NobleOak Self Managed Super Fund Direct Life Review
As one of Australia’s leading direct life insurance providers, NobleOak has worked hard to design a range of products that are both flexible and affordable, offering all of the necessary features to ensure you have the right protection in place. Their latest product, the SMSF Direct life is no different, with policyholders given the power to adjust their policy as their situation changes to make sure they have the right level of cover at any given time.
Compare NobleOak Life Insurance products below:
What types of cover does the NobleOak SMSF policy provide?
NobleOak’s SMSF Direct Life Policy provides two simple and competitively priced types of cover to choose from;
- Life Insurance: Provides a benefit payment if the policyholder dies or is diagnosed with a terminal illness. This benefit may be used to cover funeral expenses, any outstanding debts and provide a source of income for their family to cover future living expenses.
- TPD: Applicants have the option to add TPD cover to their policy for an additional premium loading and receive the peace of mind that in the event that they become totally and permanently disabled as a result of injury or illness, the sum insured will be paid. This benefit may be used to make any necessary modifications to your home, cover any outstanding debts and pay for future living expenses.
Why should I consider NobleOak SMSF Direct Life Cover?
In comparison to many other direct life insurance providers, NobleOak’s ranges of products are competitively priced against other retail life insurers. By choosing not to invest heavily in marketing, NobleOak is able to offer greater savings to their customers.
Comprehensive cover tailored to your needs
SMSF Direct Life Cover comes with all of the necessary features to cover the different needs for a broad range of policyholders. This policy has been designed to meet superannuation release requirements to ensure that claim payment is swift and straightforward.
Policyholders have the power to increase or decrease their level of cover or transfer their cover outside of their superannuation as their situation changes without having to cancel their policy and re-apply for cover.
Ease of application
Applicants can enjoy fast and straightforward application either online or over the phone. Cover can be in place in as little as 20 minutes!
Company you can trust
Having provided investment solutions to Australians for over 135 years, NobleOak has established itself as one of the premiere insurers on the Australian market.
What are the key features included in the policy?
- Sum Insured:
Applicants can take out up to $15,000,000 in life cover and $3,000,000 in TPD cover on the NobleOak SMSF Direct Life policy.
- Death benefit: In the event that the policyholder passes away, NobleOak will pay the sum insured provided the conditions for payment are met.
- Terminal illness benefit: In the event that the policyholder becomes terminally ill, NobleOak will pay the lump sum death benefit that applied from the date that they were forced to stop work due to illness. Conditions for terminal illness benefit payment are:
- A registered Australian medical practitioner must diagnose policyholder as being terminally ill.
- Illness must prevent the policyholder from working in an occupation that they are suited for by previous training or experience.
- Certified medical practitioner must recognise that the policyholder is unlikely to live for longer than 12 months.
- Medical practitioner must not be a member of your family, business partner, employer or employee.
- TPD Benefit
In the event that the insured becomes totally and permanently disabled, NobleOak will pay the agreed lump sum subject to the
claim. The insured must meet the definitions of disablement as outlined in the product disclosure statement. It is worth noting that in the event of a TPD benefit payment, the sum insured for life cover will be reduced by the sum paid.
- Guaranteed Renewability
NobleOak guarantees to renew policies each year provided no termination has occurred. Policies cannot be cancelled or premiums increased due to any change of the policyholder’s health, occupation or pastime.
- Benefit Indexation
In order to keep pace with inflation, benefits will be increased each year based on the consumer price index with a minimum increase of 3% and maximum increase of 5%. Benefit indexation will occur automatically unless the policyholder requests otherwise.
- Worldwide Cover
Cover is available worldwide 24 hours a day.
How do fees and tax work with this policy?
- Premiums can be paid on a monthly or annual basis by direct debit, credit card or BPAY. Annual payments will receive a benefit discount of 5%.
- In the event that the premium is not paid, cover will lapse 60 days after the due date.
- There is no annual policy fee applied.
- Insurance premiums for life cover are generally tax deductible.
- Insurance premiums for TPD are tax deductible provided the disability meets the conditions of the superannuation benefit disability definition outlined under superannuation laws.
- Benefits paid for life cover are generally not tax deductible.
- TPD benefits paid via superannuation are generally subject to concessional tax treatment.
Cooling off period
Each policy will have a 21-day cooling off period whereby the policyholder can cancel the policy if they are not satisfied with the cover provided. Premium payments for policies cancelled within this period will be refunded in full.
- Cover: Life Insurance
- Minimum Entry Age: 16
- Maximum Entry Age: 69
- Termination Age: 84
- Maximum Sum Insured: $15,000,000
- Cover: TPD
- Minimum Entry Age: 16
- Maximum Entry Age: 64
- Termination Age: 74
- Maximum Sum Insured: $3,000,000
End of cover
Cover will cease under the following events;
- Death of the policyholder
- Life cover policyholder reaches age 84
- TPD policyholder reaches age 74
- Policy expires
- 60 days following laps or premium payment
- Date of plan termination
- Full sum insured is paid to policyholder
What are the key exclusions?
Payment of the SMSF Direct Life sum-insured for life cover will not be provided if;
- Death is a result of suicide within the first 13 months of the policy commencement, reinstatement or increase
Payment of the SMSF Direct Life sum-insured for TPD will not be provided if;
- Disability is caused by self-inflicted injury within the first 13 months following policy commencement, reinstatement or increase
- Disability is the result of abuse of alcohol, illegal drugs or controlled substances
- Disability is the result of taking part in the armed forces other than the citizen forces within the Commonwealth of Australia
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.