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SMSF Life Insurance

Protect your family with NobleOak

  • Most awarded Australian direct life insurer of 2020
Customers Rate Us 4.6 Based on 435 service ratings over the past year

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.


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Maximum Cover Level

$15,000,000 Learn more

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 Learn more

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 Learn more

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.

Terminal Illness Benefit

Yes Learn More

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.

Cover While You Wait

Interim Accidental Death cover at no added cost while you wait Learn more

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.

Cover with Global Backing

Backed by a leading global reinsurer Learn more

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

Dedicated Claims Support

A dedicated claims consultant that will support you throughout the process. Learn more

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.

Affordable

At NobleOak, you buy direct from your insurer making it more affordable. Learn more

Affordable

At NobleOak, you buy direct from your insurer. That means that you are not paying commissions to an Adviser. Save an average of 20% with NobleOak*

Life Insurance Company of the Year

NobleOak has won two more prestigious awards. Life Insurance Company of the Year at the RFi Group Australian Insurance Awards for 2018 and the Strategic Insight – Overall Direct Life Insurance Excellence Award for 2019.

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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.

What 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. However, 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.

How can I arrange 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.

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Terms and Conditions

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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 a range of Term Life insurance products offered by a number of other Life Insurance companies, including products available directly from the insurer (6 products included in this comparison) and those available for purchase through a financial adviser or broker (6 products included in this comparison).

Based on premium rates available as at April 2020, Plan for Life has calculated that for Term Life, Noble Oak’s Premium Life Direct product is on average 46% lower than other comparable Direct Offerings (using an analysis of 6 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).

Plan for Life has also calculated that for Term Life, Noble Oak’s Premium Life Direct product is on average 10% lower than Advised Offerings (using an analysis of 6 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.

Plan for Life (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.

Product Disclosure Statement

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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 a range of Term Life insurance products offered by a number of other Life Insurance companies, including products available directly from the insurer (6 products included in this comparison) and those available for purchase through a financial adviser or broker (6 products included in this comparison).

Based on premium rates available as at April 2020, Plan for Life has calculated that for Term Life, Noble Oak’s Premium Life Direct product is on average 46% lower than other comparable Direct Offerings (using an analysis of 6 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).

Plan for Life has also calculated that for Term Life, Noble Oak’s Premium Life Direct product is on average 10% lower than Advised Offerings (using an analysis of 6 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.

Plan for Life (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.