How does Life Cover work?

Like other Insurances, Life Cover is one of those things that you should have, but hope you never have to use. It’s the ultimate peace-of-mind policy, protecting your family against financial hardship if you were to pass away.

At its most basic level, Life Cover pays a lump-sum benefit to your nominated beneficiary or estate if you die. Of course, there’s a little more to it than that.

Choose the Type of Cover

Life Cover can take many different shapes. At NobleOak, you’ve got the option of adding NobleOak® TPD Insurance and/or NobleOak® Trauma Insurance to your Life Cover.

TPD Insurance provides a lump sum payout if you were to suffer a debilitating injury or illness, and could never work again.

Trauma Insurance provides a lump sum of money if you suffer a medical condition or trauma that impacts on your life for a period – such as being diagnosed with cancer or suffering a stroke or heart attack – yet you can return to work in time.

Choose your insured amount

At NobleOak, you can apply for up to $15 million in Life Cover. Generally, people take a good look at their current and future financial situation – such as the size of their mortgage, any other large debts, and ongoing living costs – in arriving at an amount.

Apply for cover

At NobleOak applying for Life Cover is easy; although sometimes a few extra steps – like medical examinations – may need to be added to make sure that you’re getting cover tailored to your needs.

The application process can be completed over the phone with one of our Insurance Specialists and takes 15 to 20 minutes. You will need to provide answers to a list of medical questions so we can better assess your health and lifestyle. Once completed, you will know how your Life Cover will be tailored to you and how much your premiums will be.

In calculating your premiums, we look at a range of factors that relate to your age, occupation and medical history.

Find out more about NobleOak Life Cover here.

Ongoing premiums

Once you have successfully applied for Life Cover, you generally pay ongoing premiums to retain it. That is, each month or year, you pay an agreed amount to your insurer. NobleOak provides you cover with Stepped Premiums, meaning your premiums will increase at each anniversary date in line with your age.

Making a claim

In the sad event that you or your family needed to make a claim on your cover, NobleOak is here to help and guide you through this difficult time. A personal Claim Specialist is assigned to the claim, and they provide support at each step of the way.

If you become terminally ill, we advance up to $3 million – any remaining cover will remain in place until you pass away. Then, it would be given to your spouse or estate.

If you die, we can quickly advance $15,000 of your cover straight to your family to help with funeral expenses, so that is one less thing they have to worry about. And we also reimburse the cost of grief counselling, up to $1,000, to help the family during a very emotional time.

If you have more questions about how NobleOak® Life Cover works, conact us and one of our Insurance Specialists can guide you through our product.