Life Insurance

When determining how much life insurance you may need, it is important to think about:

• Your current debt – i.e. your mortgage, personal loans and credit cards
• The number of dependants 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 are a stay-at-home parent, you may need to cover the cost of home help to help look after the children and manage running the household

You can use our life insurance calculator to estimate your life insurance needs

The cost of life insurance in Australia depends on a variety of factors, like your age, gender and whether you smoke or not. It also depends on your occupation and lifestyle, your medical history, and the level of cover you choose.

If you are trying to find the best life insurance for you, you may find that life insurance with NobleOak costs less than you 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.

At NobleOak, premiums can be paid monthly or yearly to suit your budget. We let you choose the types and amounts of cover you want, and you only pay for the cover you choose.

Get a life insurance quote now to see how affordable it can be for you.

As an adult there is generally no bad time to apply for cover. The truth is, other than a small number of exceptions, the younger you are when you take out insurance, the less you will pay.

Often people consider life insurance along with significant life changes such as getting married, buying a home, and taking out a mortgage, starting a family or approaching retirement.

Whatever life stage you are at, life insurance may be an important consideration, helping provide financial protection for your loved ones if you were to pass away.

A premium is the regular payment you make to ensure your policy remains in-force and you are protected in the event of a claim. Life insurers in Australia may offer the option of taking stepped or level premiums.

NobleOak’s range of life insurance products only offer stepped premiums. This means your premium will increase each year at each policy anniversary, based on your age.

The annual premium increases because the probability of you needing to make a claim increases as you get older. For younger individuals, you may find your premium is initially lower (compared to a level premium structure), however will accelerate slightly each year as you get older.

In contrast, with a level premium, the cost of life insurance is spread evenly over the life of the policy. Typically, your premium would be more expensive than a stepped premium option for your age when you take out a policy, however tends to become cheaper (when compared to a stepped premium option) as you get older.

You can increase your life 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 by law
• You or your partner gives birth to, or adopts, a child
• Your child starts secondary school
• You get divorced
• Your spouse passes away

You can fix the cost of your insurance 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. This means that your future premiums will be frozen at the amount you were paying on the date you notified us and your cover amount will be adjusted accordingly each year. You can ask us at any time to end the Premium Freeze Benefit and the freeze will end on the next anniversary of your cover.

We will reimburse up to $1,000 of the cost of grief counselling services for you, your spouse or your partner, if we pay a benefit for death or terminal illness.

We will reimburse up to $2,000 of the costs of engaging a qualified financial adviser to prepare a financial plan with the proceeds of a death and terminal illness claim, if we pay a benefit in excess of $200,000.