Choosing the right Life Insurance can be challenging due to the numerous options available.
But doing some basic research using independent resources is a good place to start.
Canstar and Strategic Insight are two popular independent sources of comparison information. We’ve provided a summary of their findings on how NobleOak compares below:
Canstar has a team of people who collect, analyse and research information on over 16,000 products, including Life Insurance.
Canstar Outstanding Value Awards
NobleOak’s Premium Life Direct product received the prestigious Canstar Outstanding Value Award in 2018, 2017 and 2016.
We are the only insurer to win Canstar awards for the Direct Income Protection Insurance category in three consecutive years.
NobleOak’s Income Protection also received the prestigious Canstar Outstanding Value Award in 2018, 2017 and 2016.
Once again, we are the only insurer to win Canstar awards for the Direct Income Protection Insurance category in three consecutive years.
These six awards ensures NobleOak’s position as the pre-eminent direct insurer in providing outstanding value to clients. Click here to find out more about our award winning covers. CANSTAR has a team of over 80 people who collect, analyse and research over 16,000 products, including Life Insurance and Income Protection Insurance. Their star ratings system is designed to help consumers increase their chances of finding the right product based on the best mix of features and price. The 5-Star Rating is a combination of best in class pricing together with top tier feature scores covering policy terms, application and claims process, and policy benefits and options.
Strategic Insight research
Strategic Insight Actuaries and Researchers is the leading independent supplier of market information regarding Australian Life Insurance and managed funds.
Strategic Insight designed the following matrix, which is a handy tool when comparing Life Insurance products.
Strategic Insight (Actuaries and Researchers) is the leading independent supplier of Australian Life Insurance and managed funds market information, relied upon for over 20 years by the leading life offices, analysts, dealer groups and government bodies.
How our premiums compare
NobleOak offers the same comprehensive level of cover you would normally
expect from a financial adviser or broker, at a lower cost.
Our competitive Life Insurance premiums are on average, 20%* lower than other major insurers when purchased through an adviser or directly through that insurer.
Notes for the comparisons below:
‘Direct’ refers to Life Insurance products available directly from an insurer, or a third party that does not provide financial advice.
‘Advised’ refers to Life Insurance products available through a financial planner/adviser or broker, with the inclusion of financial advice.
NobleOak vs Direct life insurers: Average saving 51%*
The table below illustrates how NobleOak’s Life Insurance premium rates compare to a large sample of leading direct Life Insurance products. This shows NobleOak’s Premium Life Direct premiums are on average 51%* less than other products compared.
Quotes shown are monthly premiums based on non-smokers with $500,000 of Life Cover and based on recently published insurance premium rates.
NobleOak Life Insurance premiums compared to other Direct Life Insurance premiums
The table above is sourced from Strategic Insight Actuaries and Researchers. Strategic Insight is the leading independent supplier of Australian Life Insurance and managed funds market information, relied upon for over 20 years by the leading life offices, analysts, dealer groups and government bodies. Last updated March 2018.
NobleOak vs Advised: Average saving 13.29%*
The table below illustrates how NobleOak’s Life Insurance premium rates compare to a large sample of leading advised Life Insurance products. This shows NobleOak’s Premium Life Direct premiums are on average 13.29%* less than other products compared.
Quotes shown are annual premiums based on non-smokers with $500,000 of Life Cover.
NobleOak Life Insurance premiums compared to other Advised Life Insurance premiums
The Rice Warner Comparator Tool (Copyright Rice Warner, 2008) shown above provides market information for comparable underwritten policies from a range of major insurers. Last updated March 2018.
What to look for when comparing Life Insurance products
This is most often a key determinant as nobody wants to pay more than they have to. Bear in mind that even if the price looks right, if the product does not suit your needs or provide certainty of cover at claim time, then it may not be suitable for you.
If you are eligible for the cover
Although this won’t be an issue for most applicants, if you are above (or perhaps below) the eligible age limits or you have a particular health issue, then the cover may not be available in the first instance.
How much you can actually cover yourself for
Some Life insurers may only provide maximum cover up to $100,000 while others will provide an unlimited amount (subject to medical and financial requirements).
Factors which might prevent a claim being paid
Many savvy customers review all the “exclusion” clauses within the Product Disclosure Statement (PDS) before they apply. For example, they check if there are any pre-existing medical condition exclusion clauses in the product. You may want to speak with your doctor about any exclusions before signing up for cover.
If there are any optional or built-in extras within the cover
Some products include valuable additional features. You could possibly be entitled to additional benefits such as automatic funeral cover, free financial advice or perhaps counselling for your loved ones in the event of your death.
How easily you can make changes to your cover
Your Life Insurance needs when you are 25 and single will be very different to when you are 45 and may have a partner and possibly children who are financially dependent on you. If there is little or no flexibility in the product to adapt your cover as your life changes, then it may not be right for you.
If you can include other Life Insurance covers
Cover such as TPD, Trauma, or Income Protection Insurance can often be bundled with your Life Cover. It’s important to consider all possible eventualities which could impact your own and your family’s financial future.
Let’s get started
Request a quote or book a time to speak with one of our friendly insurance specialists and start saving with NobleOak today.
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 (24 products from 12 insurers included in this comparison) and those available for purchase through a financial adviser or broker (10 products from 10 insurers included in this comparison). 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 30 to 65 for advised products and 30 to 50 for direct products. In many cases the saving for an individual is higher than the 20% average saving quoted. Life Insurance rates for insurers, including NobleOak, may change in the future and this could change the outcome. The premium comparison was undertaken in March 2018 based on published premium rates. If you wish to see the comparison table please click here.