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NobleOak Life Insurance Review
Up to $15,000,000 of death cover and competitive pricing are among the reasons to choose NobleOak life insurance.
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$15,000,000
Maximum Cover
69
Maximum Entry Age
$15,000,000
Terminal Illness Benefit
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Details
| Product Name | NobleOak Life Insurance |
|---|---|
| Maximum Cover | $15,000,000 |
| Terminal Illness Benefit | $15,000,000 |
| Funeral Benefit | $15,000 |
| Guaranteed Renewability | |
| Cooling-off (days) | 30 |
| Online Quote |
NobleOak life insurance: Our verdict
- It's good for paying out fast. On average, your claim is processed within 5 business days.
- It's good for accepting claims. It has a claims acceptance rate of 98.10%.
- It's a 2019, 2020 and 2021 Finder Awards winner for Best Life Insurance.
- It's good for price. On average, its premiums are 20% lower than comparable cover.
- It only offers stepped premiums (these increase in price as you age).
- It's not good if you want a funeral advancement of more than $15,000.
2022 Finder Awards Winner: Best Life Insurance
NobleOak Life Insurance
NobleOak has been awarded Finder's best life insurance consecutively from 2019 to 2022. It offers up to $15,000,000 in cover which is more than most. It also allows policyholders to increase cover in the future by 20% without another medical assessment and on average, its premiums are 20% lower than comparable cover.
Deal
1 month free with NobleOak life insurance
Get your one month free when you buy NobleOak Life Insurance policy. T&C's apply.
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Premium Life Direct
There's no adviser with NobleOak's Premium Life Direct, 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. Cover for up to $15,000,000, subject to underwriting. This is more than the majority of insurers on the market.
- Terminal illness benefit. Claim up to $15,000,000 of your life insurance benefit if you're diagnosed with a terminal illness. 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. Many 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. 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.
Optional add-ons
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).
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).
How much does NobleOak life insurance cost?
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. Quotes were taken as of March 2022.
Noble Oak life insurance costs: Female
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 20 - 29 | $2.08 | $4.41 | $8.04 |
| 30 - 39 | $1.79 | $3.80 | $6.93 |
| 40 - 49 | $2.29 | $4.87 | $8.87 |
| 50 - 59 | $6.51 | $13.84 | $25.23 |
| 60 - 65 | $21.75 | $46.22 | $84.29 |
| 65 - 68 | $37.42 | $79.52 | N/A |
Noble Oak life insurance costs: Male
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 20 - 29 | $5.98 | $9.28 | $16.91 |
| 30 - 39 | $2.72 | $5.78 | $10.54 |
| 40 - 49 | $3.22 | $4.87 | $12.48 |
| 50 - 59 | $8.73 | $28.76 | $33.83 |
| 60 - 65 | $33.20 | $70.55 | $128.65 |
| 65 - 68 | $64.83 | $137.75 | N/A |
Frequently asked questions about NobleOak life insurance
2 Comments
April 3, 2019
Hi!
I would like to obtain life insurance and wanted to know further details.
Cheers
Rahul
April 9, 2019
Hi Rahul,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
If you’ve decided to go with NobleOak, you can go to their website to obtain further details. If in case you are still checking other options, you may compare life insurance policies based on categories and details. Once you found the right one for you, click on the “Get quotes” button to learn more.
Before applying, please ensure that you review the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
Joshua