. NobleOak life insurance premiums increase each year you hold cover. This is often referred to as stepped premiums. You can choose to freeze premium increases though. However, this will reduce your total lump sum payout. NobleOak doesn't offer level premiums – these start off more expensive but do not increase. It's one of the main downsides to taking out a policy with it as your premiums could become unaffordable when you get older.
Yes, you can get NobleOak direct life insurance with a pre-existing condition. All applications are fully underwritten so if there are any exclusions applied to your cover, you'll find out about them before your policy is issued.
No, life insurance premiums aren't generally tax deductible, according to the ATO (Australian Taxation Office) but income protection insurance premiums usually are.
Yes, all NobleOak life insurance policies come with Interim Accidental Death cover which is provided at no extra cost while your application is being assessed. This can cover you for up to $1 million.
You usually don't need to do a medical test when applying for NobleOak life insurance, unless you're older and applying for a high level of cover. You will need to answer questions about your medical history though.
Yes. If you hold a Seniors Card or Seniors Savers Card you are entitled to a 17% lifetime discount for cover with NobleOak life insurance.
Gary Ross Hunter was an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio
Gary Ross's expertise
Gary Ross has written 725 Finder guides across topics including:
Find out what life insurance policies are on offer from MLC and receive a free quote for cover. Apply securely with the help of an insurance consultant.
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You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
You save time. We spend 100s of hours researching life insurance so you can sort the gold from the junk faster.
You can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.
