NIB Value Life Insurance

NIB Life Insurance in Partnership with TAL Australia

If you are looking for value in your life insurance policy, you may want to consider what NIB life insurance offers as it has partnered with one of the Australia's reputable life insurance provider, TAL Life Limited. As a fully authorised representative of TAL Direct Pty Ltd, NIB offers Value Life Insurance which is designed as a protective insurance that is simple, easily accessible and affordable.

This review will outline the main benefits of the policy, exclusions and eligibility requirements.

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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What does the policy cover?

There are a number of different features and benefits of NIB Value Life Insurance that you can obtain, which include (but are not limited to):

  • Death and Terminal Illness Benefit: You can choose a cover amount from as little as $100,000 up to $1,000,000, which will be payable in the event of your death or upon diagnosis of a terminal illness, with an estimated 12 months to live.
  • Guaranteed renewable: You will be covered by NIB life cover until you turn 80 years old.
  • Inflation Protection Benefit: Your cover will be automatically increased annually accordingly to the Consumer Price Index (CPI), or by no more than 5%, to keep up with inflation. This adjustment will cease when you reach 65 years of age.
  • Premium Protection Benefit: If you take out NIB Value Life Insurance, you will eligible to receive this benefit, which is exclusive to NIB customers. NIB will reimburse your NIB health cover and waive your life policy premiums for up to six months, in the event that you are unable to perform your daily activities due to a serious accidental injury. You will have to be unable to perform at least 2 of the daily living activities: bathing, toileting, dressing, feeding and mobility.
  • Nominating your beneficiaries: In the event of your death, NIB will ensure the beneficiaries you have selected for the policy will receive the lump sum benefit. If no beneficiary is nominated, the funds will go into your estate.
  • No Medicals: When you apply for cover, you are not required to undertake any blood test or medical examination by NIB.
  • Worldwide cover: You will be protected 24 hours, 7 days a week no matter where you are in the world.

Eligibility to apply for life insurance  over from NIB Australia

To apply for NIB Value Life Insurance, you must satisfy the following requirements:

  • You are between 18 to 65 years of age
  • An Australian resident
  • Currently living in Australia with no future plans to relocate overseas.

NIB has made applying for its life insurance products very simple. You can either apply online or speak to one of the insurance representatives. There is a 30 day cooling off period of all NIB policies, starting from the commencement date of the cover. If you change your mind or the policy no longer fulfils your insurance needs, you can cancel within this period and you will be entitled for a refund.

What won't the policy cover?

NIB Value Life Insurance just like all types of insurance policies, features a list of exclusions when benefits will not be paid. Your claim will not be paid:

    • as a result of suicide or an intentional self-inflicted act within 13 months of cover commencing, cover being increased or your policy being reinstated.

In addition, the Premium Protection benefit will not be paid if you are incapacitated or injured as a result of:

  • any intentionally self-inflicted act
  • your participation in any criminal or unlawful activity
  • if you are under the influence of alcohol or any drug not prescribed by a medical practitioner
  • if you participate in any form of aviation other than as a passenger on a commercial aircraft
  • if you participate in an activity at a height of 20 metres or more above ground, or 30 metres or more below ground or underwater
  • if you participate in any activity at a speed in excess of 130 km/h
  • if you willingly and knowingly expose yourself to the risk of injury for gain, reward or remuneration.

Compare life insurance quotes from TAL with an adviser

William Eve

Will is a personal finance writer for specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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