NobleOak's Tailored Life Cover Plan
If you head out to work every day, or even part time, to earn an income that supports your household bills, or if you stay at home and manage the school run, the meal planning and the childcare, then you play an integral part in your family’s survival and future.
That is why you will want to consider life insurance to protect your family and their way of life, if you’re no longer around. The NobleOak Family Life Protection package offers cover for:
- A death benefit. Pays a lump sum to your beneficiaries if you die.
- Terminal illness benefit. Pays you a lump sum benefit if you are diagnosed with a terminal illness.
- Total and permanent disablement benefit. Can pay a lump sum amount if you become totally and permanently disabled. If a TPD benefit is paid, your death benefit is reduced by the same amount.
How does NobleOak Family Life Protection work?
You can find that you need life cover for your family at any point. For example, you may have gotten married, started a family, your children have started school or you’ve moved to a bigger house. In all of these instances there are increased financial obligations, and more people to worry about in your life than just yourself. That is when you need simple and easy to understand and apply for life insurance cover from NobleOak. The Family Life Protection plan looks after you and your family across any number of eventualities, from illness, to injury to death.
The benefit amount you choose should reflect your current obligations, and provide enough funds for your family’s future plans. NobleOak allows you to apply for up to $1 million of life cover and up to $1 million of TPD cover, where your TPD cover amount cannot be greater than your life cover amount.
Features of NobleOak Family Life Protection
The coverage offered by the NobleOak family life protection plan is comprehensive, and the features of that coverage are very inclusive too:
- Premium discounts and management. If you chose to pay your premiums annually, instead of monthly for example, you can be eligible for a 6% discount. Plus, once you reach 60 years old, your TPD benefit amount is reduced by 20% each year until you reach 65 years old or until you make a claim. This in turn reduces the cost of your premiums.
- Guaranteed policy renewal. Once you have been approved for NobleOak’s family life protection, your policy will automatically be renewed each year, without the need for additional medical tests, and without being affected by changes in your health, lifestyle and occupational risks.
- Automatically indexed benefits. To make sure that your benefits are relevant and valuable at the time of a claim, NobleOak will automatically increase your benefit amount by 3-5% based on the Consumer Price Index. Increases will be made each year until you are 60 years old, and you can refuse an increase at any time.
- Coverage worldwide. You will be covered by your NobleOak family life protection policy wherever you are in the world. This means you have cover for eligible events 24 hours a day, seven days a week, whether you are at home or you are travelling when an incident occurs.
NobleOak Family Life Protection General Exclusions
When you’re considering any insurance policy, it pays to familiarise yourself with the list of exclusions so you know exactly when you will and will not be covered. Under NobleOak Family Life Protection Cover, no Life cover benefit will be paid if death occurs as a result of suicide committed within 13 months of the commencement, reinstatement or an increase in the level of cover of your insurance plan.
In terms of TPD cover, a benefit will not be paid when total and permanent disablement is caused by any of the following:
- intentional self-injury or suicide attempts within 13 months of the commencement, reinstatement or an increase in the level of cover of your insurance plan. This exclusion applies regardless of whether you are sane or insane
- the abuse of alcohol, illegal drugs or controlled substances. However, benefits will be paid if you were using controlled substances legally prescribed by a medical practitioner and following usage instructions
- if you engage in or serve in the armed forces of any country other than service in the Citizen Forces within the Commonwealth of Australia.
NobleOak Family Life Protection FAQs
Q. Why do I need this type of cover?
- A. If you’re no longer around to provide for your family, NobleOak Family Life Protection ensures that they have access to an alternative source of finances to help them manage expenses, repay debts and maintain their lifestyle. It gives the peace of mind that comes with knowing your family will be taken care of if tragedy strikes.
Q. What cover is offered under this plan?
- A. NobleOak Family Life Protection offers Life Cover and optional TPD Cover. It’s possible to apply for up to $1 million of Life Cover and $1 million of TPD Cover, though your TPD Cover amount cannot exceed your Life Cover amount.
Q. How are my premiums calculated?
- A. NobleOak takes a number of factors into account when determining how much you will have to pay for your insurance premiums. These include the level of cover you apply for, your age, your gender, your smoking status, your health history, your occupation and the pursuits you regularly participate in.
Q. How do I pay my premium?
- A. There are two options for paying your premium with NobleOak: monthly or annually. You can set up a direct debit or pay by credit card or BPAY, while annual premiums receive a 6% discount. Your insurance will lapse 60 days after the due date if you do not pay your premiums on time.
Q. Can I back out if I change my mind about taking out cover?
- A. Yes. Once you’re taken out cover and received a copy of the Welcome letter, you have a 21-day cooling-off period to decide whether or not the plan meets your requirements. If you do decide to cancel coverage during this period, your premium will be repaid in full.
Q. How to apply for NobleOak
- A. The cost of your premiums will be calculated based on your age, benefit amount, health and lifestyle at the time of application. You must be between 21 and 64 years old to apply, and your cover will be valid until you reach 70 years of age. The amount of cover you apply for will depend on your financial needs and situation, and plans for the future, but remember that the more cover you apply for, the more expensive your premiums will be.
4 steps to apply
- You can either get a quote online or by giving NobleOak a call.
- You'll go through a full medical and lifestyle questionnaire over the phone with them.
- Your application will be sent off to their Underwriters for assessment.
- Once approved, they will give you a call and organise a date to activate your cover.