Protection from
life’s low blows.

When determining how much life insurance you may need, it is important to think about:

• Your current debt – i.e. your mortgage, personal loans and credit cards
• The number of dependants you have
• Your current income
• Future education expenses for your children – i.e. school and university fees
• Ongoing household expenses, including utility bills, groceries and insurances
• Lifestyle costs – sport and music lessons, birthdays, and holidays
• Childcare and home assistance – if you or your spouse are a stay-at-home parent, you may need to cover the cost of home help to help look after the children and manage running the household

You can use our life insurance calculator to estimate your life insurance needs

As an adult there is generally no bad time to apply for cover. The truth is, other than a small number of exceptions, the younger you are when you take out insurance, the less you will pay.

Often people consider life insurance along with significant life changes such as getting married, buying a home, and taking out a mortgage, starting a family or approaching retirement.

Whatever life stage you are at, life insurance may be an important consideration, helping provide financial protection for your loved ones if you were to pass away.

Income Protection Insurance provides you with monthly payments if you can’t work due to a serious sickness or injury. The benefits are paid as a regular monthly income for a specified period, while you cannot work.

NobleOak’s Income Protection Insurance can cover you for up to 70% of your regular, pre-tax income to a maximum of $30,000 per month (subject to certain limits). Within these guidelines, the Monthly Benefit is determined, based both on your regular income and your current health, occupation and lifestyle.

The great news is you’re able to choose your waiting period. This is the period before you become eligible to receive a Monthly Benefit. At NobleOak there is plenty of choice, with 30, 60, 90 or 730 days available. If you choose a longer waiting period, for example the 90 day Waiting Period, your premiums will be lower, because you are effectively self-insuring for those first 90 days of disability. It’s important to consider when choosing a waiting period how long you’d be able to manage without an income if you were unable to work.

You can then choose a Benefit Period. This is the maximum amount of time that you will receive a monthly payment while unable to work solely due to sickness or injury. At NobleOak, you have the choice of a 1, 2, 5 or 10-year Benefit Period, or a Benefit Period until you are 65. Find out more about how income protection works here.

Total and Permanent Disability (TPD) insurance provides a lump sum payment if you become severely disabled solely due to illness or injury and cannot work for three months and are unlikely to ever work again for your own occupation (in some circumstances depending on the cover you take out, it is any occupation).The definitions that you will be assessed at claim time  are different depending if you have an “own” or “any” occupation definition.  All elements of the definition must be satisfied in order to be paid.

Any Occupation definition

This is where we consider your current occupation and any other suited occupation (given your education, training and experience) in deciding whether you are ‘totally and permanently disabled. This is the only TPD definition that fits with superannuation law and therefore can be used for Trustee Members.

Own Occupation

This is where we consider only your current occupation in deciding whether you are ‘totally and permanently disabled.’ This definition is available for a select range of occupations, typically professional and white collar. This definition costs more than ‘Any Occupation.’

For further details see the Premium Life Direct PDS on pages 20-26.

This financial support and lump sum benefit, when you cannot work and unlikely to return to employment can help cover medical expenses, rehabilitation costs, mortgage repayments, and everyday living expenses.

This type of insurance is purchased as an optional extra with Life Insurance.at NobleOak and can’t be purchased stand-alone. Taking out both covers is more likely to provide you with comprehensive coverage – ensuring your loved ones will be supported in the event of your death and providing you with a type of financial safety net if you become unable to work due to disability. Any claim paid under TPD Insurance will reduce the Life Insurance amount (and Trauma Insurance if also taken as an option with Life Insurance) by the amount of TPD benefit paid.

You can apply for an amount between $50,000 and $5M of TPD Cover provided it is not higher than your Life Insurance cover Sum Insured.

Visit our guide for more information: What is TPD insurance? or read pages 20 -26 of the Premium Life Direct PDS,

What would happen if you were to be diagnosed with a debilitating illness, or suffered a major heart attack? Would your family be able to manage if you couldn’t work for an extended period during your treatment or rehabilitation?

Trauma insurance, sometimes known as critical illness or recovery insurance, covers you in the event you are diagnosed with a serious listed medical condition. The Trauma benefit is paid as a lump sum that can help to cover the cost of ongoing therapy and any lifestyle changes that might be necessary to help manage your condition.

What conditions are covered?

The four main listed conditions, accounting for up to 90% of Trauma claims, are: Cancer excluding specified early stage cancers, Heart Attack with evidence of severe heart muscle damage, Stroke in the brain resulting in specified permanent impairment and Coronary Artery By-Pass through open chest surgery. NobleOak Trauma insurance provides cover for 37 trauma events, including medical conditions.

How much can I be covered for?

A one-off payment of up to $2 million, significantly more than most other direct insurers, will ensure you are able to pay for any treatment expenses not covered by Medicare or your health fund, and help make sure you get the best care available whilst you recover.

How can Trauma insurance help?

If you suddenly suffered a Heart Attack – with evidence of severe heart muscle damage or Stroke – in the brain resulting in specified permanent impairment, in addition to the time spent recovering in hospital you may also need to take extra time off work, or cut back your hours. On top of your lost income stream, many major traumas will require home modifications to cope with any changes to your mobility. Trauma insurance helps to take the pressure off, so you can focus on recovering instead of worrying about your finances. In the case of severely debilitating conditions, your partner might be forced to give up work to help look after you. Trauma insurance can help to protect you financially in the event that both of you are unable to work. Trauma insurance can also be used to pay off any large debts, such as the mortgage, or go towards the cost of travelling interstate, or overseas, to access the best medical care. It could also go towards a stress-free holiday to help with your recovery.

Protection for your family

Suffering a critical illness or injury can be a life-changing event. Even if you make a full recovery, the financial impact can remain for many years. Many families may never fully recover financially. Trauma insurance can help make sure your family’s finances remain intact.

After your application is assessed and approved, your coverage officially starts from the date outlined in your policy certificate. This is known as your policy commencement date. This means that you can have peace of mind knowing your loved ones are financially protected from that moment onward.

However, it’s important to be aware of any waiting periods or specific conditions that may apply to your policy. For example, certain benefits, such as those for pre-existing health conditions, may have waiting periods or exclusions. If you take out cover with NobleOak, we will provide you with clear and transparent information about when your coverage begins, and any terms you need to be aware of. You will also need to pay your premiums promptly when the policy comes up for renewal. Please also be aware that Life cover contains a 13-month suicide exclusion clause.

A premium is the regular payment you make to ensure your policy remains in-force and you are protected in the event of a claim.

NobleOak’s range of life insurance products only offer variable age-stepped premiums. This means your premium will be based on your age when you apply for cover, and then will generally increase each year at the policy anniversary as your age increases.

Under variable age-stepped premiums, premium rates will generally increase with age, as the probability of making a claim generally increases as you get older. This means the premium you will need to pay for the same level of cover will increase as you get older.

As a CA ANZ member, you get 10% lifetime discount on life cover, TPD and trauma* where your member discount stays locked in with your cover renewing each year. Your premiums may change over time with age or inflation, but your discount remains a constant benefit, helping you to save more in the long run.

To claim on a NobleOak Life cover Insurance policy with NobleOak, the first step is to notify us as soon as possible after the policyholder’s passing. You can contact us online or by phone, and we’ll guide you through the process.

Once all the required information is submitted, our claims team will assess the details, and if approved, the benefit will be paid out to your nominated beneficiaries. NobleOak aims to review and pay all claims quickly and efficiently, when you meet the eligibility requirements, Once payments are approved, claims payments are processed within two business days on average. NobleOak accepted 100% of Life Cover claims in 2024. as assessed by MoneySmart.*  This means we are well above the average industry claim acceptance rate of 91.8%.

More information about making a claim can be found here

What can you expect when you claim with NobleOak?
Our simple four step insurance claim process

*As reported by MoneySmart.gov.au sourced from ASIC from 1 January 2024 to 31 December 2024. Full table can be accessed at Life insurance claims comparison tool – Moneysmart.gov.au

There are potential benefits of buying Life Insurance through your SMSF.

For example, you can pay your premiums from the fund instead of out of your own pocket.

Your SMSF may be able to claim a tax deduction on the premiums which reduces tax paid on capital gains, investment earnings and other taxable contributions received. Keep in mind though that superannuation is a detailed area which changes from time to time, so we suggest you obtain tax or accounting advice when considering your taxation affairs or those of your SMSF.

NobleOak Premium Life Direct offers high levels of cover. You can apply for up to $25 million cover of Life Cover and up to $5 million of Total and Permanent Disability (TPD) cover, without having to go through a financial adviser.

In addition, NobleOak provides the flexibility to move your insurance out of your SMSF without cancelling your plan.
This could be beneficial if your SMSF members’ requirements changes, or you no longer want to pay premiums out of your SMSF funds.