Life Insurance

If you die while covered for Life Insurance, NobleOak will pay the agreed cover amount as a lump sum to your nominated beneficiaries or estate.

You can apply for cover up to $15 million, although higher amounts will be considered where it can be justified.

NobleOak will quickly advance $15,000 of your cover amount to assist with funeral expenses, upon evidence of age and receipt of the death certificate.

If you become terminally ill, NobleOak will advance the Death Benefit cover amount instead of paying the Death Benefit when you die.

To be eligible for this payment:

• You must be diagnosed as being terminally ill by two Medical Practitioners, one of which is a specialist practising in an area related to the illness or injury suffered by you; and
• Their joint or separate diagnoses certify that you are suffering from an illness, or have incurred an injury, that is likely to result in death within 24 months of their certification.

We understand that you or your estate may need some professional advice to ensure that the proceeds of a death or terminal illness claim payment are managed appropriately. That is why we will reimburse the cost of engaging a qualified financial adviser, up to $2,000, to prepare a financial plan if we pay a benefit in excess of $200,000 for death or terminal illness.

We understand that your death or diagnosis with a terminal illness can be a very emotional time. That is why we will reimburse the cost of grief counselling services for you, your spouse or your partner, up to $1,000, if we pay a benefit for death or terminal illness.

You can fix the cost of your cover at any time by writing to us with a request to freeze the premium amount. This means that:

• Your future premiums will be fixed at the amount you were paying on the date of notification
• Each year your cover amount will be adjusted to the amount of cover that can be purchased for the frozen premium.

You can write to us at any time to end the Premium Freeze Benefit and the premium freeze will end on the next anniversary of your cover.

You can increase your cover amount by the lesser of $100,000 or 20% of the original cover amount without the need to provide further medical evidence if one of the following allowable events occurs:

• You take out or increase a mortgage on your primary place of residence
• You marry, register a partnership, or commence a de facto relationship recognised at law
• You or your partner gives birth to or adopts a child
• Your child starts secondary school
• Your spouse dies
• You get divorced