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NobleOak Life Insurance Review
Up to $15,000,000 of death cover and competitive pricing are among the reasons to choose NobleOak Life Insurance.
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$15,000,000
Maximum Cover
69
Maximum Entry Age
$3,000,000
Terminal Illness Benefit
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Details
| Product Name | NobleOak Life Insurance |
|---|---|
| Maximum Cover | $15,000,000 |
| Terminal Illness Benefit | $3,000,000 |
| Funeral Benefit | $15,000 |
| Guaranteed Renewability | |
| Cooling-off (days) | 30 |
| Online Quote |
NobleOak has built a reputation for affordable insurance – on average, its premiums are 20% lower than comparable cover. It also processes claims within 5 business days and doesn't charge any hidden fees. And with wide-ranging cover and a host of policy add-ons, it's easy to see why NobleOak has been awarded Finder's best life insurance in 2019, 2020 and 2021.
2021 Finder Awards Winner: Best Life Insurance
NobleOak Life Insurance
NobleOak's life insurance policy offers up to $15,000,000 in cover which is fully underwritten. It allows policy holders to increase cover in the future by 20% without another medical assessment. It also offers a counselling benefit up to $1,000.
Deal
1 month free with NobleOak life insurance
Get your one month free when you buy NobleOak Life Insurance policy. Offer ends 30 September 2021. T&C's apply.
Compare NobleOak life insurance and get quotes
NobleOak life insurance: Our verdict
- It's good for paying out fast. On average, your claim is processed within 5 business days.
- It's good for accepting claims. It has a claims acceptance rate of 95.2%.
- It's a 2019, 2020 and 2021 Finder Awards winner for Best Life Insurance.
- It's good for price. On average, its premiums are 20% lower than comparable cover.
- It's not good if you want a funeral advancement of more than $15,000.
- It's not good if you want level premiums (they don't go up as you age).
Read a more detailed review on:
Premium Life Direct
Premium Life Direct
There's no adviser with NobleOak's Premium Life Direct, which means no adviser fees. It's good if you're happy to work out how much life insurance you need yourself but less so if you want the security of a financial adviser. The age of entry is 16 to 69 and it comes with the following benefits:
Cover for up to $15,000,000.
Claim up to $3,000,000 of your life insurance benefit if you're diagnosed with a terminal illness.
Get up to $2,000 for the cost of a qualified financial adviser for benefits in excess of $200,000.
Get up to $1,000 for grief counselling.
Freeze your premium amount so it doesn't increase any more (this will lower your cover sum insured).
Increase your cover amount by the lesser of $100,000 or 20% of the original cover amount without having to provide any further medical evidence.
My Protection Plan
My Protection Plan
NobleOak's My Protection Plan offers the same protection as Premium Life Direct but with the support of a financial adviser. It's good if you want peace of mind, since cover will be tailored to your needs by a professional, but it's likely to cost you a little more. The age of entry is also 16 to 69.
Optional add-ons
Optional add-ons
You can add the following optional extras onto your NobleOak life insurance policy:
This gives you up to $2,000,000 of your life insurance payout if you suffer a serious, listed medical condition. The minimum entry age is 18 and the maximum age is 59. Cover expires at 70.
This can pay you a lump sum if you become permanently disabled. The benefit will reduce your life insurance cover and after you reach 65, your TPD benefit will be reduced by 10% each year until you are 75.
This replaces 75% of your lost income (up to $25,000 per month) if a serious illness or injury forces you to temporarily stop work.
Still not sure if NobleOak is right for you? Here are the main pros and cons summed up.
Pros
- Policies are fully underwritten. This basically means you can tailor your cover to your personal situation during the application process; other providers offer more of a one-size-fits-all by not allowing you to choose what you want
- Cover is guaranteed as long as you pay your premiums.
- A wide range of cover options to suit your needs.
Cons
- You can't get level premiums. Level premiums stay the same despite your age while stepped premiums go up each year. You'll usually pay more for level premiums in the beginning, but it will even out over time.
- There's a 5% frequency charge applied if you pay for your premiums monthly.
What is excluded?
All policies have exclusions. NobleOak will not pay a benefit if it is a result of the following:
- Suicide occurring within 13 months of you taking out a policy.
- Any exclusion, which is specific to you and noted in any Special Acceptance Terms when you sign up.
- Addiction to intoxicating liquor or drugs.
- Intentional self-injury or attempted suicide while sane or insane within the first 13 months.
- Your voluntary participation in a criminal act.
For a full list of exclusions, always read the product disclosure statement (PDS) before you buy a policy.
How much does NobleOak life insurance cost?
Prices in the table below are an average taken from NobleOak based on a non-smoking office worker. These prices show an average weekly premium and should only be taken as a rough guide. Quotes were taken as of August 2021.
Male non-smoker
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 18 | $4.65 | $9.88 | $18.02 |
| 19 | $4.65 | $9.88 | $18.02 |
| 20 | $4.37 | $9.28 | $16.91 |
| 21 | $4.22 | $8.97 | $16.36 |
| 22 | $3.86 | $8.21 | $14.97 |
| 23 | $3.65 | $7.76 | $14.14 |
| 24 | $3.36 | $7.15 | $13.03 |
| 25 | $3.08 | $6.54 | $11.92 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 26 | $3.01 | $6.39 | $11.65 |
| 27 | $3.01 | $6.39 | $11.65 |
| 28 | $2.93 | $6.24 | $11.37 |
| 29 | $3.01 | $6.39 | $11.65 |
| 30 | $2.72 | $5.78 | $10.54 |
| 31 | $2.72 | $5.78 | $10.54 |
| 32 | $2.72 | $5.78 | $10.54 |
| 33 | $2.72 | $5.78 | $10.54 |
| 34 | $2.72 | $5.78 | $10.54 |
| 35 | $2.72 | $5.78 | $10.54 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 36 | $2.86 | $6.08 | $11.09 |
| 37 | $2.93 | $6.24 | $11.37 |
| 38 | $3.01 | $6.39 | $11.65 |
| 39 | $3.15 | $6.69 | $12.20 |
| 40 | $3.22 | $6.84 | $12.48 |
| 41 | $3.36 | $7.15 | $13.03 |
| 42 | $3.58 | $7.60 | $13.86 |
| 43 | $3.94 | $8.36 | $15.25 |
| 44 | $4.29 | $9.12 | $16.64 |
| 45 | $4.80 | $10.19 | $18.58 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 46 | $5.30 | $11.25 | $20.52 |
| 47 | $6.01 | $12.77 | $23.29 |
| 48 | $6.73 | $14.29 | $26.06 |
| 49 | $7.59 | $16.12 | $29.39 |
| 50 | $8.73 | $18.55 | $33.83 |
| 51 | $9.95 | $21.14 | $38.54 |
| 52 | $11.38 | $24.18 | $19.09 |
| 53 | $12.95 | $27.52 | $50.19 |
| 54 | $14.74 | $31.32 | $57.12 |
| 55 | $17.10 | $36.34 | $66.27 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 56 | $19.39 | $41.21 | $75.14 |
| 57 | $21.82 | $46.38 | $84.57 |
| 58 | $25.26 | $53.67 | $97.87 |
| 59 | $28.91 | $61.43 | $112.01 |
| 60 | $33.20 | $70.55 | $128.65 |
| 61 | $39.28 | $83.47 | $152.22 |
| 62 | $45.36 | $96.40 | $175.78 |
| 63 | $52.45 | $111.45 | $203.23 |
| 64 | $59.60 | $126.65 | $230.96 |
| 65 | $64.83 | $137.75 | $251.20 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 66 | $74.20 | $157.67 | $287.52 |
| 67 | $85.72 | $182.15 | $332.16 |
| 68 | $100.03 | $212.56 | $387.61 |
Female non-smoker
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 18 | $1.72 | $3.65 | $6.66 |
| 19 | $2.00 | $4.26 | $7.76 |
| 20 | $2.08 | $4.41 | $8.04 |
| 21 | $2.00 | $4.26 | $7.76 |
| 22 | $2.00 | $4.26 | $7.76 |
| 23 | $1.93 | $4.11 | $7.49 |
| 24 | $1.86 | $3.95 | $7.21 |
| 25 | $1.79 | $3.80 | $6.93 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 26 | $1.79 | $3.80 | $6.93 |
| 27 | $1.79 | $3.80 | $6.93 |
| 28 | $1.79 | $3.80 | $6.93 |
| 29 | $1.79 | $3.80 | $6.93 |
| 30 | $1.79 | $3.80 | $6.93 |
| 31 | $1.86 | $3.95 | $7.21 |
| 32 | $1.86 | $3.95 | $7.21 |
| 33 | $1.93 | $4.11 | $7.49 |
| 34 | $2.00 | $4.26 | $7.76 |
| 35 | $2.00 | $4.26 | $7.76 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 36 | $2.08 | $4.41 | $8.04 |
| 37 | $2.15 | $4.56 | $8.32 |
| 38 | $2.29 | $4.87 | $8.87 |
| 39 | $2.29 | $4.87 | $8.87 |
| 40 | $2.29 | $4.87 | $8.87 |
| 41 | $2.65 | $5.63 | $10.26 |
| 42 | $2.86 | $6.08 | $11.09 |
| 43 | $3.08 | $6.54 | $11.92 |
| 44 | $3.36 | $7.15 | $13.03 |
| 45 | $3.72 | $7.91 | $14.42 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 46 | $4.08 | $8.67 | $15.81 |
| 47 | $4.51 | $9.58 | $17.47 |
| 48 | $5.08 | $10.80 | $19.69 |
| 49 | $5.73 | $12.16 | $22.18 |
| 50 | $6.51 | $13.84 | $25.23 |
| 51 | $7.30 | $15.51 | $28.28 |
| 52 | $8.23 | $17.49 | $31.89 |
| 53 | $9.23 | $19.62 | $35.77 |
| 54 | $10.45 | $22.20 | $40.48 |
| 55 | $11.74 | $24.94 | $45.47 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 56 | $13.17 | $27.98 | $51.02 |
| 57 | $14.81 | $31.47 | $57.39 |
| 58 | $16.46 | $34.97 | $63.77 |
| 59 | $19.03 | $40.45 | $73.75 |
| 60 | $21.75 | $46.22 | $84.29 |
| 61 | $24.83 | $52.76 | $96.21 |
| 62 | $28.41 | $60.36 | $110.07 |
| 63 | $32.77 | $69.64 | $126.99 |
| 64 | $37.35 | $79.37 | $144.73 |
| 65 | $37.42 | $79.52 | $145.01 |
| Age | $200,000 coverage | $500,000 coverage | $1,000,000 coverage |
|---|---|---|---|
| 66 | $41.57 | $88.34 | $161.09 |
| 67 | $47.58 | $101.11 | $184.38 |
| 68 | $53.09 | $112.82 | $205.73 |
💰 What impacts the cost of premiums?
Insurers take into account a number of factors when calculating your premiums. These include the following:
- Your age
- Your sex
- Your health and medical history
- Your smoking status
- Your occupation (e.g. is it dangerous?)
- Your personal pastimes
- The type of cover you get (e.g. getting life cover with TPD cover or income protection)
- The amount of cover you take out. The more you take out, the more expensive your premiums are likely to be
💳 🏦 How can I pay?
You can pay NobleOak life insurance premiums on a monthly or yearly basis.
You can pay your monthly premiums by Visa or Mastercard or by direct debit from your nominated bank account.
If you opt to pay premiums yearly, you can make your payment by cheque or direct debit.
Annual premiums allow you to remove a 5% loading that applies to monthly premiums.
More about NobleOak
NobleOak has been providing Australians with insurance for over 140 years. Over that time, it has built a strong reputation as an insurer with affordable premiums and excellent customer service. It manages this primarily because it doesn't charge adviser fees or upfront commissions. On average, it will also get your claim processed within 5 business days. Thanks to its commitment to low premiums and customer service, it is one of Australia's most awarded life insurance brands, including taking out the 2021 Finder Award for Best Life Insurance.
Questions you've asked about NobleOak, answered ✅
How do I make a claim with NobleOak life insurance?
You usually have 30 days after your insurance begins to cancel and receive a full refund on any premiums you've paid. If you cancel after this time, you generally won't be refunded for the premiums you've already paid.
Will my NobleOak life insurance premiums increase as I age?
Yes. NobleOak life insurance premiums increase each year you hold cover. This is often referred to as stepped premiums. You can choose to freeze premium increases though. However, this will reduce your total lump sum payout.
Can I get NobleOak life insurance with a pre-existing condition?
Yes, you can get NobleOak direct life insurance with a pre-existing condition. All applications are fully underwritten so if there are any exclusions applied to your cover, you'll find out about them before your policy is issued.
Are my NobleOak life insurance premiums tax deductible?
No, life insurance premiums aren't generally tax deductible, according to the ATO (Australian Taxation Office) but income protection insurance premiums often are.
Am I covered by NobleOak life insurance while my application is being completed?
Yes, all NobleOak Life Insurance policies come with Interim Accidental Death cover which is provided at no extra cost while your application is being assessed. This can cover you for up to $1 million.
Do I need to do a medical test?
You usually don't need to do a medical test when applying for NobleOak Life Insurance, unless you're older and applying for a high level of cover. You will need to answer questions about your medical history though.
