NobleOak Life Insurance Review

NobleOak is known as one of Australia’s most popular direct life insurance companies. With NobleOak you can purchase Life Insurance, TPD Insurance, Trauma Insurance, Income Protection and Business Expenses.

Published July 10, 2018

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Whether you’ve only recently been introduced to NobleOak or already have a policy with them, you might be wondering how their products stack-up against other life insurance companies in Australia.

It’s generally a good idea to review your NobleOak life insurance policy annually, or after a significant life event, for example, changing jobs, getting married or divorced or starting a family.  Conduct a NobleOak insurance review to determine if your coverage is still appropriate and whether you’re paying more than you would compared to other Australian life insurance providers.

About NobleOak

NobleOak Life Limited believes Australians deserve better value for money and strives to provide products and services that truly deliver to the needs of their clients, enabling customers to look after themselves and their loved ones.

NobleOak Life policies are backed by Hannover Re, a top global reinsurer. They provide life insurance products and services through associations and other business partners. You can also apply for a policy directly over the phone or online.

History of NobleOak

NobleOak insurance is a public unlisted life insurance company in Australia and was established over 140 years ago in 1877 under The Ancient Order of Druids (AOD) which was founded in London, England in 1781.

In 2015 NobleOak launched their direct insurance product, Premium Life Direct, for Australians who wanted to take out life insurance coverage directly without going through an intermediary.

In 2016 and 2017, NobleOak won the Canstar awards for Outstanding Direct Life Insurance in Australia and Outstanding Direct Income Protection Insurance in Australia.

Cover Types Offered

NobleOak is both the manufacturer and distributor of NobleOak life insurance products.

At Life Insurance Direct we can provide quotes for NobleOak My Protection Plan, which offers comprehensive Life, TPD, Trauma, Income Protection and Business Expense insurance.

1. NobleOak life insurance review

Maximum cover amount $15 million
Entry age 16 to 69
Expiry age 99
Funeral advancement benefit $15,000
Worldwide cover, 24/7 Yes
Guaranteed future insurability Yes
Premium freeze benefit Yes

2. Total & Permanent Disability

Maximum cover amount $5 million
Entry age 16 to 64
Expiry age 75
Occupation type Choice of Own or Any occupation. Own occupation limited to $3 million cover
Future increase benefit Yes

3. Trauma insurance

Maximum cover amount $2 million
Entry age 15 to 59
Expiry age 70
Critical illnesses covered up to 38
Type Stand-alone or as an optional extra on life cover
Funeral benefit $5,000 for stand-alone trauma cover

We make it easy for you to compare policies online with our powerful comparison engine.

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4. NobleOak income protection

Maximum cover amount 75% of your monthly income, up to $25,000
Entry age 18 to 59
Expiry age 65
Benefit period Choice between 2 years or up to your age 65
Waiting period 30 days or 90 days
Tax-deductible Premiums are generally tax-deductible if income protection policy is personally owned
Premium pause option Yes
Total and partial disablement benefit Yes
Rehabilitation benefit Yes
Specific sickness and injuries benefit Yes

5. Business expense insurance

Maximum cover amount $25,000 per month
Entry age 21 to 59
Expiry age 65
Benefit period 12 months
Waiting period 30 days
Waiver of premium benefit Yes
Extended benefit period Yes

Carefully review you NobleOak PDS (product disclosure statement) to understand exactly what you are and are not covered for.

Frequently asked questions and answers

  • How old is NobleOak?

    NobleOak is over 140 years old and has been insuring Australians since 1877.
  • Who is their Reinsurer?

    Cover provided by NobleOak is reinsured by one of the leading global reinsurers, Hannover Re.
  • How much does NobleOak life insurance cost?

    The premium you’ll pay for a NobleOak insurance policy depends on various factors, including your age, gender, lifestyle, whether or not you smoke, your BMI and the amount and type of cover you apply for. Generally, a non-smoking 35-year-old male might pay about $30 a month for $500,000 worth of life cover.

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