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.
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Over 140 Years’ Experience
NobleOak is over 140 years old and has been insuring Australians since 1877
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Reinsured by Hannover Re
Cover provided by NobleOak is reinsured by one of the leading global reinsurers, Hannover Re
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My Protection Plan
Comprehensive Life, TPD, Trauma, Income Protection and Business Expense insurance
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 |
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
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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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