SMSF Life Insurance

The smarter way to insure your life through super with our multi-award winning cover.

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Maximum Cover Level

$15,000,000

With NobleOak, you can apply for comprehensive Life Insurance cover of up to $15,000,000 within your SMSF. In the event you pass away, NobleOak will pay the agreed amount as a lump sum to your nominated beneficiary or estate. We also offer TPD cover.

Maximum
Entry Age

69

To be eligible to apply for Life Cover with NobleOak, you must be an Australian Resident between the ages of 16 and 69. Our Life Insurance products are priced using stepped premiums. This means that your premiums will increase each year in line with your age and also due to CPI increases on your sum insured protecting you further against inflation.

Guaranteed Renewable Age

99

Provided you pay your premiums as they fall due, NobleOak guarantees to renew your Life Cover each year up to the age of 99. Your Life Insurance cover will not be cancelled, nor will your premiums be increased due to any future change in your state of health, lifestyle, occupation or pastimes. Premiums will only increase each year in line with your age and CPI.

Funeral
Benefit

$15,000

In the event that you pass away, NobleOak will advance $15,000 from your Life Insurance cover to assist your loved ones with funeral expenses. The Funeral Advance Benefit will be paid as a lump sum upon receipt of evidence of your age and a validation of your death.

Terminal Illness Benefit

Yes

If you are diagnosed with a terminal illness and given less than 12 months to live, NobleOak will advance the Life Insurance cover amount up to a maximum of $3,000,000. Any residual cover will remain in place until you pass away when the balance will be paid to each nominated beneficiary or to your estate.

With NobleOak, you can apply for comprehensive Life Insurance cover of up to $15,000,000 within your SMSF. In the event you pass away, NobleOak will pay the agreed amount as a lump sum to your nominated beneficiary or estate. We also offer TPD cover.

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:

Inside Super Outside Super
Cover types NobleOak offers Life Cover and TPD any occ Insurance only. NobleOak offers a full range of covers, including Life Cover, TPD, Trauma Insurance and Income Protection Insurance.
Premiums 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.
Retirement savings 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.

SMSF Life Insurance Features

Cover While You Wait

We provide Interim Accidental Death cover (up to $1 million) at no added cost to you. Your Interim Accident Death cover will commence upon the completion of your application.

Dedicated Claims Support

If you or your family need to make a claim you’ll be assigned a dedicated claims consultant based here in Australia. This consultant will support you throughout the claim process.

Cover with Global Backing

NobleOak’s products are backed by Hannover Life Re who is a leading global reinsurer. We are also an APRA regulated Life Insurer with a history dating back over 140 years.

Terminal Illness Benefit

If you become terminally ill, NobleOak will advance a payment from your Life Insurance cover up to a maximum of $3 million. Any residual cover will remain in place until you die, when the balance will then be paid. To be eligible for this payment:

  • You will need to be diagnosed as being terminally ill by two Medical Practitioners, one of which is a specialist practising in an area related to the illness or injury suffered by you; and
  • Their respective diagnoses certify that you are suffering from an illness, or have incurred an injury, that is likely to result in death within 12 months of the certification. If the cover is owned by a SMSF (as a Trustee Member), then a 24 month (not 12 month) certification period will apply.

Financial Advice Benefit

We understand that you or your estate may possibly need professional financial advice to ensure that the proceeds of a death or terminal illness claim payment are managed appropriately. That is why we will reimburse the cost of engaging a qualified financial adviser to provide assistance and advice, up to $2,000, to prepare a financial plan when we pay a benefit in excess of $200,000 for death or terminal illness.

Grief Counselling Benefit

We understand that your death, or diagnosis with a terminal illness, would be a very emotional time for you and your family. That is why we will reimburse the cost of any grief counselling services required for either yourself or your partner, up to $1,000, after we pay a death or terminal illness benefit.

Premium Freeze Benefit

You can fix the cost of your cover at any time by writing to us with a request to freeze the premium amount. This means that:

  • Your future premiums will be fixed at the amount you were paying on the date of notification.
  • Each year your cover sum insured will be reduced to the amount of cover that could be purchased with the frozen premium.

You can write to us at any time to end the Premium Freeze Benefit and the premium freeze will be removed on the next anniversary of your cover. Your cover will then revert to the normal premium and cover increases each year thereafter.

Future Increases Benefit

You can increase your cover amount by up to $100,000 without the need to provide further medical evidence if one of the following allowable events occurs:

  • You marry
  • You register a new business partnership
  • You commence or increase a mortgage on your primary place of residence
  • You or your partner gives birth to or adopts a child

Indexation

To guard against inflation, your cover amount will automatically be increased at each anniversary using the Consumer Price Index. Your premiums will be increased accordingly due to these CPI increases.

ASIC & APRA Regulated Cover

NobleOak Life Ltd (NobleOak) is regulated by ASIC and APRA in accordance with section 16C of the Life Insurance Act.

Here's What Our Clients Are Saying

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Great service, honest advice, prompt follow up, extremely competitive premium and deal. thanks Noble Oak.
Annette Mary T
,
23 November 2018
Great service, honest advice, prompt follow up, extremely competitive premium and deal. Thanks Noble Oak.
Vijay C
,
23 November 2018
Superb and excellent!. The premium is much lower compared to the others. The process of getting their insurance is fast and well coordinated.
Brian
,
21 November 2018
They were helpful, friendly and nothing seemed to be an issue for them even when I needed to amend some of the questions on the proposal. I received phone calls to advise of the next step and the Nurse that came to our house on a weekend was so friendly and professional in her duties.
Paul J
,
20 November 2018
Fantastic customer service, competitive costs for income protection attracted me to switch over from other insurance. Follow up by NobleOak team including approval of quote is excellent and made me comfortable and happy. Highly recommend this income protection policy.
Girija P
,
15 November 2018
Was a quick and easy process. Price is a lot cheaper than other providers.
Margaret C
, NT
31 July 2018
Very professional, helpful and friendly service. My new life insurance policy was processed efficiently and I was contacted during each step of the process.
Susan C
, WA
26 July 2018
Fantastic customer service and the explanation of the product was clear and concise. Value for money.
Adrian T
, NSW
26 July 2018
They are good service, picked up my calling quickly and patient, and cheaper than other company.
Jasmine M
, NSW
19 July 2018
Great service. All my questions were answered promptly and he explained the product in an easy to understand way. I'm very happy with my life insurance purchase.
Carolyn C
, NSW
18 July 2018
Very professional and very clear explaining the policy. Staff are very polite. It was a real pleasure to work out a policy with them.
Michelle L
, NSW
17 July 2018
Mark was very professional and thorough. The end result was an excellent deal for my Life Insurance. I would highly recommend Noble Oak.
Peter C
, VIC
16 July 2018
They were very friendly and had good knowledge of their services that they are providing.
Vidhee P
, VIC
2 July 2018
Quick and easy! Professional, knowledgeable, helpful and friendly staff member. All questions answered and I was not left in doubt.
Rosemary S
, WA
30 June 2018
Very personable staff and dealing with the same people throughout the process. They all communicated clearly and regularly. Advice was always accurate.
Paul H
, WA
22 June 2018
Excellent, professional service. Proactive, efficient and a pleasure to deal with.
Goran A
, ACT
19 June 2018
The process was seamless from end-to-end. I saved a lot on my premiums and will be recommending to friends and family.
Sebastian P
, NSW
12 June 2018
I would like to thank your staff that dealt with me, they were knowledgeable, friendly, patient and helpful and were easy to understand. Great service.
Joseph B
, NSW
12 June 2018
Actually consider a case on it's merits instead of a blanket 'no'. Also very affordable.
Joanne P
, WA
12 June 2018
Good, clear information from friendly people at the other end of the line.
Osvaldo M
, QLD
7 June 2018

How to Apply

Life Insurance Quotes
  • Get a Quote

    One of our friendly insurance specialists will help you complete your Life Insurance quote over the phone or online.

  • Apply

    If you’re happy with the quote, you can apply immediately either over the phone or book a time for a call back.

  • Get covered

    We”ll assess your application. If you require medical tests we’ll pay for them and keep you updated on your progress.

Life Insurance Simplified - Our blog

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Frequently Asked Questions

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.

What is a Self-Managed Super Fund (SMSF)?

What exactly is a Self-Managed Super Fund (SMSF)?

An SMSF allows up to four members to pool their resources in one super fund.

An SMSF is different from other super funds in that SMSF members are generally also the trustees of the fund. In practice, this means that SMSF members manage the fund themselves for their benefit, and must comply with all taxation and superannuation regulations.

Having an SMSF can be a good option if you want more control of how your retirement savings are invested. But you also need to ensure you’re prepared to put the time and money into meeting your SMSF obligations.

The Australian Securities & Investments Commission (ASIC) outlines the importance of covering all the bases when setting up a SMSF.

Life Insurance and SMSFs

The Superannuation Industry (Supervision) Act stipulates that all trustees of SMSFs must actively consider the need for Life Insurance covering every SMSF member. This requires formal documentation in the fund’s minutes and must be reviewed on an annual basis.

There are potential benefits of buying Life Insurance through your SMSF, including:

  • Affordability: You can pay your Life Insurance and TPD Insurance premiums from your SMSF fund, rather than out of your own pocket.
  • Tax savings: Contributions to superannuation funds can be tax-deductible, encouraging members to increase their contribution levels.
  • Tax-deductible premiums: Instead of claiming insurance premiums as an annual tax deduction, the Trustee of the SMSF may be able to claim a tax deduction on the insurance premiums paid by the fund which reduces tax paid on capital gains, investment earnings and other taxable contributions received.

Keeping up with SMSF rules

From 1 July 2017, a number of changes to the superannuation system were introduced to improve the ‘sustainability, flexibility and integrity’ of  the Australian superannuation system.

NobleOak’s SMSF Life Insurance

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.

Some of the key benefits of SMSF Life Insurance include:

High cover levels

You can apply for up to $15 million cover for Life Cover and terminal illness, and up to $5 million for Total and Permanent Disability (TPD) Insurance, without having to go through a financial adviser. That’s much higher than most direct insurers.

Low premiums

We don’t pay fees or commissions to advisers. That means lower premiums for you.

Fully underwritten cover

We take the time to get to know you upfront, so we can tailor your cover and premium. That gives you more certainty at claim time.

Please note that the information we provide is not advice but general information only.

Do I pay Stamp Duty on my insurance premiums?

Do I pay Stamp Duty on my insurance premiums?

NobleOak® Life Insurance premiums attract stamp duty. This charge is included in the premium and the insurer will be responsible for these payments.

Why are NobleOak's premiums so low?

Why are NobleOak’s premiums so low?

NobleOak provides Australians with comprehensive Life Insurance and Income Protection Insurance, predominantly without involving financial advisers. We are both the manufacturer and distributor of our products, so we can manage our business on smaller margins than many of our competitors. We deliver the product directly to you at lower cost, but be assured, the cover is blue ribbon.

NobleOak is proud of the 5-star awards it has won from Canstar, one of the leading independent rating services in Australia.  In 2016, 2017, and 2018 NobleOak won the awards for Outstanding Direct Life Insurance in Australia and Outstanding Direct Income Protection Insurance in Australia.  That’s more than any other life insurer in the history of these awards!

Arranging Life Insurance through my SMSF?

Why should I consider arranging Life Insurance through my SMSF?

There are potential benefits of buying Life Insurance through your SMSF.

For example, you can pay your premiums from the fund instead of out of your own pocket.

Your SMSF may be able to claim a tax deduction on the premiums which reduces tax paid on capital gains, investment earnings and other taxable contributions received.

NobleOak Premium Life Direct offers high levels of cover. You can apply for up to $15 million cover of Life Cover and up to $5 million of Total and Permanent Disability (TPD) cover, without having to go through a financial adviser.

In addition, NobleOak provides the unique flexibility to move your insurance out of SMSF without cancelling your plan.

This could be beneficial if your health deteriorates, your SMSF members’ requirements changes, or you no longer want to pay premiums out of your SMSF funds.

*Terms & Conditions

View T&Cs

Average Saving on Life Cover

The 20% savings quoted are the average savings when comparing NobleOak’s premiums for its Term Life cover under NobleOak’s Premium Life Direct product to the average cost of Term Life insurance products offered by other Life Insurance companies, including products available directly from the insurer (8 products included in this comparison) and those available for purchase through a financial adviser or broker (7 products included in this comparison).

Based on premium rates available at 31 October 2018, Strategic Insight has calculated that for Term Life, Noble Oak’s Premium Life Direct product is on average 45% lower than other comparable Direct Offerings (using an analysis of 8 products, Male and Female non-smoker White Collar workers with a Sum Insured of $500,000 and across 5 year age bands from age 30 to age 50).

Strategic Insight has also calculated that for Term Life, Noble Oak’s Premium Life Direct product is on average 12% lower than Advised Offerings (using an analysis of 7 products, Male and Female non-smoker White Collar workers with a Sum Insured of $500,000 and across 5 year age bands from age 30 to age 60 for Advised products).

Life Insurance rates for insurers, including NobleOak, may change in the future and this could change the outcome.

Strategic Insight (Actuaries and Researchers) is the leading independent supplier of Australian Life Insurance and Managed Funds market information, relied upon for over 20 years by the leading life offices, analysts, dealer groups and government bodies.

If you wish to see the comparison tables and how our premiums compare to Direct and Advised products, please click here.

 

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Average Saving on Life Cover

The 20% savings quoted are the average savings when comparing NobleOak’s premiums for its Term Life cover under NobleOak’s Premium Life Direct product to the average cost of Term Life insurance products offered by other Life Insurance companies, including products available directly from the insurer (8 products included in this comparison) and those available for purchase through a financial adviser or broker (7 products included in this comparison).

Based on premium rates available at 31 October 2018, Strategic Insight has calculated that for Term Life, Noble Oak’s Premium Life Direct product is on average 45% lower than other comparable Direct Offerings (using an analysis of 8 products, Male and Female non-smoker White Collar workers with a Sum Insured of $500,000 and across 5 year age bands from age 30 to age 50).

Strategic Insight has also calculated that for Term Life, Noble Oak’s Premium Life Direct product is on average 12% lower than Advised Offerings (using an analysis of 7 products, Male and Female non-smoker White Collar workers with a Sum Insured of $500,000 and across 5 year age bands from age 30 to age 60 for Advised products).

Life Insurance rates for insurers, including NobleOak, may change in the future and this could change the outcome.

Strategic Insight (Actuaries and Researchers) is the leading independent supplier of Australian Life Insurance and Managed Funds market information, relied upon for over 20 years by the leading life offices, analysts, dealer groups and government bodies.

If you wish to see the comparison tables and how our premiums compare to Direct and Advised products, please click here.