Receive a replacement income if you can't work with NobleOak Salary Continuance Cover
Your NobleOak My Protection Plan includes coverage for income protection (also known as Salary Continuance), so that if you are unable to work because of illness or injury, you can continue to be paid a percentage of your monthly income. This ongoing benefit can help you pay for things like rent or mortgage, car repayments, utilities and school fees, as well as cover daily living expenses such as food, fuel and groceries. This means that you don’t have to dig too deeply into your savings – if at all – to maintain control over your finances, yet you are still able to preserve your family’s security and way of life, while also protecting your credit rating and ongoing services. Your income is your most important asset because it is what facilitates the acquisition of all of the other assets, which you like to have in your life such as your home, your car, and all those valuable family experiences such as holidays and birthdays. That is why NobleOak makes it easy to include income protection in your life insurance plan.
Take advantage of income protection deals from NobleOak
|No premiums payable for NobleOak Income Protection in the first month||
Deal expires 30 Jun 2017
|No premiums are payable in the first month when you purchase NobleOak Income Protection. No premiums payable for two months when combine cover e.g with Life Insurance.||
Last verified 29 May 2017
Receive an income protection quote from NobleOak
How does the policy work?
To apply for a Income Protection insurance plan from NobleOak, you must be between 16 and 60 years old, and your cover will continue until you are 65 years old. The maximum benefit amount you can choose is of $25,000 per month. The cost of your income protection insurance premiums will be based on the benefit amount you choose, and your risk factors, such as your age, health, family history, lifestyle and occupation. You can choose to pay your premiums monthly or yearly, whichever best suits your budget and cash flow needs. As part of your NobleOak life insurance plan, you will also be getting: Key Features of NobleOak Income Protection
- Ongoing Monthly Benefit: Policyholders under claim provided with an ongoing monthly benefit of 75% of their pre-disability income.
- Maximum Sum Insured: Policyholders can take out a maximum benefit of $25,000 per month.
- Benefit Indexation: Benefits indexed annually by a minimum of 3% and a maximum of 5% of the Consumer Price Index prior to the age of 60. This benefit is capped at $15,000 per month).
- Specified Injury and Illness Benefit: Benefit paid for 3-6 months, depending on the specified waiting period.
- Recurrent Disablement Benefit: If a disability reoccurs from the same or related cause within set period of the claim ending, it will be treated as a continuation of the original claim.
- Rehabilitation Benefit: Additional benefit provided for a maximum of 6 months to cover rehabilitation expenses incurred as a result of the policyholders condition.
- Spouse Benefit: Benefit paid to spouse if forced to take time out of work to care of policyholder under claim.
- Benefit Increase: Benefit increases after policyholder has been on claim for more than 12 months by the lesser of the CPI or 5%.
- Own Occupation and Any Occupation: This will be determined by your occupation and the appropriate definition will be applied for that occupation.
- Partial Disability Benefit: Benefit paid for partial disablement.
Not sure if Salary Continuance Cover is right for you?
NobleOak makes it easy to take out comprehensive life insurance cover with their My Protection Plan. However, before you start worrying that you’re paying for packaged services you don’t really need, remember that you may need income protection if you:
- Are the primary income earner in the family. If your family uses your wage to pay the bills each month, cover ongoing living expenses and save a little for an emergency, then you should consider income protection insurance as an important life insurance addition, because if you were unable to work your family’s finances would suffer significantly.
- You are the secondary income earner in the family. Even if you are not the main income earner, your wages will still go towards those extra like holidays, savings, investments and treats for the family. You work to earn a little extra for those extra purchases, so you don’t want your family to compromise if you fall sick or are injured.
Steps to apply for NobleOak Salary Continuance Insurance
- 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.