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

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

Why might you need life insurance?

Why might you need life insurance?

Why might you need life insurance?

Firstly, what is term life insurance?

Term life insurance provides coverage for a specific period (term) and pays out a death benefit if the insured person passes away during that term. With NobleOak Life Insurance, you can maintain your cover up until the age of 99.

Why do people take out life insurance?

In NobleOak’s recent Life Insurance Pulse Report* conducted with over 1,000 Australians in December 2023, it was found that the main reason people hold life insurance products is to provide financial security, especially for families. In addition, 30% of empty nesters said they purchased life insurance to protect their home or pay off the mortgage. 21% of singles said that they have or are planning to take out life insurance products to maintain their lifestyle.

So when should you buy life insurance?

The most suitable age or life stage to buy life insurance can vary depending on your individual objectives, financial situation and needs. However, there are some general guidelines that can help you determine when it might be a good time to purchase life insurance:

When you’re young and healthy: Life insurance premiums are typically lower when you are young and in good health. Buying a policy early may result in lower rates for the duration of the policy, as you won’t be re-underwritten for later health issues.

When you have dependents: If you have a spouse, children, or other dependents who rely on your income to cover their living expenses, it is a good idea to consider life insurance. This helps provide financial support for your loved ones in case of your untimely death.

When you have debt: If you have significant debts, such as a mortgage, student loans, or credit card debt, life insurance can help cover those debts, so they do not become a burden on your family if you pass away.

When you want to leave a legacy: If you want to leave an inheritance or financial legacy to your loved ones or a charity, life insurance can help ensure that your beneficiaries receive a tax-free payout upon your death.

When you want to cover final expenses: Even if you do not have dependents, life insurance can help cover your funeral and burial expenses, relieving your family of this financial burden.

It is important to assess your specific objectives, financial situation, goals, and responsibilities to determine the best time to buy life insurance. Your life insurance needs can also change over time, so it is a good practice to periodically review and adjust your coverage as your circumstances evolve.

*Research conducted on behalf of NobleOak by The Market Intelligence Co, December 2023 with over 1,000 Australian citizens or residents.

The information contained in this document is of a general nature only and does not take into consideration your objectives, financial situation or needs. Before making a decision to purchase or continue with a product you should read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD) and Financial Services Guide (FSG) found at nobleoak.com.au and consider this information having regards to your own objectives, financial situation and needs. If you are considering replacing an existing life insurance policy you should consider your circumstances, including continuing the existing cover until the replacement policy is issued and cover confirmed.

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
Australia's most awarded direct life insurer
five years running (2019 - 2023)

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