Life Insurance Comparison

NobleOak comes highly recommended
by leading independent researchers.

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.

You can also click here to download our brochure on how NobleOak compares to other life insurance companies and why.

 

Canstar research

Canstar has a team of people who collect, analyse and research information on over 16,000 products, including Life Insurance.

 

Canstar Outstanding Value Awards

Life Insurance    

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.

           

Income Protection

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.

Life Insurance Comparator

The Life Insurance cover provided through NobleOak’s Premium Life Direct has been independently reviewed by Strategic Insight. The matrix above is an extract from the Strategic Insight Direct Insurance Report 2017©. It clearly illustrates that NobleOak’s Life Cover is a market leader with respect to price and features when compared to other Life Insurance available directly.

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 the insurer.

The savings quoted are the average savings when comparing NobleOak’s premiums for its Term Life cover under NobleOak’s Premium Life Direct product to the average cost of Term Life insurance cover offered by other Life Insurance companies, including products available directly from the insurer (8 products included in this comparison) and those available for purchase through a financial adviser or broker (7 products included in this comparison).

Notes for the comparison 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.
  • Direct products offer life insurance cover in a similar manner to Advised Products, however Advised Products may also offer other additional ancillary benefits and options.

NobleOak vs Direct Life Insurers

The tables below illustrate how, based on premium rates available at 31 October 2018, Strategic Insight has calculated that for Term Life, Noble Oak’s Premium Life Direct product is on average 45% lower than other comparable Direct Offerings (using an analysis of 8 products, Male and Female non-smoker White Collar workers with a Sum Insured of $500,000 and across 5 year age bands from age 30 to age 50).

In many cases the saving for an individual is higher than the 45% average saving quoted. Life Insurance rates for insurers, including NobleOak, may change in the future and this could change the outcome.

  

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.

NobleOak vs Advised Life Insurers

The tables below illustrate how, based on premium rates available at 31 October 2018, Strategic Insight has calculated that for Term Life, Noble Oak’s Premium Life Direct product is on average 12% lower than the Products available from Advised Offerings (using an analysis of 7 products, Male and Female non-smoker White Collar workers with a Sum Insured of $500,000 and across 5 year age bands from age 30 to age 60 for Advised products).

Life Insurance rates for insurers, including NobleOak, may change in the future and this could change the outcome.

  

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.

 

What to look for when comparing Life Insurance products

Premium

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.

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