SMSF Life Insurance is a simple and cost-effective way to provide for your family, and protect other SMSF members, if something happens to you.
With NobleOak, you can access high cover levels (up to $15 million Life Cover) that are usually only available through financial advisers. The difference is you’re buying Life Cover directly from us, so you don’t pay upfront commissions.
It’s the smart way for SMSF owners to buy comprehensive Life Insurance, backed by outstanding personal service.
Premium Life Direct Insurance features
We’ve designed our Premium Life Direct Insurance features to provide you with cover that’s tailored to your needs.
High cover levels
You can apply for up to $15 million cover for death and terminal illness, and up to $5 million for total and permanent disability, without having to go through a financial adviser.
We don’t pay fees or upfront commissions to advisers. That means lower premiums for you.
Fully underwritten ‘no surprises’ cover
We take the time to get to know you upfront, so we can tailor your cover and premium. Giving you more certainty at claim time.
Designed for SMSFs
Premium Life Direct Insurance meets all of the Superannuation Industry Supervision Act 1993 (SIS) requirements for SMSFs. We also give you the flexibility to move your Life Insurance out of your SMSF if you need to, without having to reapply for cover.
Terminal illness included
We will pay a terminal illness benefit equivalent to the Life Cover sum insured up to a maximum of $3million on medical confirmation that you are terminally ill and have less than 12 months to live. This allows you to access your Life Insurance immediately.
Dedicated claims support
If you or your family make a claim with NobleOak, you’ll be dealing with a friendly, Australia-based claims consultant from start to finish. We’re here to make the process easy for you.
Backed by a global reinsurer
Our Life Insurance products are backed by a leading global re-insurer, Hannover Life Re. In 2016, Hannover Life Re paid out globally over $7.7 billion^ for Life and Health Insurance claims (and related expenses).
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Cover while you wait
We offer accidental cover at no additional cost during the application assessment period. This cover starts as soon as we receive a completed application for Premium Life Direct Insurance.
Apply over the phone
No one likes filling in long forms. That’s why we offer an easy application process over the phone, taking on average 20 mins.
ASIC & APRA regulated cover
As a friendly society, NobleOak’s SMSF Life Insurance offering is regulated by ASIC and APRA in accordance with section 16C of the Life Insurance Act.
Inside or Outside super?
With NobleOak, you can buy Life Cover and TPD Insurance inside or outside of super. Here are some things you may want to think about before you decide which ownership structure is right for you:
NobleOak offers Life Cover and TPD Insurance only.
NobleOak offers a full range of covers, including Life Cover, TPD, Trauma Insurance and Income Protection Insurance.
You pay your insurance premiums using tax-deductible superannuation contributions.
You pay your insurance premiums from your after-tax income.
Tax on benefits
Benefits paid to your spouse or dependants are generally tax-free. Benefits paid to other beneficiaries may be taxed up to 31.5%.
Benefits paid are generally tax-free, regardless of who they’re paid to.
Insurance premiums paid reduce your retirement savings, so you may want to make additional super contributions.
Your retirement savings are not affected by your insurance premiums.
This is a general guide only. Readers should consult a taxation adviser for their personal circumstances.
Who can apply
Australian residents between the ages of 16 and 69 can apply for NobleOak Life Cover.
Get covered in 3 simple steps
Step 1. Get a quote
One of NobleOak’s friendly insurance specialists will give you an obligation free Life Insurance quote over the phone.
Step 2. Apply
If you’re happy with the quote, you can apply immediately either over the phone or book a time for a call back.
Step 3. Get covered
We’ll assess your application. If you need medical tests we’ll pay for them and update you during the process.
Frequently Asked Questions
Find out more about our SMSF Life Insurance, from initial quote through to claims, we’re with you all the way.
What is SMSF Life Insurance?
SMSF Life Insurance pays a benefit to the SMSF (as the insurance owner) if the insured person dies or becomes totally and permanently disabled (if TPD cover was also applied for). That money is typically used to pay out the insured person’s death benefit lump sum, helping to protect the SMSF’s investment strategy for remaining members.
How does Life Cover work?
You can apply for Life Cover as stand-alone cover, or package it with TPD Insurance. Once you are accepted for Life Cover, we guarantee to renew your cover up to age 99, as long as your premiums are paid.
How is my premium calculated?
Your premium is calculated based on your age and gender, occupation, level of cover, and your answers to the health and lifestyle questions we ask when you apply. It’s tailored to you, so you don’t have to worry about paying more to compensate for other people’s risks.
What details do I need to provide to assist with the application process?
If you have copies of any of your recent medical records or, blood test results and details of any prescription medicines you are taking, this will speed up the application and assessment process.
Many clients are able to answer all of the questions in our application without additional requirements.
Are there any pre-existing condition exclusions in my cover that could come out at claim time?
No, all NobleOak applications are fully underwritten at the time you take the cover out.
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. Apart from the industry standard 13 month suicide exclusion (Life Cover) or 13 month self-injury or intended suicide exclusion (TPD cover), there are no other pre-built in exclusions with NobleOak Life Insurance.
If any Special Acceptance Terms are imposed on your cover, we tell you about these at the time of your initial assessment (underwriting stage) and formally agree these with you prior to issuing your cover.
We firmly believe this is the best way to provide Life Insurance as it provides more certainty and clarity for you and your family.
The savings quoted are the average savings when comparing NobleOak’s premiums for its Term Life cover under NobleOak’s Premium Life Direct to the average cost of Term Life insurance products offered by other Life Insurance companies, including products available directly from the insurer (24 products from 12 insurers included in this comparison) and those available for purchase through a financial adviser or broker (10 products from 10 insurers included in this comparison). The premiums are based on a non-smoking Australian resident with a Life Insurance sum insured of $500,000 at 5 year age bands from age 30 to 65 for advised products and 30 to 50 for direct products. In many cases the saving for an individual is higher than the 20% average saving quoted. Life Insurance rates for insurers, including NobleOak, may change in the future and this could change the outcome. The premium comparison was undertaken in March 2018 based on published premium rates. If you wish to see the comparison table please click here.