What are the benefits of Life Insurance?

What are the benefits of Life Insurance?

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NobleOak’s award-winning Life Insurance product offers many features and benefits to ensure you can find the right cover for your circumstances. Several features and benefits are outlined below:

Financial Advice benefit

Most of us are not used to receiving large lump-sum payments. Such payments require careful management to provide for you and your family’s immediate and future needs. Financial planning can be even harder to come to grips with during a distressing time of shock or bereavement.

At NobleOak we understand that you or your estate may need some professional assistance to ensure that the proceeds of a Life Cover, TPD Insurance, or Trauma (Recovery) Insurance claim payment are managed appropriately.

If NobleOak pays a benefit of more than $200,000 for one of these claims, we will reimburse the cost, up to $2,000, of engaging a qualified, licensed financial adviser to help you prepare a financial plan for managing the payment.

Financial Advice Benefit is only payable once in respect of the life insured. Evidence that the advice has been received and paid for must be provided to NobleOak within 6 months of the Life, Trauma or TPD benefit payment. Please note that because of superannuation laws, we are typically unable to offer this benefit where the cover is held by an SMSF.

Future Increases benefit

Most people will experience changes in their lives which will impact on their financial responsibilities. As you move through the different stages of your life, you may find that your current insurance doesn’t cover your evolving needs. With NobleOak Life Cover and NobleOak TPD Insurance, you can increase your cover amount by as much as $100,000 (depending on your original cover amount) per year without having to provide further medical evidence, for the following allowable events:

  • You take out or increase a mortgage on your primary place of residence
  • You marry, officially register a partnership or commence a de facto relationship recognised at law
  • You or your partner gives birth to or adopts a child
  • Your spouse dies
  • You get a divorce

To be eligible for the Future Increases Benefit, you must be less than 60 years of age when the allowable event occurs and you must notify us within 90 days of the event. While you will not have to provide further medical evidence to increase your cover, you will need to provide evidence of the relevant event, e.g. marriage or birth certificate, adoption papers, or mortgage documents. Increases to the cover amount can only be requested once per year and the total value of increases cannot exceed 100% of your original cover amount.

Grief counselling benefit

At NobleOak we understand that your death or diagnosis with a terminal illness can be a very emotional time for you and/or your partner. That is why we will reimburse the cost of services in addition to your NobleOak Life Insurance benefit.

If we pay a benefit for death or terminal illness, we will reimburse the cost of grief counselling for you or your spouse or partner, up to the value of $1,000. Grief Counselling Benefit is only payable once in respect of the life insured.

The service provider you choose must be appropriately qualified and registered for grief counselling and you will need to provide evidence of the services and receipts for payments made. Such evidence must be received within 12 months of the death/terminal illness benefit payment. Please note that because of superannuation laws, we are typically unable to offer this benefit where the cover is held by an SMSF.

Why choose NobleOak Life Insurance?

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

Low premiums

At NobleOak, you buy directly from us,
so you don't pay for the cost of advice
or for unnecessary overheads.

Fully underwritten insurance

We only offer fully underwritten Life
Insurance, tailored by you. This minimises
the risk of unforeseen delays or surprises
in the event of a claim.

Simple & straightforward

We aim to avoid overly complex terms.
We simply provide great value,
comprehensive Life Insurance.

Award winning

We are the only Life Insurer to win the Canstar Outstanding Value Award for Direct Life Insurance in five consecutive years from 2016 to 2020.

Help protect your family with
NobleOak, Australia's most awarded
Direct Life Insurer 2020

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