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INCOME PROTECTION INSURANCE

For Australian NaturalCare customers, insure your income the smarter way with NobleOak’s Income Protection cover and save*.

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Maximum Monthly Benefit

$30,000

NobleOak’s My protection Plan products include comprehensive Income Protection where you can insure for up to 75% of your pre-tax income, to a maximum benefit of $30,000 per month. In the event you suffer a serious illness or injury and are unable to work, NobleOak will pay you a monthly benefit for the duration of your disability, beyond the expiration of your nominated waiting period.

Benefit
Period

2 Yrs or Age 65

NobleOak’s Income Protection cover provides you with the option to choose between a benefit period of 2 Years or to Age 65. The Benefit Period begins at the end of your nominated waiting period and continues for the duration you remain unable to work up to the end of the applicable benefit period, being 2 years or Age 65.

If you pass away whilst receiving a benefit under your Income Protection cover, your estate will be paid a lump sum benefit equal to 3 months of your claim monthly benefits.

Waiting
Period

30 or 90 Days

Also under NobleOak’s Income Protection cover, you have the option to choose between a waiting period of 30 days or 90 days.  In the event of a claim, the monthly benefits will be payable after you have been disabled beyond your nominated waiting period.

Maximum
Entry Age

59

To be eligible to apply for Income Protection cover with NobleOak, you must be an Australian Resident and aged between 18 and 59. Our Income Protection products are priced using stepped premiums which means your premiums will increase each year in line with your age and also CPI (where your monthly benefits are indexed to keep pace with inflation).

Guaranteed Renewable Age

65

Provided you pay your premiums as they fall due, NobleOak guarantees to renew your Income Protection cover each year up to the age of 65. Your Income Protection cover will not be cancelled, nor will your premiums be increased due to any future change in your state of health, lifestyle, occupation or pastimes.

NobleOak’s My protection Plan products include comprehensive Income Protection where you can insure for up to 75% of your pre-tax income, to a maximum benefit of $30,000 per month. In the event you suffer a serious illness or injury and are unable to work, NobleOak will pay you a monthly benefit for the duration of your disability, beyond the expiration of your nominated waiting period.

Income Protection Features

Indexation Protection

To help protect you against inflation, your monthly benefits will increase each year using the Consumer Price Index. Your premiums will be adjusted accordingly with these increases.

Dedicated Claims Support

If you or your family need to make a claim you’ll be assigned a dedicated claims consultant based here in Australia. This consultant will support you throughout the claim process.

Cover with Global Backing

NobleOak’s products are backed by Hannover Life Re who is a leading global reinsurer. We are also an APRA regulated Life Insurer with a history dating back over 140 years.

Your Cover Options

NobleOak’s Income protection cover is flexible.  When applying for cover, you can choose from  the following options:

Monthly Benefit

You can choose a Monthly Benefit from $1,000 per month up to a maximum of 75% of your Pre-Tax Income, limited to an overall maximum of $30,000 per month. In addition, you can add up to a 10% to allow for your superannuation contributions, as these contributions may not continue while you are disabled and on claim.

Waiting Period

You can choose a waiting period of either 30 days or 90 days. In the event of a claim, your monthly benefits will become payable after the expiration of the waiting period. These monthly benefits are payable monthly in arrears. The waiting period commences on the day you are certified as being disabled and unable to work by a qualified Medical Practitioner.

Benefit Period

The Benefit Period is the length of time that your Income Protection monthly benefits will be paid to you. You can choose a Benefit Period of 2 years or to age 65. The Benefit Period begins once the Waiting Period has expired, and continues whilst you are Totally Disabled (or subsequently Partially Disabled) for a maximum period of 2 years or to age 65.

Total Disablement Benefit

If you become Totally Disabled, you will receive a monthly benefit payment to replace your lost income. These payments:

  • Commence after your nominated Waiting Period has expired, and
  • Continue for the duration of your Total Disablement, to a maximum of your nominated Benefit Period.

Your payments are calculated on a daily basis and payable monthly in arrears, so your first monthly benefit payment will be paid one month after the end of your Waiting Period.

Totally Disabled / Total Disablement means due to Sickness or Injury occurring while covered for Income Protection Insurance, you are:

  • Unable to perform one or more duties of your occupation that is important or essential in producing income, and
  • Not working (whether paid or unpaid), and
  • Following the advice of a Medical Practitioner.

Partial Disablement Benefit

NobleOak will pay you a reduced benefit if you return to work in a partial capacity following a period of total disablement. The Partial Disablement Benefit becomes payable providing you have been Totally Disabled for at least 14 days, and remain Totally Disabled or Partially Disabled beyond the expiry of the waiting period. Partially Disabled means due to your Sickness or Injury:

  • You are only capable of performing some duties of your occupation
  • Your monthly Income is less than your Pre-disablement Income, and
  • You are following the advice of a Medical Practitioner.

The partial benefit you receive will be reduced in proportion to the loss of Income sustained, and will be calculated on a daily basis.

Recurring Disablement Benefit

If you return to work for less than 6 months after receiving your most recent Total Disablement or Partial Disablement benefit, and suffer a recurrence from the same or related cause, the claim will be treated as a continuation of the original claim. In these circumstances, no waiting period will be applied.

Specific Sicknesses and Injuries Benefit

If you suffer a Specific Sickness or Injury as defined by the medical conditions set out in the Product Disclosure Statement we will pay the following Monthly Benefits immediately:

  • 6 months, when the selected waiting period is 30 days, or
  • 3 months, when the selected waiting period is 90 days

This benefit is payable regardless of whether or not you are Totally Disabled, and regardless of whether or not you return to work.

Rehabilitation Expenses Benefit

If you are receiving Income Protection cover payments from NobleOak, upon recommendation from your Medical Practitioner, we may approve the following expenses:-

  • For any Total Disability claim, Partial Disability claim or claim under Specific Sicknesses or Injuries, we will pay up to an additional 50% of the Monthly Benefit for up to 12 months for your participation in a rehabilitation program.
  • For any Total Disability claim, we will reimburse up to 12 times the Monthly Benefit for costs incurred for special equipment to help you re-enter the workforce.
  • For any Total Disability claim, we will reimburse up to 3 times the Monthly Benefit for costs incurred for modifications to your workplace to allow your return to gainful employment.

Nursing Care Benefit

Under your Income Protection Cover if you are Totally Disabled and confined to bed, and a Medical Practitioner certifies that you need the full-time care of a registered nurse for more than 3 consecutive days during the Waiting Period, you will be eligible for the Nursing Care Benefit.

We will pay you a daily proportion, monthly in arrears, of your Total Disablement Benefit while this nursing care continues, up to the end of the Waiting Period, for each day after the first 3 consecutive days. The registered nurse must be independent from you (e.g. not a relative, a business partner, employee or employer).

Spouse Benefit

If your spouse has to stop working because of your Total Disablement, we will pay, monthly in arrears, the lessor of the amount your spouse would have earned per month had he or she kept working, or a monthly benefit of $2,000, for up to 6 months.

ASIC & APRA Regulated Cover

NobleOak Life Limited (NobleOak) is regulated by ASIC and APRA in accordance with section 16C of the Life Insurance Act.

Here's What Our Clients Are Saying

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Dear Noble Oak claims Team, Thank you for all your help and assistance during this difficult time. You guys have all been fantastic every step of the way, and have been really helpful in communicating with me during rehab etc. My family and I would have really struggled during this period without your financial support. Once again thank you and all the best. Special mention to Sophie for having to deal with me early on!
,
09 March 2020
Affordable insurance and fast friendly service.
,
11 December 2019
I was kept up to date through the whole process, very friendly service.
,
27 March 2019
Their Customer Service was first rate. Everyone I dealt with through the application process was fabulous. They kept me informed every step of the way and I didn't need to follow up on anything. Very impressed. Would thoroughly recommend them.
, SA
26 March 2019
Great to deal with. Kept me in the loop throughout the whole process. Good level of communication and I made significant savings on my life insurance premiums over the competitors.
,
11 March 2019
Excellent customer service. The process to buy Income Protection Insurance was very easy and the customer service team very helpful and knowledgeable. After I had applied I requested some additional information which was sent to me within a day. That's great customer service to have a good response time even after the initial sale had been made by Noble Oak.
,
04 March 2019
Your representative was patient, concise, understanding and above all very pleasant to speak and deal with. It was his influence that had me convinced to proceed with your product.
,
27 February 2019
Excellent to deaf customers. They communicate well to deaf customers by using sms texts and emails. Other companies just ring my number all day long.
,
26 February 2019
Great service. The customer service is great. They are friendly and very helpful and it was a pleasure dealing with them.
,
20 February 2019
I am very pleased with Noble Oak and the ease with which the transaction was finalised. I wouldn't hesitate to use them again or to recommend them to my family and friends.
,
06 February 2019
Each phone call and email was answered by a person who knew the answers to my queries very polite and courteous at all times.
,
24 January 2019
Very helpful, informative and great communication. I’m very happy to have been approved into the Noble Oak community Happy customer that’s me!
,
16 January 2019
It's good for elderly people. Quite affordable and good conditions.
,
19 December 2018
Great service, honest advice, prompt follow up, extremely competitive premium and deal. Thanks Noble Oak.
,
23 November 2018
Superb and excellent! The premium is much lower compared to the others. The process of getting their insurance is fast and well coordinated.
,
21 November 2018
They were helpful, friendly and nothing seemed to be an issue for them even when I needed to amend some of the questions on the proposal. I received phone calls to advise of the next step and the Nurse that came to our house on a weekend was so friendly and professional in her duties.
,
20 November 2018
Fantastic customer service, competitive costs for income protection attracted me to switch over from other insurance. Follow up by NobleOak team including approval of quote is excellent and made me comfortable and happy. Highly recommend this income protection policy.
,
15 November 2018
Was a quick and easy process. Price is a lot cheaper than other providers.
, NT
31 July 2018
Fantastic customer service and the explanation of the product was clear and concise. Value for money.
, NSW
26 July 2018
Very professional, helpful and friendly service. My new life insurance policy was processed efficiently and I was contacted during each step of the process.
, WA
26 July 2018

How to Apply

  • Get a Quote

    One of our friendly insurance specialists will help you complete your Income Protection quote over the phone or online.

  • Apply

    If you’re happy with the quote, you can apply immediately either over the phone or book a time for a call back.

  • Get covered

    We”ll assess your application. If you require medical tests we’ll pay for them and keep you updated on your progress.

Income Protection Simplified

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Frequently Asked Questions

What is Income Protection Insurance?

Income Protection Insurance pays a monthly benefit of up to 75% of your regular pre-tax income if you can’t work due to a serious illness or injury. Having this cover in place can help ensure your family will not be left with a major financial burden if you’re seriously disabled and unable to work. For example, your monthly benefit payments may be used to ensure:

  • You can pay your rent or mortgage repayments
  • You can pay your ongoing bills and everyday expenses
  • You don’t need to drain your savings

 

How much Income Protection do I need?

With NobleOak Income Protection Cover you can choose cover of up to 75% of your pre tax income, up to a maximum of $30,000 per month. This will ensure you can cover your essential living costs and also any mortgage and/or  loan and credit card repayments.

Case Study

For example, Roger is a 32 year old accountant with an annual salary of $100,000 and has just bought his first home. Now that he is responsible for a mortgage, he decides it’s time to protect his income in the event of a serious illness or injury which could impact his ability to work. His current income enables him to take out Income Protection Insurance to a maximum benefit of $6,250 per month.

Roger has no dependents and no other debt besides his mortgage. He calculates that he could manage his mortgage and living expenses on less than 75% of his salary, particularly if he was sick or injured, as he would also be saving money on his usual sporting and social activities. He could also rent out the second bedroom in his house if necessary. Roger decides to take out cover for a benefit of $4,000 per month with a 90-day waiting period.

At NobleOak, you can also increase your monthly benefits by a further 10% of your income to allow for superannuation contributions that you or your employer would have paid had you continued working. This extra 10% will be paid into a complying superannuation fund.

How does Income Protection insurance work?

Taking sick leave or a few days off is fine for your common cold or sprained ankle, but have you wondered how you would  manage if something more serious stopped you working? How do you keep paying the rent?  How do you feed the family? If it’s an ongoing illness or disability, it doesn’t take long to go through any savings you have managed to squirrel away.

Income Protection Insurance provides you with an income if you can’t work due to a serious illness or injury. The benefits are paid as a regular monthly income for the period of time you are disabled and unable to work. This allows you to support yourself, your family and covers any essential living expenses while you are not working.

Starting from $1,000 per month, NobleOak Income Protection Insurance will cover you for up to 75% of your pre-tax income to a maximum of $30,000 per month. Within these limits, you can choose a  monthly benefit to suit your needs and budget, as your premiums will be calculated on the amount of cover you require.

Next you need to choose your waiting period, which at NobleOak is either 30 days or 90 days. This is the period before you become eligible to receive your monthly benefit. If you choose 90 days, your premiums will be lower than for a 30 day waiting period.

You also need to choose the benefit period, which is the maximum length of time you will receive the monthly benefit payments while you are unable to work.  At NobleOak you have the choice of either a 2 year benefit period, or a benefit period to age 65.

Is Income Protection tax deductible?

Based on the current Australian Taxation Office (ATO) rules, Income Protection Insurance premiums are generally tax-deductible. If you have a combined Life and Income Protection Insurance policy, you are permitted to claim a tax deduction only for the portion of premiums paid for the Income Protection Insurance.

Where Income Protection cover has been taken out through an Industry or Retail superannuation fund and the premiums are deducted from your super contributions, you are not able to claim these premiums as a Tax Deduction.

What about Self- Managed Superannuation Funds (SMSFs)?

According to Wealthsmart.com.au, Income Protection Insurance can be bought and managed through your SMSF. But unlike an industry or retail super fund, the premiums are tax-deductible. In addition, you need to keep in mind that any monthly benefits paid as superannuation contributions under an Income Protection Insurance claim will be included in your concessional (pre-tax) contributions cap. As significant financial penalties exist for exceeding this cap, financial advice should be sought to ensure compliance is maintained.

What you need to declare

If you make a claim on your Income Protection Insurance cover, the benefit payments you receive are usually paid tax-free from the insurer. As these benefit payments will replace your regular income, the ATO stipulates that any Income Protection payments received must be included in  your next tax return as part of your assessable income.

Can you get Income Protection if you are self-employed?

Yes! Income Protection Insurance is primarily designed for the self-employed as they don’t receive any employer-paid sick leave or other employee entitlements.

In addition, if you are self employed, NobleOak also offers a valuable add-on to your Income Protection cover in the form of Business Expenses Insurance, which covers the fixed running costs of your business.

What does indemnity based cover mean?

Income Protection cover which is Indemnity based (such as NobleOak’s cover),  means that in the event of a claim you will be paid a monthly benefit based on a true 75% of your pre-tax income. The NobleOak claim team will calculate your monthly benefits based on your pre-tax income in the 12 months immediately preceding your date of disability, up to a maximum of your insured monthly benefits.

Case Study

For example, Trudy takes out NobleOak Income Protection Insurance when she is earning $180,000 per year in the advertising industry. This allows her a maximum monthly benefit of $11,250. Several years later, Trudy is earning $250,000 per year and her insured monthly benefits have been indexed to $13,000 per month.  She suffers a serious injury and has to stop work, so she makes a claim on her Income Protection Insurance.

Trudy’s pre-disability income of $250,000 allows a possible maximum monthly benefit of $15,625 however as she is insured for $13,000 per month, she will be paid $13,000 for every month she is disabled and unable to work (after the expiration of the waiting period).

Income Protection or Salary Continuance?

Salary Continuance and Income Protection Insurance are similar in that they both provide benefits up to 75% of pre-tax income in the event of a claim.

The difference between the two insurances is that Salary Continuance is only available through Group based cover, or via superannuation funds. For example where an employer provides this cover to  its employees under a Group plan. In most instances Salary Continuance cover is generally only payable for two years and the premiums are not tax deductible.

NobleOak Income Protection Insurance, on the other hand, is geared towards the individual and has  more features and options, including a choice of benefit periods, waiting periods and premium payment frequency. Unlike Salary Continuance, Income Protection Insurance can be payable up to the age of 65 and the premiums are generally 100% tax deductible.

 

What is the difference between Income Protection and TPD?

Could you afford to maintain your current lifestyle if your salary was switched off tomorrow? How would you cope with mortgage repayments, school fees, bills and general living costs? These are the questions that people might face if they suddenly suffer a serious injury or are struck down with a serious illness. Unable to work, and with only a few weeks’ sick leave, their income may evaporate quickly.

This is the main reason why people take out Total and Permanent Disability (TPD) Insurance or Income Protection Insurance. The main question is, which one is right for you? Or, indeed, do you need both?

Difference in How Cover is Purchased

TPD Insurance is purchased as part an optional extra to Life Cover. This is often referred to as a ‘rider’ product and you generally can’t have TPD Insurance without Life Cover in place. The amount of TPD Insurance cannot generally be higher than your Life Cover.

Income Protection Insurance, on the other hand, is purchased as a stand-alone cover that sits separate to any Life Cover that you might have.

Difference in How Claims are Paid

TPD Insurance pays a once-only lump sum if you are unable to return to work again. On paying out this lump sum, your Life Cover is reduced by the TPD cover sum insured. You can choose TPD cover on either an ‘Own occupation’ or an ‘Any occupation’ definition basis.

Income Protection cover pays a monthly income of up to 75% of your pre-tax income if you suffer a specific illness or injury and are unable to work. You can choose a benefit period of 2 years or to age 65 and this determines how long you could be paid monthly benefits for.

Difference in How You Use Your Benefit

Given the difference between how claims are paid in TPD and Income Protection Insurance, it may be a consideration to take out both types of cover.

For example, if you became permanently disabled and are unable to  ever work again, you could use the TPD benefit payment to pay out  your the mortgage and any other debts, while an Income Protection benefits (ongoing monthly payments) could be used to cover your daily living and other costs. In either scenario, the benefit payments would provide greater peace of mind for you and your family in covering your family’s overall financial circumstances.

*Terms & Conditions

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Average Saving on Income Protection

The savings quoted are the average of the savings when comparing NobleOak’s Premium Life Direct premiums under this offer with the average cost of 16 comparable Direct Income Protection products. The premiums are based on a male and female non-smoking Australian resident with an Income Protection monthly benefit of $5,000, 30 day Waiting Period and 2 year Benefit Period, for Professional and White Collar occupations, calculated at 5-year age bands from age 20 to 55. Premium rates for insurers, including NobleOak, may change in the future and this could change the outcome. The premium comparison was derived from the Strategic Insight premium comparator using data from March 2018.

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Average Saving on Income Protection

The savings quoted are the average of the savings when comparing NobleOak’s Premium Life Direct premiums under this offer with the average cost of 16 comparable Direct Income Protection products. The premiums are based on a male and female non-smoking Australian resident with an Income Protection monthly benefit of $5,000, 30 day Waiting Period and 2 year Benefit Period, for Professional and White Collar occupations, calculated at 5-year age bands from age 20 to 55. Premium rates for insurers, including NobleOak, may change in the future and this could change the outcome. The premium comparison was derived from the Strategic Insight premium comparator using data from March 2018.