Why choose My Protection Plan?

NobleOak’s My Protection Plan is a comprehensive, low-cost insurance product available through financial advisers and our alliance partners.

With My Protection Plan, you can choose the type and amount of cover you want – so you pay only for what you need.

Please refer to the My Protection Plan Product Disclosure Statement for more information.

Flexible payment options

Worldwide cover 24/7

Guaranteed renewability

Inflation protection

30 day money back guarantee

About our My Protection Plan product

For more information please view our My Protection Plan Product Disclosure Statement.

There are five types of covers available through My Protection Plan.

Life insurance

Choose up to $15m of Life cover in case you die or become terminally ill, helping you to clear your debts and support your family.

TPD insurance (purchased with Life cover)

Choose up to $5m of TPD cover in case you’re never able to work again because of sickness or injury, helping you to modify your home, replace lost income and clear debts.

Trauma insurance (purchased with Life cover or as stand-alone cover)

Choose up to $2m of Trauma cover in case you suffer one of the serious medical conditions listed in the Product Disclosure Statement, helping you to pay your treatment expenses and adjust your lifestyle.

Income Protection insurance

Choose Income Protection cover of up to 75% of your income (max $25,000 per month) in case you can’t work due to sickness or injury, helping you to support your family and cover essential living expenses.

Business Expenses insurance

Choose Business Expenses cover of up to $25,000 per month in case you can’t work due to sickness or injury, helping you to cover the fixed costs of running your business.

Comprehensive cover

Easy application process

Hassle-free claims

Maximum sum insured $15m of Life cover.

Apply over the phone in 15-20 mins on average

A dedicated local claims specialist will look after each claim.

Fully underwritten cover. We assess your health upfront so you know exactly what you’re covered for. See below for more

Fast-track applications for healthier lifestyles – usually no paperwork.

We pride ourselves on having paid 100% of all genuine claims

24/7 Worldwide cover. All travel plans, occupations and pastimes considered.

If medicals are required with your application we will cover the cost.

Our policies are backed by the third largest global re-insurer, Hannover Life Re.

Early payment upon terminal illness for life expectancy less than 12 months (up to $3m) on Life cover.

One standard exclusion only (i.e. intentional self-injury in the first 13 months of the policy). Other exclusions may apply to some applicants depending on health and pastimes.

Life cover guaranteed renewable to age 99.

Interim accidental death cover at no additional cost during application assessment period.

$15,000 Funeral advance benefit.

No waiting period for Life cover.

Trauma cover includes cover for the four most common medical conditions (accounting for over 90% of Traumas) plus 34 additional conditions.

Optional Income Protection cover of up to $25,000 per month.

Optional Business Expenses cover of up to $25,000 per month.

Request an obligation free Life insurance quote on 1300 041 494

Life
insurance

TPD
insurance

Trauma
insurance

Income Protection
insurance

Business Expenses
insurance

Guaranteed renewable

Dedicated claims specialist

Easy phone-based application

Australian-based service team

Fully underwritten cover

Inflation protection

Cover for mental illness

Worldwide cover

Payment of a lump sum on diagnosis of Terminal illness

n/a

n/a

n/a

n/a

Suitable for use in an SMSF

n/a

n/a

n/a

Application age eligibility

16 to 69

16 to 64

18 to 59

18 to 59

21 to 59

Expiry age

99

75

70

65

65

Amount of cover you can apply for

up to $15m

up to $5m

up to $2m

up to $25,000 per month

up to $25,000 per month

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

Premiums generally tax deductible

n/a

n/a

n/a

You need to be an Australian resident between the minimum and maximum ages shown in the below table to be eligible for My Protection Plan.

Type of insurance

Minimum age at entry

Maximum age at entry

Cover expiry age

Life insurance

16

69

99

Total and Permanent Disability (TPD) insurance (optional)

16

64

75

Trauma insurance
with Life cover (optional)

18

59

70

Trauma insurance
Stand-alone (optional)

18

59

70

Income Protection insurance

18

59

65

Business Expenses insurance

21

59

65

About Life insurance

What is My Protection Plan Life insurance?

My Protection Plan is a Life and Income Protection insurance product that offers comprehensive cover to clients through NobleOak alliance partners and financial advisers.

It’s designed for people who want to buy comprehensive cover, or require a lot of cover, with lower premiums and great personal service. That gives you control and saves you money, each and every year for the life of your cover.

It provides cover of up to $15 million for Life and up to $5 million for Total and Permanent Disability insurance (TPD).

You can also add Trauma cover (optional with Life cover or stand-alone), Income Protection and Business Expense insurance if required.

You will pay only for the cover that you need.

What is Life cover?

Life insurance (also known as Life cover, Term Life insurance or Death cover) pays a set amount of money as a lump sum when the insured person dies.

The money will go to the people nominated as beneficiaries on your policy, such as family members, usually to help pay off debts and pay for ongoing family living expenses.

What is TPD (Total and Permanent Disability) cover?

TPD insurance provides a lump sum of money for sickness or injuries causing a permanent disability that stops you from working again.

This is a popular type of cover, as many people want to be financially independent if they are permanently disabled. A permanent disability often means many additional costs for care and rehabilitation.

What is Trauma cover?

Trauma insurance, also referred to as critical illness cover or recovery insurance, provides a lump sum of money if you suffer a medical condition or trauma that impacts on your life or lifestyle – such as being diagnosed with cancer or suffering a stroke or heart attack.

These days, many people are fortunate enough to recover from such traumas and in time, continue on with their day to day lives. If you are servicing large debts like a mortgage, or if you or your spouse/partner need some time off work, this type of cover may be important in helping to maintain your lifestyle.

Even if you have private health insurance, Trauma insurance can help you cover the additional costs of out-of-pocket medical expenses, replace lost income and allow you to reduce your working hours while you recover.

What is Income Protection insurance?

Income Protection insurance pays an ongoing income if you can’t work due to a serious illness or injury. The money will be paid to you to help pay bills and keep up with your mortgage or rent as well as other living costs.

This type of insurance is needed more often than you might think. Some estimates are that you are up to 10 times more likely to become disabled than to die during the life of an insurance policy.

What is Business Expenses insurance?

Business Expenses insurance is a financial back-up plan for your business. It pays an ongoing monthly amount if you can’t work due to a serious illness or injury.

It gives you the confidence of knowing that you’ve got a plan in place to keep the business running if you’re unable to work.

Business Expenses insurance covers your fixed business costs, as a monthly reimbursement, so you can focus on your recovery – and not worry about your bills.

About NobleOak

Who is NobleOak? Why haven’t I heard about NobleOak before?

NobleOak is an independent Life insurer established as a friendly society in 1877.

You haven’t seen us on TV because we don’t spend money on expensive advertising or mass marketing.

We rely heavily on alliance partners and word of mouth to promote our products and service.

Why are your premiums so low?

We’re able to provide lower premiums than comparable competitor products as we don’t spend a lot of money on mass advertising, and we don’t pay high upfront commissions to advisers.

We pass these savings on to our clients and members.

Applying for cover

What information do I need to obtain a quote?

It’s easy to obtain a Life insurance quote from NobleOak. For each person who needs cover, we require their name, date of birth, gender, smoking status, the waiting period and benefit period, and the amount of cover they require.

We’ll need your contact details too, so we can send the quote to you.

If you would like a quote, click here.

How long does the application process take?

It generally takes around 15-20 minutes to complete the application. The assessment process time can vary, depending on whether any medical information is required, and whether there are any additional requirements (e.g. a medical report from your doctor or short-form medical exams and blood tests for high levels of cover). These requirements will be arranged by us at our cost.

When additional requirements are necessary, the process to finalise our underwriting decision may take between 10-20 working days, depending on how quickly the doctors can provide their reports. At all times, we will manage the requirements for you and keep you informed of the progress of your application.

What details can I provide to assist with my application for cover?

Provide copies of any of your recent medical records or blood test results and details of any prescription medicines you are taking as this will speed up the application and assessment process.

Many clients are able to answer all of the questions in our application with no additional requirements necessary.

How can I set up new cover with NobleOak?

It’s very easy. Simply call NobleOak on 1300 041 494. One of our Australian-based Life insurance specialists can provide you with a quote and take you through the application process over the phone at a time that suits you.

Our underwriters at NobleOak will then assess the application. We’ll keep you up-to-date with progress and confirm with you when your application for insurance is approved. We can start the cover immediately once we confirm our approval.

Am I committed to take out the cover following the interview or application?

No. There is no obligation for you to accept the policy after you’ve received a quote or even applied for cover. There is also a 30-day cooling off period once the policy has been activated.

Can NobleOak perform pre-assessments?

Yes. One of our underwriters will be able to provide a pre-assessment on the same day you enquire to confirm the likely terms we can offer you.

How much cover do I need?

If you currently have a financial adviser or broker, this is a great question for them. They can help assess your needs.

We are often asked the question “How much cover do I need?” To help our clients determine the level of cover they need, we have developed a new self-serve Life insurance calculator.

By simply answering a few questions you will receive an in- depth personalised Life Insurance Analysis report on the types of insurance and level of cover you may need.

This comprehensive tool will help you determine how much Life, TPD, Trauma and Income Protection insurance you need.

When do I review my Life insurance needs?

It’s important to review your insurance needs as your circumstances change.

Many clients review their Life insurance needs every one to two years, or if they have experienced a significant life event – such as a new job, marriage, birth of a child, child reaching school age or house purchase.

Can I add TPD, Trauma or Income Protection covers to my Life cover?

Yes. NobleOak insurance gives you the flexibility to add different types of cover.

Please call us on 1300 551 044 or email us at sales@nobleoak.com.au to obtain a quote for any additional cover, and we’ll outline any further requirements we need to commence the process.

How much will my premiums increase each year?

Like most Life insurance sold in Australia, our products have stepped premiums. This means your premium will increase by:

  • between 0% each year at younger ages and about 10% each year at older ages. These increases reflect the general increase in risk of death, injury or illness as you get older
  • between 3 – 5% each year due to the built-in indexation feature (designed to ensure the value of your cover keeps up with inflation). You can stop indexation of your cover if you prefer.

Can I take out My Protection Plan directly?

My Protection Plan has been designed to be sold through our key advisers and partners and cannot be purchased directly through NobleOak.

If you require a policy directly through NobleOak, please refer to our comprehensive Premium Life Direct product.

When buying Premium Life Direct directly from NobleOak, no personal advice is provided.

I want my spouse covered - can I set this up too?

Yes. We can give you a quote for your spouse’s cover. Your spouse will then need to speak with a NobleOak representative to complete their application.

If your spouse isn’t immediately available, we can call them at a suitable time. All we need is their name, phone number and the best time to call. Please call us on 1300 041 494 or email us at sales@nobleoak.com.au

Are my premiums tax deductible?

While we can’t provide personal or taxation advice, Life Insurance premiums are generally not tax deductible. Income protection premiums are generally tax deductible and the benefits are tax assessable.

There can be tax advantages in arranging Life and TPD insurance within a SMSF (Self Managed Super Fund).

Premium Life Direct Life and TPD are both suitable for an SMSF environment.

As everyone’s situation is different, please speak to your accountant or adviser about your requirements and situation to be sure.

About claims

How long will my Life insurance claim take to pay?

NobleOak aims to review and pay all claims quickly and efficiently. We assign a dedicated claims consultant to each claim to ensure the process is smooth and hassle-free.

We aim to assess the claim within 5 business days after receiving all the required documentation. Payments are paid monthly in arrears after the expiry of the waiting period.

Are there any pre-existing condition exclusions in my policy that could come out at claim time?

No. All NobleOak applications are fully underwritten at the time you apply for insurance.

As long as you fully and correctly disclose your medical history and other details in the application, your claim will be assessed based on this information and processed efficiently.

How do I know NobleOak will be around when its time to claim?

Like every other Life insurance company in Australia, NobleOak is regulated by APRA (Australian Prudential Regulatory Authority) and subject to stringent capital and reserving requirements to protect our members. These protections help ensure we remain stable and are able to pay out all genuine claims.

We are one of Australia’s most established insurers, having operated in Australia since 1877. Our products are also backed by a top 3 global reinsurer, Hannover Life Re, which provides extra security.

For more information please view our My Protection Plan Product Disclosure Statement.

Obtain an obligation free quote or apply – call 1300 041 494

What do our clients think?

Images have been changed for privacy reasons.

“It was a pleasant experience to have someone call me when it suited me and answer all my questions without me feeling pressured into purchasing anything. I saved a substantial amount of money on my premium which was a bonus. I would recommend you at least speak to NobleOak to see what they can do for you.”

Karen L.
(August 2016)

“NobleOak arranged all my health checks and kept me fully informed during the application process. I found them very easy to deal with.”

Michael K.
(September 2016)

“Very professional and helpful service throughout the application process. The Life, Trauma and Income Protection insurance products are all market leading in my view! Well done.”

Tyler F.
(July 2016)

“Very helpful in the whole process of finding better Life Insurance and TPD than the policy I had.”

David R.
(July 2016)

“Noble Oak staff are very friendly and competent and provide excellent service. The insurance they provide is a great product at a reasonable, competitive price. I would recommend NobleOak to anyone.”

Malcolm H.
(September 2016)

“I was extremely happy with the service I received from NobleOak. The whole process was very easy and I would recommend NobleOak to my friends and family.”

Kate A.
(July 2016)

View all our latest testimonials to see what our clients are saying about us!

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