Comparing Australian Life insurance policies

Choosing the right Life or Income Protection insurance cover can be challenging due to the number of options available. Some basic research using independent resources is a good start.

Strategic Insight and Canstar are two popular independent sources of comparison information.

  • Strategic Insight (formerly Plan for Life)

    Strategic Insight Actuaries and Researchers is the leading independent supplier of market information regarding Australian Life insurance and managed funds. It has been relied upon for over 20 years by Life insurance offices, analysts, and government bodies. Click here for the Strategic Insight website. Strategic Insight designed the following matrices, which are handy tools to reference when comparing Life insurance and Income Protection products.

    Click here for the Life insurance comparison matrix

    Click here for the Income Protection insurance comparison matrix

  • Canstar

    Canstar has a team of over 80 people who collect, analyse and research over 16,000 products, including Life 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. Government bodies such as APRA and the Reserve Bank use their research. Click here for the Canstar website.

According to Canstar, “5 star products should be on your shopping list. As a consumer, this represents a high-value product. According to our ratings, these are the top 10% of products in their field.” (Canstar website 2017).

How NobleOak’s products compare to others

We believe NobleOak offers the best value Life insurance available. The strong value we provide our clients is reflected in independent comparison research shown below.

  • Strategic Insight

    NobleOak is the proud recipient of the Strategic Insight – 2016 Direct Life Insurance Award Overall Excellence Award. This preeminent award is only awarded to 1 Life Insurer each year.

    NobleOak’s Life and Income protection covers are clearly very well positioned compared to competitive products available as shown in the Strategic Insight matrices below.

    Click here for the Life insurance comparison matrix

    Click here for the Income Protection insurance comparison matrix

  • Canstar

    NobleOak’s Premium Life Direct product is the proud recipient of the Canstar 5 Star products rating for both our direct Life and Income Protection covers. NobleOak is the only Life insurer to win both awards.

    2017 CANSTAR 'Outstanding Value Direct Income Protection Award'

    2016 CANSTAR 'Outstanding Value Direct Life Insurance Award'

    2016 CANSTAR 'Outstanding Value Direct Income Protection Award'

NobleOak’s full range of covers to compare

At NobleOak, we help protect you and your family by offering a comprehensive range of Life and Income Protection covers. You can choose from Life, TPD (Total and Permanent Disablement), Trauma, and Income Protection or Business Expenses insurance.

Use our Life insurance covers comparison table below to help you select the right cover for you, and easily compare the features and benefits of each cover available.

NobleOak Life insurance covers comparison table

NobleOak Life insurance premiums compared to other direct Life insurance premiums.

Life insurance

TPD

Trauma

Income Protection

Business Expenses

Guaranteed
renewable

tick
tick
tick
tick
tick

Dedicated claims
specialist

tick
tick
tick
tick
tick

Easy phone
based application

tick
tick
tick
tick
tick

Australian based
service team

tick
tick
tick
tick
tick

Comprehensive
underwritten cover

tick
tick
tick
tick
tick

Inflation protection

tick
tick
tick
tick
tick

Cover for
mental illness

tick
tick
tick
tick
tick

Worldwide cover

tick
tick
tick
tick
tick

Payment of a lump sum on
diagnosis of Terminal Illness

tick

n/a

n/a

n/a

n/a

Suitable for
use in an SMSF

tick
tick

n/a

n/a

n/a

Application age eligibility

16 to 69

16 to 64

16 to 59

16 to 59

21 to 59

Expiry age

99

75

70

65

65

Amount of cover you
can apply for

Up to $15m of cover

Up to $5m of cover

Up to $2m of cover

Up to $25,000 per
month of cover

Up to $25,000 per
month of cover

Waiting period

Nil

6 months

90 day qualification
(certain conditions only)

Choice of 30
or 90 days

Choice of 30
or 90 days

Benefit period

n/a

n/a

n/a

Choice of 2 year
or ‘to age 65′

12 months

Additional features

Terminal Illness
cover.

Includes just one
standard policy
“exclusion” only (ie.
suicide in the first 13
months of the policy
commencing).

Domestic duties
definition applies to
clients working less
than 15 hours per
week.

Includes just one
standard policy
“exclusion” only (ie.
intentional self injury
in the first 13 months
of the policy
commencing).

Includes coverage of
the 4 most
common medical
conditions which
account for over 90%
of trauma claims paid
(Heart Attack, Stroke,
Cancer and Coronary
Bypass Surgery).

Covers 34 additional
medical conditions.

Includes partial
disablement benefit,
waiver of premium,
recurring
disablement benefit,
specific sicknesses
and injury benefit,
death benefit,
rehabilitation
expenses benefit,
nursing care benefit
and spouse benefit.

Premiums are
generally tax
deductible.

Includes partial
disablement benefit,
waiver of premium,
and extended benefit
period benefits.

Premiums are
generally tax
deductible.

How NobleOak’s premiums compare to others

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.

Direct and advised Life insurance

The Premium comparison tables below compare NobleOak Life premiums for our Premium Life Direct product to other “direct” Life insurance products, and comparable “advised” Life insurance products.

“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 or broker, with the inclusion of financial advice.

NobleOak’s competitive Life insurance premiums are, on average, at least 20%* lower than other major insurers when purchased through an adviser or directly through the insurer. These rates are subject to change over time.

Premium comparison tables

  • NobleOak vs direct Life insurers: Average saving 52%*

    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 52%* less than other policies compared.

    Click on the “Male” or “Female” button below for relevant premium rates.

    Quotes 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
    Male
    Female
  • NobleOak vs advised: Average saving 14%*

    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 14%* less than other policies compared.

    Click on the “Male” or “Female” button below for relevant premium rates.

    Quotes are annual premiums based on non-smokers with $500,000 of Life cover.

    NobleOak Life insurance premiums compared to other advised Life insurance premiums.
    Male
    Female

Disclaimer

20%* Savings – The savings quoted are the average of the 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 products offered by other insurance companies, including products available directly from the insurer and those available for purchase through a financial adviser or broker. The premiums are based on a non- smoker with a Life insurance sum insured of $500,000 at 5 year age bands from age 20 to 65 for advised products and 20 to 55 for direct products, based on published premium rates November 2015.Under this analysis, the average saving compared with products available directly from insurers is 52%, and 14% when compared with advised products.  This results in a combined average saving in excess of 20% (across both channels).  Your age, occupation, gender, sum insured, smoker status, and health will determine the premium amount charged by NobleOak.

What to look for when comparing Australian Life insurance products

When comparing Life insurance policies, you could consider the following:

  • Premium price. 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 policy does not suit your needs or provide the certainty of cover you require, 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 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 sum (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 clauses included within the policy. You may wish to speak with your doctor about any clauses that are included before signing up for cover.
  • If there are any optional or built-in extras within the cover. Some policies include some valuable additional features. You could possibly be entitled to additional benefit features such as automatic funeral cover, free financial advice or perhaps counselling for your loved ones in the event of your death in some policies.
  • 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 several children who are financially dependent on you. If there is little or no flexibility in the policy to adapt your cover as your life changes, then it may not be right for you.
  • If you can include other Life insurance covers, such as TPD, Trauma, or Income Protection insurance as a bundle to your Life insurance cover. This is important as many people look to cover all possible eventualities which could impact your own and your family’s financial future.

Obtain an obligation free Life insurance quote – call 1300 041 494

Case study

Rhiannon took out Life insurance cover when she started her first full-time job at age 21. She researched many products and selected a product best suited to her needs. Although she had smoked in her teens, she had not done so since she was 19, so she obtained her cover on the lower “non-smoker” rates.

As she was an office worker and no longer smoked, played regular sport and was fit and healthy at the time of Application, Rhiannon was offered her cover at the very best premium rates.

At the age of 26, Rhiannon was unfortunately diagnosed with ovarian cancer. Because she had taken out her Life cover when she was healthy, she will be fully covered should this condition lead to her death.

This change in her health has no impact on the standard premiums which Rhiannon will continue to pay and her cover can be maintained right through to age 99 if she chooses.

Please note that the information we provide is not advice but general information only. Readers should always consult a health professional for advice in respect of their personal health and circumstances.

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