Finding the right Life insurance for young families

Parenting young children is one of the most rewarding – and exhausting! – things that you can do in life. Nothing quite beats that surge of love you feel when you hold them in your arms for the first time and know that you are loved, and needed, unconditionally. So it is essential that you build the right foundation to protect your budding family financially.

Some of the challenges of this life stage

This is perhaps one of the most vulnerable financial times you might face in your life – you are likely near the beginning of your career, you might have just bought or are planning to buy your first family home, and you are otherwise laying the groundwork for your family’s future.

While you are setting the foundation for building your family’s dreams, it is important that you take care to protect your financial position against any unexpected developments. There may never be a more important time to ensure that your life insurance policies are in order.

Covering the risks

If you have been working hard to prepare for your young family’s future then it is important that you take steps to protect your hard efforts and financial future.

For this reason it is essential that you consider obtaining Life insurance. Not only can NobleOak Life Insurance pay up to $15 million for a claim, but your funeral will be taken care of as well. If you sign up for Life insurance while you are young and healthy then the premiums are also likely to be substantially lower.

Another important consideration if you have a young family is whether you should obtain Income Protection insurance. If you have young children and are climbing up the corporate ladder, you most likely expect to be able to continue on the same trajectory for several decades to come. But if you suddenly can’t work anymore, then your ability to keep your home, leave your children in the same school, or otherwise maintain your financial obligations may be jeopardised.

Obtaining the best value Life insurance

NobleOak can help you with a Life insurance quote today. We offer insurance tailored to your circumstances, personal and dedicated service, and security during claim time.

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Selecting your cover

Our range of Life insurance cover can protect your family from financial despair in a time of need. These include Life insurance, Total and Permanent Disability (TPD) and Trauma cover, so you or your family can receive a lump sum payment to help clear debts and manage any ongoing expenses.

You can also add Income Protection insurance (and Business Expenses cover if you are self employed), in the event that you or your partner cannot work for a period of time due to a severe accident or illness.

With policies starting from $2 a day, you don’t have to pay much to enjoy peace of mind!

Cover type

Benefits

Helps cover

How to get covered

Life insurance

  • Provides up to $ 15million of cover.
  • Sum insured paid in advance upon terminal illness.
  • Advance $10,000 funeral benefit.
  • One standard “exclusion” only (ie. suicide in the first 13 months of the policy commencing). Other exclusions may apply to some applicants depending on health and pastimes.
  • Guaranteed renewability to age 99 (if premiums paid on time), even if health changes.
  • Worldwide cover.
  • Access to a dedicated claims consultant to assist your family through the claim.

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  • Allows payment of any personal or family debt, providing your loved ones with financial freedom.
  • Allows your loved ones to not worry about finding the funds to cover your funeral expenses.
  • Provides funds for any outstanding medical costs.
  • Provides funds for estate, administrative and legal fees.
  • Provides funds for financial assistance for your family following your death to allow them to grieve and not have to worry about the finances.

Total and Permanent Disability (TPD) insurance

  • Provides a lump sum payment of up to $3 million for sickness or injuries which cause a total and permanent disability, preventing you from being able to work again.
  • One standard policy “exclusion” only (ie. intentional self injury in the first 13 months of the policy commencing). Other exclusions may apply to some applicants depending on health and pastimes.
  • Domestic Duties disablement definition is applicable to non income earners.
  • Worldwide cover.
  • Access to a dedicated claims consultant to assist you or your family with the claim.

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  • Allows you to cover   debts such as your mortgage.
  • Provides funds to cover out of pocket costs for ongoing medical and rehabilitation costs associated with your illness or injury.
  • Provides funds for any necessary home or vehicle modifications resulting from your injury or illness.
  • Provides funds to pay ongoing household expenses including rates, rents, insurances, telephone, gas and electricity bills.

Trauma insurance

  • Provides a lump sum payment up to $2million when one of the listed medical conditions or trauma events occur.
  • Includes coverage of the top 4 medical conditions which account for over 95% of trauma claims paid as well as 33 additional medical conditions.
  • Conditions covered include Heart Attack, Stroke and Cancer.
  • Pays a lump sum on the confirmed diagnosis of one of the listed medical conditions covered by the policy, whether that illness or trauma event is able to be successfully treated or not.
  • Two standard “exclusions” only: (i) Exclusion of self injury in the first 13 months of the policy commencing, and (ii). An exclusion period applies for the first 90 days for 10 of the medical conditions.
  • Worldwide cover.
  • Access to a dedicated claims consultant to assist you through the claim process.

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  • Allows you to cover   debts such as your mortgage.
  • Provides funds to cover out of pocket costs for ongoing medical and rehabilitation costs associated with your illness or injury.
  • Provides funds for any necessary home or vehicle modifications resulting from your injury or illness.
  • Provides funds to pay ongoing household expenses including rates, rents, insurances, telephone, gas and electricity bills.

Income Protection insurance

  • Provides you with a regular monthly payment of up to 75% of your income up to a maximum of $25,000 per month if you are sick or injured and can’t perform your work duties.
  • Payments commence at the end of the waiting period and continue for a set period of time (such as 2 years or until the age of 65), depending on the benefit period chosen when the policy commenced.
  • Also covers partial disablement.
  • Premiums are generally tax deductible.
  • Worldwide cover
  • Access to a dedicated claims consultant to assist you through the claim process.

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  • Provides a regular monthly income in the event you are unable to work.
  • Allows you to cover or partially cover your financing commitments such as your mortgage or rental payments.
  • Provides income enabling you to pay ongoing household expenses.
  • Provides funds to cover out of pocket costs for ongoing medical and rehabilitation costs associated with your illness or injury.

Business Expenses insurance

  • Provides a monthly income stream of up to 100% of your fixed monthly business expenses up to a maximum of $25,000 per month if you are sick or injured and can’t perform your duties at work.
  • Payments commence at the end of the waiting period and are paid for up to 12 months or the equivalent of 12 times the monthly benefit (if the full insured monthly benefit hasn’t been payable for some reason).
  • Premiums are generally tax deductible.
  • Access to a dedicated claims consultant to assist you through the claim process.

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  • Covers payment of your fixed business expenses while you are off work. These include rent, the salaries of non-income producing staff, and all other overheads associated with your business, including payment of the interest component of any loans associated with the business.
  • Provides security for your business to ensure you have a business to return to when you are back on your feet and recovered.

When tailoring an individual insurance package– it’s important to compare.

Did you know?

  • A typical Australian family with parents aged 30 years old requires $1,000,000 of cover to provide for income replacement (Rice Warner, 2013)
  • Cancer was the leading cause of death in Australia in 2010, followed by heart disease (ABS)
  • The weekly mean housing cost for mortgage-owners was $408 in 2010 (ABS)
  • 1 in 3 Australians either have a disability or are likely to be close to someone who has a disability.¹
  • More than 1 in 5 families will be hit by an insurable event in their working lives. ²
  • Each year around 55,000 Australians suffer a heart attack. ³
  • 1 in 6 women and 1 in 4 men are expected to suffer from a disability from the age of 35 to 65 resulting in more than 6 months off work. ²

Put your mind at ease when it comes to your future