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Existing customers – for more information regarding recent changes to your Income Protection or TPD insurance please click here

How much Life Insurance do I need?

How much Life Insurance do I need?

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Having the right amount of and Life Insurance is important, and yet, many Australian families are under-insured.

Rice Warner, a leader in providing research and advice to superannuation and wealth management industries, released a report on underinsurance in 2015 which highlights that the median level of Life Cover only meets 61% of our basic needs, which would cover non-mortgage debts and sustain the current living standards till the age of 65.

If the unforeseen were to happen, you certainly wouldn’t want your family to suffer the additional stress of not being able to pay the mortgage or ongoing household bills on top of dealing with the extreme emotional distress.

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.

We understand it can be difficult to know where to start to work out how much Life Insurance you need and what to consider. But, it’s an important step to undertake to ensure your loved ones are protected.

4 Reasons to choose NobleOak

While we are very proud of the Life Insurance cover we provide, a simple belief in 'doing the right thing' sets us apart.

Low insurance premiums

At NobleOak, you buy directly from us,
so you don't pay for
unnecessary overheads.

Fully underwritten insurance

We only offer fully underwritten cover.
This minimises the risk of unforeseen delays
or surprises in the event of a claim.

Simple & straightforward policies

We aim to avoid overly complex terms.
We simply provide a range of great value,
quality cover options.

Award winning life cover

We are the only Life Insurer to win the Canstar Outstanding Value Award for Direct Life Insurance for eight consecutive years from 2016 to 2023.

Help protect your family with
NobleOak, Australia's most awarded
Direct Life Insurer 2022

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