Noble Oak Life Insurance Review

Noble Oak is an Australian independent Life Insurer with over 140 years of experience. They offer life insurance the way it is meant to be, combining quality, no-surprises cover with personal service and lower premiums. Noble Oak offer comprehensive Life Insurance cover of up to $15,000,000. In the event you pass away, NobleOak will pay the agreed amount as a lump sum to your nominated beneficiary or estate.

Noble Oak Life Insurance

Maximum Cover Amount

$15,000,000

Maximum Age of Entry

69 Years

Funeral Benefit Amount

$15,000

Terminal Illness Benefit

Yes

Life Insurance Features

NobleOak offers a number of features such as guaranteed future insurability, so a person can increase the sum insured when their circumstances change, e.g. when they marry or start a family. In addition, suicide is only excluded in the first 13 months of the policy, and other typical general exclusions do not apply, such as death as a result of being under the influence of drugs/alcohol, working at heights or underground, or participating in dangerous pursuits such as motorsports, mountaineering or hang-gliding.

Other standout features include optional additional coverage including total permanent disability (TPD) cover of up to $5 million and trauma cover of up to $2 million. This can be added without the requirement for the consumer to obtain advice.

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