NobleOak Premium Life Direct

Seeking life insurance that provides complete cover, low premiums and personalised service?  Premium Life Direct delivers all 3 and much more.

This life insurance policy from NobleOak is all about trying to give you the coverage options and dedicated service that you would usually expect from consulting a financial adviser, but without that added cost.  Combining a fully featured package that pays out up to $15 million in cases of death and up to $3 million in cases of terminal illness, it also includes Total and Permanent Disability (TPD), trauma, income protection and business expenses insurance as optional extras.  The point is you have the flexibility to choose the level of cover you need.

This product is no longer offered by NobleOak. You may wish to consider one of NobleOak's other life insurance products that are still available.

As well as this by being protected under NobleOak Premium Life Direct you will also have access to a number of extra benefits, such as financial support for funeral arrangements and grief counselling, along with worldwide coverage and inflation protection.  NobleOak also allows you to increase your insured sum by up to $100,000 with no red tape when you tie the knot, put down a mortgage on a home or welcome a new addition to your family.

What do I get from NobleOak Premium Life Direct?

  • Life Insurance Benefit: NobleOak Premium Life Direct provides a lump sum benefit of up to $15 million if you die or up to $3 million if you are diagnosed terminally ill. Your loved ones can use this benefit to pay off debts and provide ongoing financial support.
  • Funeral Advance Benefit: NobleOak will pay an advance benefit of $15,000 upon your death to help your family pay for the cost of your funeral and other immediate expenses that may arise.
  • Financial Advice Benefit: If you receive a benefit in excess of $200,000, NobleOak Premium Life Direct pays up to $2,000 to cover the expense you incur engaging a qualified financial adviser. You or your loved ones can use this professional advice to best manage the benefit payment.
  • Grief Counselling Benefit: NobleOak Premium Life Direct provides $1,000 cover for any grief counselling services that you, your spouse or your partner require when a Life Insurance Benefit or Terminal Illness Benefit is paid.
  • Premium Freeze Benefit: You are able to fix the cost of your cover at any time by writing to NobleOak and requesting that your premium amount is frozen. This means that your premiums will be fixed but that your level of cover will reduce each year.
  • Future Increases Benefit: You have the freedom to increase your insured sum by up to $100,000 without providing further medical evidence if one of the following occurs:
  • You get married or register a partnership
  • You take out mortgage or increase the mortgage on your primary place of residence
  • You or your partner gives birth to, or adopts a child
  • Indexation: Your level of cover increases each year in line with the consumer price index (CPI) to provide protection against inflation.

Are there any additional options I can take advantage of?

  • Total and Permanent Disability (TPD) Insurance: This optional extra cover pays a lump sum benefit of up to $5 million if you are totally and permanently disabled and unable to ever work again because of sickness or injury. The benefit can be used to pay for care, make home modifications, pay off outstanding debts and manage your ongoing expenses.
  • Trauma Insurance: NobleOak Trauma Cover can be purchased with Life Cover or as a stand-alone policy. It offers a lump sum payment of up to $2 million if you suffer a medical condition or trauma condition that impacts on your life. The benefit can be used to cover treatment expenses, settle outstanding debts or whatever else you need to pay for.  Please note a Survival Period applies if Trauma Cover is taken out as stand-alone.
  • Income Protection Insurance: Allows you to cover 75% of your income up to a maximum of $25,000 a month to support you financially in the case that you are unable to work due to sickness or injury.
  • Business Expenses Insurance: If you are self-employed this optional extra could be of use to you, covering up to $25,000 per month if you are rendered unable to work due to sickness or injury, and can be used to cover the fixed running costs of your business.

Am I eligible for Premium Life Direct?

  • Premium Life Direct requires you to be between 16 and 69 years of age.
  • TPD Insurance requires you to be between 16 and 64 years of age.
  • Trauma Insurance and Income Protection requires you to be between 18 and 59 years of age.
  • Business Expenses Insurance requires you to be between 21 and 59 years of age.

When will my benefit be paid?

NobleOak Premium Life Direct pays a lump sum to your family upon your death, or a Terminal Illness Benefit when you are diagnosed terminally ill. 

If you wish to make a claim under your policy, you will need to notify NobleOak within 14 days although it is recommended to give notice as soon as possible. The insurer will then send out a claim form explaining the next steps required. 

In some cases you may need to provide medical evidence from the treating medical practitioner along with a completed claim form in order for your claim to be processed.

When will my benefit not be paid?

Your NobleOak Premium Life Cover Death Benefit will not be paid if death is a result of:

  • Suicide that occurs within 13 months of the policy commencing, being reinstated, or the level of cover being increased.
  • Any exclusion that is specifically noted in the Special Acceptance Terms you agree with the insurer when applying for cover.

When does my coverage end?

NobleOak Premium Life Cover ends when the earliest of the following occurs:

  • You cancel cover
  • You fail to pay your premium
  • You die
  • The policy anniversary after you turn 99 years old
  • Payment of a life insurance claim

Do any of the optional extras have a different expiry age?

Yes they do, the optional extras will expire when your reach the age of:

  • 75 for TPD Insurance
  • 70 for Trauma Insurance and
  • 65 for both Income Protection Insurance and Business Expenses Insurance

Any other information I might need to know?

  • Guaranteed renewable: As long as you continue paying your premiums, NobleOak Premium Life Cover is guaranteed renewable until you reach the policy expiry age of 99.
  • Applying for cover: You can obtain a quote for NobleOak Premium Life Cover online by clicking on one of the secure links on this page or by phoning or emailing NobleOak. You can apply over the phone in around 15 or 20 minutes.
  • Worldwide cover: NobleOak Premium Life Cover provides protection 24/7, all around the world.
  • Fully underwritten: NobleOak Premium Life Cover is a fully underwritten life insurance product. This means that you will have to answer a range of health and lifestyle questions when you apply for cover.
  • Premium payment options: You can pay your NobleOak Premium Life Cover premiums monthly via direct debit from your nominated bank account or by a Visa or MasterCard credit card. Annual premiums can be paid by cheque or direct debit.
  • Cooling-off period: Once you receive your cover welcome pack, you have 30 days to decide whether cover suits your needs. You will receive a full refund if you decide to cancel cover during this 30-day period.
  • Changing cover: You can apply in writing at any time to increase or decrease your cover. Decreasing your cover does not require any extra underwriting, but if you want to increase cover you will need to complete a new application and go through the full underwriting process.
  • Whats is the Survival Period: This is a period of at least 14 days that the person insured by this policy must live for after a Trauma Event without the aid of an artificial life support system.

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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