Do I need Life Insurance?
Life Cover pays a lump sum to your loved ones if you die or become terminally ill.
Having this type of cover in place can help ensure your family will not be left with a major financial burden if you die or become terminally ill. For example, a Life Cover benefit may be used to ensure:
- major debts such as the home mortgage, credit cards and personal loans can be paid out
- your family will have sufficient funds to cover ongoing day-to-day expenses
- you can provide for your children’s future education needs.
How Life Cover can help
Agnes was 25 years old when she bought her first property with her husband. At the same time she bought Life Cover to ensure the debt could be repaid if she passed away.
Over the next 10 years, Agnes had three children and bought two more investment properties that she hoped her children could one day inherit. She also increased her Life Cover to reflect her growing debts.
At the age of 42, Agnes was diagnosed with terminal lung cancer. As she was given less than 12 months to live, Agnes made a claim for a Terminal Illness benefit under her Life Cover.
Agnes received a payment of the full sum insured of $2.2 million. This allowed her and her husband to pay off the loans on all of their properties, and set aside sufficient funds to support their children through university.
Benefits of NobleOak® Life Insurance
High cover levels
You can apply for up to $15 million cover for death and terminal illness, without having to go through a financial adviser. That’s much higher than most direct insurers.
We don’t pay fees or commissions to advisers. That means you’ll save up to 20%* on average compared to other insurers.
Fully underwritten cover
We take the time to get to know you upfront, so we can tailor your cover and premium. That gives you more certainty at claim time.
Please note that the information we provide is not advice but general information only.
Average Saving 20%*
The savings quoted are the average savings when comparing NobleOak’s premiums for its Term Life cover under NobleOak’s Premium Life Direct to the average cost of Term Life insurance products offered by other life insurance companies, including products available directly from the insurer and those available for purchase through a financial adviser or broker. The premiums are based on a non-smoking Australian resident with a Life insurance sum insured of $500,000 at 5 year age bands from age 20 to 65 for advised products and 20 to 55 for direct products. Life insurance rates for insurers, including NobleOak, may change in the future and this could change the outcome. The premium comparison was undertaken in July 2016 based on published premium rates.