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NobleOak Life Insurance
Find out why NobleOak Life Insurance is one of the best providers in Australia.
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Winner: Best Life Insurance
NobleOak 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.
NobleOak has built a reputation for affordable insurance – on average, their premiums are 20% lower than comparable cover. They also process claims within five business days and don't charge adviser fees or upfront commissions, which are some of the reasons they were awarded Finder's best life insurance in 2019. But are they good for you? Our NobleOak review will help you get the answer.
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Types of NobleOak cover
Premium Life Direct
With NobleOak's Premium Life Direct, you don't have to go through an adviser, which means no adviser fees. It lets you choose the types and amounts of cover you want, and you only pay for what you're covered for. You can apply for a life insurance cover amount of up to $15 million and you have the flexibility to combine your life cover with trauma insurance (up to $2 million) and TPD insurance (up to $5 million). In addition, you can also apply for income protection (covering up to 75% of your income) and business expenses insurance through Premium Life Direct to provide additional cover against temporary illness and injury that forces you to take time off work. The age of entry is 16 to 69.
My Protection Plan
Noble Oak's My Protection Plan offers the same protection as Premium Life Direct but with the support of a financial adviser. You'll pay a little more, but the cover will be tailored to your needs by a professional. The age of entry is also 16 to 69.
What is covered?
With NobleOak Premium Direct Life and My Protection Plan policies, you choose the types and amounts of cover you want and only pay for what you're covered for. Here's what you can get with a policy.
- Life insurance. If you are between 16 and 69 years old, you can apply for NobleOak life insurance and choose the benefit amount to suit your needs. Up to $25 million of cover is available. To select the right cover amount, you may want to consider any outstanding mortgage and credit card debts and what you'd like to provide for your kids' education.
- Terminal illness benefit. NobleOak life insurance provided through Premium Life Direct allows for a portion of your death benefit to be advanced to you if you are diagnosed with a terminal illness. If you are forced to stop working because of a terminal illness, you can claim up to $3 million of your death benefit. This can help with medical bills and settling your final expenses, with any balance of your death benefit payable to your beneficiaries upon your death (terms and conditions apply).
- Financial Advice Benefit. If you need professional financial advice for your life insurance payment, NobleOak will reimburse the cost of a qualified financial adviser, 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.
- Future Increases Benefit. You can increase your cover amount by the lesser of $100,000 or 20% of the original cover amount. You won't have to provide further medical evidence in a number of circumstances, including if you get married, take out or increase a mortgage, or you or your partner gives birth to or adopts a child.
What is excluded?
All policies have exclusions. NobleOak will not pay a benefit if it is a result of the following:
- Suicide occurring within 13 months of you taking out a policy.
- Any exclusion, which is specific to you and noted in any Special Acceptance Terms when you sign up.
- Addiction to intoxicating liquor or drugs.
- Intentional self-injury or attempted suicide while sane or insane within the first 13 months.
- Your voluntary participation in a criminal act.
For a full list of exclusions, always read the product disclosure statement (PDS) before you buy a policy.
Optional cover with NobleOak
You can add on to your NobleOak life insurance policy, depending on what your needs are. Some of your optional extras include the following:
Choose up to $2 million in cover that will be advanced from your life insurance payout if you suffer a serious, listed medical condition. This will help you pay your treatment expenses and adjust your lifestyle. The minimum entry age is 18 and the maximum age is 59. Cover expires at 70.
Increase the coverage of your NobleOak life insurance policy by adding a total and permanent disablement (TPD) benefit. TPD is available as an optional extra with life insurance. Any claim paid under TPD insurance will reduce the remaining life insurance cover amount (and trauma insurance if also taken) by the amount of the TPD benefit paid.
- Premium management after 65. After you reach 65 years of age, your TPD benefit amount will be reduced by 10% each year. This will continue until you are 75 or until you make a claim on your policy. This allows NobleOak to keep your premiums affordable as your income inevitably becomes tighter after you retire.
- Lump-sum payment. If you become totally and permanently disabled while covered by your NobleOak policy, you will receive a lump-sum benefit to help with medical costs, modifications to your home or ongoing expenses.
- Activities of daily living. In addition to disablement, you can also make a claim if you are unable to carry out certain daily living tasks such as bathing or toileting. Also, once you reach 65 years of age, to make a successful claim, you must be unable to perform daily living activities.
NobleOak's Income Protection Insurance is designed to help replace your lost income if serious sickness or injury forces you to temporarily stop work. It provides you with an ongoing monthly benefit to replace up to 75% of your usual income (up to $25,000 per month).
About NobleOak
NobleOak has been around for over 135 years. They offer life insurance, TPD, trauma insurance, income protection insurance and business expenses insurance. Over that time, they've built a strong reputation as an insurer with affordable premiums and good customer service. They manage this primarily because they don't charge adviser fees or upfront commissions. On average, they'll also get your claim processed within five business days. As a result, they've won many awards, including Finder's best life insurer in 2019.
Cost of NobleOak
Prices shown in table are an average taken from NobleOak and are for non-smoking office worker. These prices show an average weekly premium and should only be taken as a rough guide. Rates last checked on June 2020.
Male non-smoker
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 18 | $4.65 | $9.88 | $18.02 |
| 19 | $4.37 | $9.28 | $16.91 |
| 20 | $4.22 | $8.97 | $16.36 |
| 21 | $3.86 | $8.21 | $14.97 |
| 22 | $3.52 | $7.76 | $14.14 |
| 23 | $3.36 | $7.15 | $13.03 |
| 24 | $3.08 | $6.54 | $11.92 |
| 25 | $3.01 | $6.39 | $11.65 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 26 | $3.01 | $6.39 | $11.65 |
| 27 | $2.93 | $6.24 | $11.37 |
| 28 | $3.01 | $6.39 | $11.65 |
| 29 | $2.72 | $5.78 | $10.54 |
| 30 | $2.72 | $5.78 | $10.54 |
| 31 | $2.72 | $5.78 | $10.54 |
| 32 | $2.72 | $5.78 | $10.54 |
| 33 | $2.72 | $5.78 | $10.54 |
| 34 | $2.72 | $5.78 | $10.54 |
| 35 | $2.86 | $6.08 | $11.09 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 36 | $2.93 | $6.24 | $11.37 |
| 37 | $3.01 | $6.39 | $11.65 |
| 38 | $3.15 | $6.69 | $12.20 |
| 39 | $3.22 | $6.84 | $12.48 |
| 40 | $3.36 | $7.15 | $13.03 |
| 41 | $3.58 | $7.60 | $13.86 |
| 42 | $3.94 | $8.36 | $15.25 |
| 43 | $4.29 | $9.12 | $16.64 |
| 44 | $4.80 | $10.19 | $18.58 |
| 45 | $5.30 | $11.25 | $20.52 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 46 | $6.01 | $12.77 | $23.29 |
| 47 | $6.73 | $14.29 | $26.06 |
| 48 | $7.59 | $16.12 | $29.39 |
| 49 | $8.73 | $18.55 | $33.83 |
| 50 | $9.95 | $21.14 | $38.54 |
| 51 | $11.38 | $24.18 | $44.09 |
| 52 | $12.95 | $27.52 | $50.19 |
| 53 | $14.74 | $31.32 | $57.12 |
| 54 | $17.10 | $36.34 | $66.27 |
| 55 | $19.39 | $41.21 | $75.14 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 56 | $21.82 | $46.38 | $84.57 |
| 57 | $25.26 | $53.67 | $97.87 |
| 58 | $28.91 | $61.43 | $112.01 |
| 59 | $33.20 | $70.55 | $128.65 |
| 60 | $39.28 | $83.47 | $152.22 |
| 61 | $45.36 | $96.40 | $175.78 |
| 62 | $52.45 | $111.45 | $203.23 |
| 63 | $59.60 | $126.65 | $230.96 |
| 64 | $64.83 | $137.75 | $251.20 |
| 65 | $74.20 | $157.67 | $287.52 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 66 | $85.72 | $182.15 | $332.16 |
| 67 | $100.03 | $212.56 | $387.61 |
| 68 | $113.34 | $240.84 | $439.18 |
Female non-smoker
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 18 | $2.00 | $4.26 | $7.76 |
| 19 | $2.08 | $4.41 | $8.04 |
| 20 | $2.00 | $4.26 | $7.76 |
| 21 | $2.00 | $4.26 | $7.76 |
| 22 | $1.93 | $4.11 | $7.49 |
| 23 | $1.86 | $3.95 | $7.21 |
| 24 | $1.79 | $3.80 | $6.93 |
| 25 | $1.79 | $3.80 | $6.93 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 26 | $1.79 | $3.80 | $6.93 |
| 27 | $1.79 | $3.80 | $6.93 |
| 28 | $1.79 | $3.80 | $6.93 |
| 29 | $1.79 | $3.80 | $6.93 |
| 30 | $1.86 | $3.95 | $7.21 |
| 31 | $1.86 | $3.95 | $7.21 |
| 32 | $1.93 | $4.11 | $7.49 |
| 33 | $2.00 | $4.26 | $7.76 |
| 34 | $2.00 | $4.26 | $7.76 |
| 35 | $2.08 | $4.41 | $8.04 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 36 | $2.15 | $4.56 | $8.32 |
| 37 | $2.29 | $4.87 | $8.87 |
| 38 | $2.29 | $4.87 | $8.87 |
| 39 | $2.29 | $4.87 | $8.87 |
| 40 | $2.65 | $5.63 | $10.26 |
| 41 | $2.86 | $6.08 | $11.09 |
| 42 | $3.08 | $6.54 | $11.92 |
| 43 | $3.36 | $7.15 | $13.03 |
| 44 | $3.72 | $7.91 | $14.42 |
| 45 | $4.08 | $8.67 | $15.81 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 46 | $4.51 | $9.58 | $17.47 |
| 47 | $5.08 | $10.80 | $19.69 |
| 48 | $5.73 | $12.16 | $22.18 |
| 49 | $6.51 | $13.84 | $25.23 |
| 50 | $7.30 | $15.51 | $28.28 |
| 51 | $8.23 | $17.49 | $31.89 |
| 52 | $9.23 | $19.62 | $35.77 |
| 53 | $10.45 | $22.20 | $40.48 |
| 54 | $11.74 | $24.94 | $45.47 |
| 55 | $13.17 | $27.98 | $51.02 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 56 | $14.81 | $31.47 | $57.39 |
| 57 | $16.46 | $34.97 | $63.77 |
| 58 | $19.03 | $40.45 | $73.75 |
| 59 | $21.75 | $46.22 | $84.29 |
| 60 | $24.83 | $52.76 | $96.21 |
| 61 | $28.41 | $60.36 | $110.07 |
| 62 | $32.77 | $69.64 | $126.99 |
| 63 | $37.35 | $79.37 | $144.73 |
| 64 | $37.42 | $79.52 | $145.01 |
| 65 | $41.57 | $88.34 | $161.09 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 66 | $47.58 | $101.11 | $184.38 |
| 67 | $53.09 | $112.82 | $205.73 |
| 68 | $59.32 | $126.05 | $229.85 |
What impacts the cost of premiums?
Insurers take into account a number of factors when calculating your premiums. These include the following:
- Your age
- Your sex
- Your health and medical history
- Your smoking status
- Your occupation (e.g. is it dangerous?)
- Your personal pastimes
- The type of cover you get (e.g. getting life cover with total and permanent disability cover or income protection).
- The amount of cover you take out (e.g. the more you take out, the more expensive your premiums are likely to be)
How can I pay?
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.
Pros and Cons
Still not sure if NobleOak is right for you? Here are the main pros and cons summed up.
Pros
- Policies are fully underwritten. This basically means you can tailor your cover to your personal situation during the application process; other providers offer more of a one-size-fits-all by not allowing you to choose what you want.
- Cover is guaranteed as long as you pay your premiums.
- A wide range of cover options to suit your needs.
Cons
- You can't get level premiums. Level premiums stay the same despite your age while stepped premiums go up each year. You'll usually pay more for level premiums in the beginning, but it will even out over time.
- There's a 5% frequency charge applied if you pay for your premiums monthly.
How to apply
You can get a quote for NobleOak life insurance by clicking on one of the NobleOak products through Finder. This will take you to the NobleOak website where you'll be asked your name, age, gender, phone number, address and if you smoke. Then you'll be given a quick estimate. A NobleOak representative can get in touch with you afterwards to help talk you through the full application process.
Ask an Expert
Hi!
I would like to obtain life insurance and wanted to know further details.
Cheers
Rahul
Hi Rahul,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
If you decided to go with NobleOak, you can go to their website to obtain further details. If in case you are still checking other options, please go to this page.
On that page, you will see a table that allows you to conveniently compare life insurance policies based on categories and details. Once you found the right one for you, click on the “Get quotes” green button to learn more.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua