NobleOak’s SMSF Direct Life product has been designed specifically to cater for people who manage their own self-managed superannuation fund (SMSF). SMSF Direct Life caters for the regulatory SMSF requirements, as well as providing unmatched flexibility. It enables you to choose the types and amounts of cover you want, and only pay for what you are covered for. You can also move your insurances out of your SMSF, if your needs and circumstances change, without cancelling your policy and reapplying for cover. Its also great value for the comprehensive cover you receive with “group like” premium rates.

Product at a glance

  • Meets all SIS requirements for SMSFs.
  • Choose up to $15 million of Life insurance and $5 million for TPD insurance.
  • Provides unmatched flexibility unique to NobleOak.

For more information please view our Product Disclosure Statement.

Why choose SMSF Direct Life insurance?

Flexible payment options

Worldwide cover
24/7

Guaranteed
renewability

Inflation
protection

30 day money
back guarantee

About our SMSF Direct Life

Comprehensive Income Protection cover for your financial security.

No strings attached
for your peace of mind.

You are in safe hands with
a hassle free and fast claims process.

Up to $15M in Life cover and up to $5M in Total and Permanent Disability (TPD) cover.

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

Dedicated local claims specialist to look after your claim.

Value and cost competitiveness, lower premiums than most life insurers.

Product is fully underwritten, meaning we assess your health upfront so you know exactly what you’re covered for.

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

Life cover to age 99 guaranteed renewable.

Easy application process over the phone taking on average 20-30 mins.

Your policy is backed by the third largest global re-insurer, Hannover Life Re.

Any occupation covered for Total and Permanent Disability (TPD).

Accidental death cover at no additional cost during application assessment period.

Unlimited beneficiaries within policy.

Terminal illness also included if evidence received confirming life expectancy of 12 months or less (capped at $1m).

Ownership flexibility, you can move your insurance out of your SMSF, increase or decrease cover without cancelling your policy, should your requirements change.

Request an obligation free SMSF Life insurance quote on 1300 041 494

You need to be an Australian resident between the minimum and maximum ages shown in the below table to be eligible for SMSF Direct Life.

Life insurance

Minimum age at entry:

16

Maximum age at entry:

69

Termination age:

84

Maximum sum insured:

$15,000,000

TPD Insurance

Minimum age at entry:

16

Maximum age at entry:

64

Termination age:

74

Maximum sum insured:

$5,000,000

There are a number of reasons why we believe the NobleOak SMSF Direct Life policy is so suitable for SMSFs

  1. Value
    When compared with other direct products available in the market, NobleOak’s cover and rates are very attractive. We don’t invest heavily in mass-marketing, which allows us to pass these savings directly back to our members and clients.
  2. Comprehensive cover
    NobleOak’s SMSF Direct Life Insurance provides the comprehensive cover to best protect the needs of your fund members. Our product has been tailored to specifically meet superannuation requirements, including terminal illness and Total and Permanent Disability (TPD) defi­nitions that help ensure an early release of claim proceeds.
  3. Flexibility
    You can apply to increase or decrease the level of cover you have, or move your insurances out of your SMSF if your needs and circumstances change, without cancelling our policy and reapplying for cover. This ownership flexibility is unique to NobleOak and could be particularly beneficial if your health deteriorates.
  4. Simplicity and speed
    Our Life and Total and Permanent Disability (TPD) Insurance products are simple and clear, with no hidden tricks or fees. You can enquire for cover online or over the phone. Tele-underwriting often only takes around 20 minutes, and you only need to answer a few questions.
  5. Over 137 years of helping Australians
    NobleOak has been delivering insurance and investment solutions to Australians as a friendly society for over 137 years, and we pride ourselves on providing comprehensive and competitive insurance products. We are an independent and Australian Life insurer with no ties to the banks.
  6. Local claims service
    Our friendly experienced claims and service agents are based here in Australia.
  7. All genuine claims paid
    NobleOak is an APRA-regulated Life insurer. We have paid all genuine claims in the past and will continue to do so in the future. NobleOak Life insurance policies are protected by the third-largest reinsurer in the world, and we are a proud member of Abacus – Australian Mutuals, the industry body for the Australian mutual financial services sector.

What is SMSF Direct Life insurance and how is this different to other Life insurance cover?

SMSF Direct is Life insurance designed specifically for trustees and members of Self-Managed Superannuation Funds. Trustees can access the policy directly or through an adviser.

Unlike many other SMSF Life insurance products, it provides cover up to $15 million for Life and up to $5 million for TPD, and uses definitions that fit the superannuation legislation.

It is a very flexible policy. You can also easily switch your cover to another SMSF later or out of super altogether, if that suits your circumstances.

When do I need to provide the revised SMSF strategy to address legislation changes?

From 1 July 2013, trustees of SMSFs have to consider, as part of the fund’s investment strategy, whether the trustees of the fund should hold a contract of insurance that provides insurance cover for one or more members of the fund.

How do the premiums compare to other insurers?

Premium savings vary by age, sex and whether the individual insured smokes or not. Generally our premiums are very competitive compared to other direct products as we don’t invest heavily in mass marketing or brand advertising. We also don’t add excessive “bells and whistles” to our products that we believe add minimal value to our policy holders.

How can I set the policy up?

Its simple. i) Click here for a quote  or ii) call on 1300 04 14 94, or iii) email us from “Contact Us” section on this website.

If you’re happy with the quote, we’ll make appointments for each member to take them through the application over the phone. When complete, we can start the policy over the phone too. We’ll need some signatures along the way of course, and then the documentation will be sent to you when it’s all done.

How long does the application process take?

It varies from case to case. If there is no other documentation needed for underwriting, it can be set up very quickly.

What do you need for application/ underwriting?

That will depend on the members’ ages, the amount of cover requested and answers through the underwriting process. Many members get through the questions with no additional requirements, and if there’s anything extra, we’ll organise it all for them.

Can I factor in TPD/Trauma/Salary Continuance?

Generally, Life insurance and TPD (with “any occupation” definition, as is the case with SMSF Direct Life) fit well within an SMSF. Trauma and Salary Continuance within super can be problematic because a claim that becomes payable by us, can’t necessarily be released by the trustees under SIS law.

Many clients often choose to get Trauma insurance and Salary Continuance cover outside of super, which we can easily set up at the same time. If unsure, we recommend you source advice in relation to your situation and these covers.

Where can I find more info about my obligations/the new regulations?

The NobleOak SMSF Direct Life product comes with a 20 page information guide for trustees and members. Once your cover is set up, we’ll send you a copy.

There are many other information sources – the ATO website is a good starting point.

How much do I save compared to other products?

Our premium rates are very competitive, especially compared to other Direct Life insurance products. The savings depends upon age and health status of the lives insured, but they are often in excess of 20% per annum.

Who is NobleOak? How come I’ve never heard of NobleOak before?

NobleOak is a friendly society that’s been protecting Australians for over 138 years.

You haven’t seen us on TV or other multi-media channels, because we don’t invest in expensive advertising, which helps to keep our premiums affordable for members/policy holders. We mainly market to targeted clients through partnerships, alliances and selected campaigns. Our most successful channel is however word of mouth.

Why are your premiums lower than other insurers?

Generally our premiums are lower compared to other direct products as we don’t invest heavily in mass marketing or brand advertising. We also don’t add excessive “bells and whistles” to our products that we believe add minimal value to our policy holders. If purchased directly, clients can also benefit from reduced or no commission in our products.

How secure am I with NobleOak?

NobleOak is regulated by APRA and ASIC and subject to stringent capital and reserving requirements, as all Australian Life insurers are. It is a fundamental requirement of our industry that policy owner monies and benefit entitlements rank ahead of shareholder investments and other creditors.

Our products are also re-insured by a top 3 global reinsurer that has a ‘very strong’ S & P rating.

What information do I need to be provided a quote?

For each member to be insured, we need their name, date of birth, gender, occupation, whether they smoke or not and the amount of death and TPD cover sought.

We’ll need your contact details too so we can reconfirm your identity next time we chat, and to send the quote through.

To ask for a quote, either: i) email smsflife@nobleoak.com.au, ii) call on 1300 04 14 94, or iii) click on “Enquiry/Quote” on this website.

I have an adviser, can I get this from my adviser? Is it cheaper if I go direct to NobleOak?

Absolutely. Advisers have been selling Life insurance to trustees of self-managed super funds for years and will continue to do so either through this product or with other NobleOak or competitor products.

Your adviser may charge commission to help pay for the personal advice given, or fee for service. When buying direct from us, we don’t provide personal advice, so we pass on the savings to the customer through a lower premium structure.

At NobleOak, we are strong advocates of high quality financial advice, and great value products. While you don’t have to use an adviser, we recommend doing so if unsure of your financial needs within your personal, business or superannuation circumstances.

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

If your spouse is a member of your SMSF, then he/she can be included in the application process, and form part of the same plan.

If your spouse is a member of a different super fund and wants cover in that fund, then the trustee of that fund will need to call us to apply for cover.

If your spouse wants cover outside super, then please ask him/her to contact us for a quote through another product.

Are there any pre-existing condition exclusions?

No. This product is a comprehensive Life product that is wholly underwritten.

That means so as long as you fully and correctly disclose all of your medical and lifestyle conditions and history, and they are accepted by us, then as long as all premiums are paid when due, we’ll pay any legitimate claim in the future.

In some cases, our acceptance may be subject to a medical or other exclusion, but in these cases, we’ll make sure you understand and agree to that before the cover starts.

Are my premiums tax deductible within my SMSF?

While we can’t provide personal or taxation advice, the insurance premiums in a superannuation fund are generally tax deductible within that fund. Because every Trust Deed is different, you should always direct any questions about tax to your accountant or financial adviser, or visit the ATO website.

Can I allocate my benefits to different members in the fund?

Benefits paid by us will always be paid to the trustee. It will then be up to the trustee acting in accordance with the Trust Deed and legislation to determine to whom any monies are paid.

How will a claim be treated for tax purposes?

While we can’t provide personal or taxation advice, in general terms the lump sum death benefit paid from a superannuation policy to a dependant such as a spouse is free of tax. However if paid to a non-dependant such as adult children, then it would be taxable in their hands. Some members may choose to gross up their required cover to ensure their non-dependants receive the desired benefit, or move their cover out of the superannuation regime. The taxation of TPD benefit payments from superannuation policies is more complicated, though tax-free in the hands of the member after age 60. You should consider your circumstances and seek tax advice if these questions apply to you.

Do you accept Binding Nominations?

No, our benefits are paid to the trustee, who then releases the benefit according to the trust deed and superannuation legislation.

Why does TPD use an ‘any occupation’ definition?

Government policy decrees that TPD cover in superannuation should be defined as ‘any occupation’ to ensure release by the trustees to the disabled member. Some professionals and tradespeople might prefer the more expensive ‘own occupation’ definition, which should be taken outside superannuation. If in doubt about your circumstances, we recommend you use the services of an adviser.

Is it better to obtain salary continuance (income protection cover) inside or outside superannuation?

While we can’t provide personal or taxation advice, in general terms the outcome of the taxation treatment is the same either way. The after-tax cost of the premium and the tax treatment of the claim proceeds are the same. However there are usually disadvantages in using super, including the difficult of satisfying the early release provisions at claim time. Products outside super are also usually more comprehensive in design and features – including within NobleOak’s My Protection Plan.

Obtain an obligation free quote or apply 1300 041 494

What do our clients think?

Images have been changed for privacy reasons.

“The application process for my Income Protection insurance was handled by NobleOak in a professional manner, with regular email and telephone updates keeping me well informed along the way. I am saving a considerable amount on my premiums when compared to my previous super fund held policy.”

Matthew B.
(August 2016)

“I had to shop around for new life insurance after setting up a SMSF. NobleOak’s premiums were 35% cheaper than the next nearest quote – and their customer service was 100% better. Noble Oak were easy to deal with and the application/underwriting/offer was done within days. I would highly recommend them to anyone.”

Brian L.
(September 2016)

“I called Noble Oak because of their high rating on Canstar and was not let down.  Initially I was impressed by the fact that they are a Friendly Society.  Their customer service is excellent, and to top if off they also saved me about $300 per annum…  One happy customer.”

Beka S.
(July 2016)

“Prompt and efficient service, a product which suits our needs. Easy to deal with and would recommend them in the future.”

Andrew D.
(August 2016)

“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)

“I’m saving about $50 per month. NobleOak serviced my application quickly without any hassle, they had it up and running within 48hrs and documents to me within a week of my application, very happy to be with them.”

Aaron V.
(August 2016)

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

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