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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):

  • 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.

Get a quote for nib Life Insurance

Name Product Maximum cover Maximum Entry Age Minimum Sum Insured Guaranteed Future Insurability Expiry Age Short Description
No expiry age as long as premiums are paid
Receive one month's premiums off every year if you pay annually upfront. T’s and C’s apply.

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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 either:
    • Within 13 months of cover commencing;
    • The date your cover is increased (but only in respect to that increase)
    • The date your policy is reinstated

Note: Be sure to check the Product Disclosure Statement (PDS) for full terms, conditions and exclusions.

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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