2019 Finder Awards
Winner: Best Life Insurance
NobleOak's life insurance policy offers up to $15 million in cover which is fully underwritten. It allows policyholders to increase cover in the future by 20% without another medical assessment. It also offers a counselling benefit up to $1,000.
There are a number of reasons you might consider a policy with NobleOak. It doesn't do adviser fees or upfront commissions and on average, it processes claims within five business days. It also provides comprehensive life insurance cover of up to $15 million and has lower premiums on average when compared with other products available. These are just some of the reasons it was the most awarded Finder's best life insurance in 2019.
If that sounds like the kind of cover you're looking for, then check out our breakdown of NobleOak's policies below to see which option suits you best.It's no wonder why we rated NobleOak one of the best life insurance policies in Australia.
What types of cover does NobleOak offer? Compare policies below.
A quick review of NobleOak Life Insurance
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|
- Policies are fully underwritten so you can tailor you cover to your personal situation during the application process.
- Level premiums are not offered.
- 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.
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)
What is covered?
NobleOak provides comprehensive life insurance cover for up to $15 million. In the event that you pass away, NobleOak will pay the agreed amount as a lump sum to the person or persons you nominate in your policy.
When you take out a life insurance policy with NobleOak, you also have the option of adding total permanent disability (TPD) cover for up to $5 million and trauma cover for up to $2 million.
NobleOak's Premium Life Direct and My Protection Plan are among its most comprehensive products. With these plans, you can also add income protection insurance, covering up to a maximum of $25,000 per month, or business expenses insurance, in case you are self-employed.
Its policies also come with a range of benefits. These include:
Terminal Illness Benefit: If you become terminally ill, NobleOak will provide you with a payment from your life insurance cover for up to a maximum of $3 million. Any remaining cover will go to your beneficiaries when you pass away.
Financial Advice Benefit: If you need professional financial advice for your life insurance payment, NobleOak will reimburse the cost of a qualified financial advisor, up to $2,000, for benefits in excess of $200,000.
Grief Counselling Benefit: NobleOak will reimburse you or your partner for the cost of grief counselling services, up to $1,000, after it pays a death or terminal illness benefit.
Premium Freeze Benefit: You can request to fix the cost of your cover by freezing your premium amount so you don't pay any more than you currently do. As a result, your cover sum insured will lower each year to the amount of cover that could be purchased with the frozen premium.
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 for cover with NobleOak
Applying for cover with NobleOak is nice and straightforward. You can call 1300 041 494 or you can get a life insurance quote online.
When you apply online, you'll be taken to a page that allows you to select the cover you want. You can request the amount of cover you want for each product. Once you've requested a quote, it'll calculate how much your costs will be to help you decide if it's the right choice for you.
Insurer financial strength
NobleOak is an Australian public unlisted company regulated by APRA. It's also backed by Hannover Life Re, the world's third largest global re-insurer. Financial performance, position and capital base are some of the things that are taken into consideration when assessing a company's financial strength and NobleOak is among the strongest in Australia.
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.
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.
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.
||Male (31 years of age)
||Female (31 years of age)
||$14.31 per month
||$7.51 per month
||$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.