Nobleoak Life Insurance Review 2024

Overview

NobleOak Life started out as a benevolent society in England in 1781. After global expansion in the early 1800s, the first Australian branch opened in Adelaide in 1850.

In 2011, the society was demutualised and the name changed to NobleOak Life Limited. 

What types of cover does NobleOak offer?

Nobody likes thinking about falling ill, having an accident or worse, but it’s important to be prepared if something were to happen to you. It’s all about providing a secure financial future for anyone who depends on you.

If you’ve got no dependents but not much in the way of savings, you may simply want income protection to cover your bills. Have a history of illness in your family? You may want to consider trauma (critical illness) cover. And if you have a growing family or big financial commitments like a mortgage, you might prefer the reassurance of life cover.

NobleOak offers a wide range of options, some of which you can take out as part of your super. 

Life cover

NobleOak Life Insurance provides a one-off payment when you die or if you’re diagnosed with a terminal illness that can be used to pay off debts, cover day-to-day expenses and help with your family’s future financial needs. 

Key features:

• A one-off payment if you die or are diagnosed with a terminal illness

• A one-off payment of $15,000 in advance to help with expenses like funeral costs to the beneficiary if you pass away

• A one-off payment of up to $1,000 to reimburse the cost of grief counselling to the beneficiary if you pass away

Critical illness cover (Trauma Insurance)

NobleOak Trauma Insurance gives you a one-off payment for specified critical illnesses such as cancer, heart attack, stroke and coronary by-pass surgery, along with 33 other conditions.

Key features:

• A one-off payment if you suffer a common critical condition

• If you’ve received a payout of $200,000 or more, you’ll get an extra $2,000 to cover financial advice

• Choose cover for up to $2 million to help with the cost of lifestyle adjustments

• Option to purchase as part of your life insurance cover or as separate cover

Total permanent disability (TPD)

If you become totally and permanently disabled due to sickness or injury, you will be paid a lump sum payment if you have TPD insurance. Offered as an option with Life Cover, you can apply for an amount up to the total of your life insurance sum insured, to a maximum of $5 million.

Key features:

• A one-off payment if you suffer a total and permanent disability due to sickness or injury.

• You are free to choose how to spend the lump sum

• If you’ve received a payout of $200,000 or more, you’ll get an extra $2,000  to cover financial advice

Income protection (Disability Income Insurance)

Replace some of your income with monthly payments if you can no longer work due to sickness or injury, to help support you and your loved ones while you recover.

Key features:

• Monthly payments to replace part of your income if you’re sick, injured or can’t work due to illness or injury

• You can insure for up to 70% of your pre-tax income

• Choose a waiting period of 30 or 90 days

What member benefits does NobleOak offer?

Members have access to a dedicated personal claim specialist from an Australian-based team. 

Can I get NobleOak insurance through my superannuation?

Yes, you can get life, TPD and income protection through your super. Compare Club can help with this. 

Trauma/critical illness cover isn't available with your superannuation through any insurer. 

Want to know more about how life insurance works with superannuation? Read our guide.

Performance of NobleOak

According to Moneysmart.gov.au, NobleOak’s number of finalised claims between 1 July 2020 and 30 June 2021 is too small to provide a reliable reading on how long they take to pay a claim, as well as their claims acceptance rate.

The industry average during this period for claiming on advised life insurance policies is 1.5 months to settle a claim, with a 96.6% acceptance rate.

NobleOak has a 3.5% policy cancellation rate, which is significantly higher than the industry average of 13.6%.

Maximum cover amount*

• Life Insurance - $15 million

• TPD – $5 million

• Trauma Insurance (Critical illness)  – $2 million

• Disability Income Insurance (Income protection)  – $25,000 per month

*Cover amounts are subject to financial underwriting. 

Maximum entry age

• Life cover – 69 

• TPD – 59 

• Trauma Insurance (Critical illness) – 59

• Disability Income Insurance (Income protection) – 55

Expiry age

• Life cover – 99

• TPD – 75

• Trauma Insurance (Critical illness) – 70

• Disability Income Insurance (Income protection) – 65

Key exclusions

NobleOak Insurance has listed its key exclusions by product type. You can see them below.

Life cover

A Life Cover claim will not be paid if the Life Insured’s death was caused or contributed by:

• Suicide within the first 13 months of the cover commencing, being reinstated or increased

• Any exclusion that is specific to you and noted in your cover

TPD

A TPD Cover claim will not be paid if total and permanent disablement is either caused, or contributed to, by:

• Any self inflicted injury or attempted suicide that caused the TPD claim

• Any exclusion that is specific to you and noted in your cover

Trauma Insurance (Critical illness)

A trauma insurance (critical illness) claim will not be paid if:

• You have selected stand-alone trauma insurance and the life insured does not survive for a period of at least 14 days after the trauma event

• If a specific claim occurs in 90 days within the trauma insurance start date, reinstatement of your trauma insurance or an increase in your trauma insurance

• The claim arises because of an intentional, self inflicted act by you

• Any exclusion that is specific to you and noted on your cover

Income protection

NobleOak will not pay any benefit under if your disability, sickness, injury or death is caused directly or indirectly by:

• An intentional self-inflicted act, suicide, or attempted suicide

• You committing or attempting to commit a criminal offence or incarceration

• Normal or uncomplicated pregnancy or childbirth

• An act of war

• A permanent or temporary ban being placed on you that stops you from performing the duties of your working occupation

• Any exclusion that is specific to you and noted on your cover

If you want to know more about NobleOak’s policy exclusions, please check the PDS.

NobleOak life insurance costs

Everybody’s different, so your premium will be based on your individual circumstances, including your age, occupation and your family’s needs.

That's where Compare Club's specialists can help, by working  out what type of policy is right for you at a cost that fits in with your budget.

Of course, it’s worth consulting a financial advisor before making any financial decisions.

FAQs

Who owns NobleOak Life?

NobleOak Life Insurance is shareholder-owned and a publicly listed company on the Australian Stock Exchange, as of July 2021

Do I need a medical exam to get life insurance with NobleOak?

Possibly yes, as the underwriter may require blood tests to be done. If this is the case however, it will be at no additional cost to you.

Does smoking affect my premiums?

Yes. Smokers can pay up to 60% more for their premiums than non-smokers.

Does NobleOak life insurance include funeral cover?

Yes, up to $15,000 is included with Life Cover insurance.

Is it easy to cancel NobleOak Life Insurance?

Yes. You can cancel in writing within the cooling off period, which is 30 days from the day you receive your insurance policy and schedule. 

If you cancel after the cooling off period, your insurance will end when your next premium is due, if your request is received before the due date.  

Where can I buy life insurance with NobleOak?

Compare Club’s life insurance experts can help you find an affordable policy quickly and easily, and take care of the paperwork for you.

The information contained on this web page is of general nature only and has been prepared without taking into consideration your objectives, needs and financial situation. As such, it is important that you consider the appropriateness of the advice and the relevant product disclosure statement (PDS) before proceeding. Any opinions expressed within an article are those of the author and do not specifically reflect the views of Compare Club Australia Pty Ltd.