Life Insurance

• Life insurance is an umbrella term used to describe a range of insurance products that are designed to protect you and your family in the unfortunate event of death, severe injury, or illness. These include:
  Life insurance – also known as death cover or term life insurance
  Income protection cover
  Trauma cover – also known as critical illness insurance
  Total and Permanent Disablement cover (TPD)

These types of life insurances pay out a lump sum or monthly sum of money upon the death, injury or sickness– depending upon the type of cover you have.

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 payment 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.

There are various types of Life Insurance products available containing cover types that may meet your short or long-term needs if you have a family. These include Life (death) cover, Total Permanent Disability cover, Trauma cover, and Income Protection insurance (also known as Disability Income cover).

• Making a checklist for your own family situation can help when looking for suitable life insurance products. Items may include:
  you and your partner’s financial situation – current and future
  your age (and your partner’s age)
  you and your partner’s employment situation
  you and your partner’s lifestyle
  your outstanding mortgage and other financial commitments
  number of children

• When determining how much Life insurance you will need it’s important to think about:
  Current debt – i.e. mortgages, personal loans and credit cards, and the number of dependents you have.
  Your current income.
  Future education expenses for your children – i.e. school and university fees.
  Ongoing household expenses, including utility bills, groceries and insurances.
  Lifestyle costs – sport and music lessons, birthdays and holidays.
  Childcare and home assistance – if you or your spouse is a stay-at-home parent, you will need to cover the cost of employing a carer for the children, someone who can also undertake home duties.

Considering these factors can be a good starting point for deciding how much Life Insurance cover will be sufficient to cover your debts, expenses and to provide funds for loved ones if you die. You can also use a Life Insurance calculator to provide a general estimate to help you consider how much cover you need or speak to an insurance specialist.

• There are several factors that affect the cost of your life insurance premiums. These include:
  the type of cover(s) and level of cover you wish to attain
  your age
  your gender
  your smoking status
  your health status and medical history
  your lifestyle (dangerous lifestyle attributes or occupations or may affect premiums)
  the level of cover you choose.

Generally speaking, Life Cover from NobleOak costs less than most people think. For example, if you are a 35-year-old non-smoking male, you would pay approximately $30/month for cover worth $500,000. If you are a 35-year-old non-smoking female, you would pay approximately $25/month for the same cover. Females have a lower mortality risk.

Premiums can usually be paid monthly, quarterly, half yearly or yearly to suit your budget.

• The life insurance range of cover options include the following:
  NobleOak Life insurance
  Protect the financial security of your loved ones if you die or are diagnosed with a terminal illness.
  Apply for up to $25 million of cover.
  $15,000 advance to assist with funeral costs.
• NobleOak Income Protection Insurance
  Protect your income if you become ill or injured and can’t work.
  Provides up to 70% of your income (up to $30,000 per month), subject to some limits.
  Choice of 30 or 90-day waiting period.
• NobleOak TPD Insurance
  Protect yourself and your family from financial stress if you’re permanently disabled and unable to work.
  Apply for up to $5 million cover.
  Protection for mental illness included.
• NobleOak Trauma (Critical Illness) Insurance
  Focus on your recovery if you suffer from a critical illness.
  Apply for up to $2 million cover.
  37 conditions covered including cancer, heart attack, stroke and coronary artery disease.