NIB Value Life Insurance

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): does not currently have access to this insurance brand.
You may like to review our other life insurance options.
  • 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.
  • 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 increase your sum to a maximum of $2,500,000.
  • 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 two 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 receive a full 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

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.

Was this content helpful to you? No  Yes

Related Posts

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy & Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.
Ask a question
Go to site