NobleOak Premium Life Direct Insurance Review

NobleOak’s Premium Life Direct policy is a comprehensive death cover choice for Australians, with cover up to $15 million. The policy includes many additional benefits from an advanced funeral payment to grief counselling and premium pausing, with the latest data showing NobleOak has a fast pay-out time compared to the industry average.

About NobleOak Insurance
NobleOak Life Limited, as it is known today, was established in 2001, although the company states it has origins in Australia dating back more than 140 years. Along with life insurance, NobleOak also offers Australians income protection insurance, TPD and trauma cover.

As is standard for the industry, NobleOak does not offer guaranteed acceptance. This means you won’t automatically be insured—instead, applicants will be required to undergo a medical exam when applying for the policy and potentially other requirements, depending on age or pre-existing medical conditions.

Some life insurance providers require policyholders to apply via a financial advisor or through their superannuation fund. At NobleOak, Australians can apply for the Premium Life Direct product directly through the insurer.

The inclusions–and exclusions–of NobleOak’s Premium Life Direct Policy are outlined in more depth below. On a positive note, NobleOak has a 96.9% claims acceptance rate and 1.1 month average claim pay-out time–which is much shorter than the industry average of 2.8 months.

It does however have a dispute rate of 44.1 disputes per 100,000 lives insured according to recent Moneysmart data, which is much higher than industry average of 30 disputes per 100,000 lives insured.

What Is Covered
The Premium Life Direct policy offered by NobleOak is a comprehensive life insurance choice for Australians, with a maximum death benefit of up to $15 million and new policies available until age 69 (with cover expiring for existing policies at 99 years old).

Compared to other life insurance providers, NobleOak also offers a wide range of additional benefits in its life insurance policy–from an option to freeze your premium to reimbursements for grief counselling. These additional inclusions are explained in more detail further below.

Exclusions from NobleOak Premium Life Insurance
As with any insurance policy, life insurance comes with exclusions. These exclusions vary provider by provider, which is why it is paramount that you carefully read the product disclosure statement.

There is no choice between stepped and level premiums, as only stepped premiums are offered with NobleOak. This means that the premium is recalculated on an annual basis, usually at a higher level as the insured gets older.

NobleOak explains in its Premium Life Insurance PDS that the death benefit and the funeral advance benefit will not be payable under the following conditions:

If the insured’s death is as a result of suicide, occurring within the first 13 months following the commencement, reinstatement or increase of the insurance cover; or
Any exclusion specific to you that are noted in any special acceptance terms agreed with you and NobleOak in connection with your policy.
Is Terminal Illness Covered?
Yes, terminal illness is included in NobleOak’s Premium Life Direct Insurance offering pending certain conditions. These conditions are:

The insured must be diagnosed as being terminal ill by two medical practitioners;
One of the two medical practitioners must be a specialist practicing in an area related to the illness or injury suffered;
The diagnoses must certify that the policyholder is suffering from an illness or has incurred an injury that is likely to result in their death within 24 months.
If the above conditions are met, policyholders can access their benefit early.

Additional Benefits
Despite the name, a death cover policy usually covers much more than the passing of the insured. Additional cover can come in many different forms, and often includes a wide range of additional benefits–whether in the form of further payments, advice and counselling, or inflation protection.

The additional benefits offered with NobleOak’s Premium Life Direct policy are:

Grief Counselling Benefit: Reimbursement of up to $1,000 for grief counselling appointments following your passing for your spouse or partner;
Financial Advice Benefit: Reimbursement for the cost of a qualified financial advisor up to $2,000 if NobleOak pays a benefit in excess of $200,000 for death or terminal illness;
Premium Freeze Benefit: The ability to fix the cost of your annual premium at any time by contacting NobleOak to request the premium freeze benefit, with the cover amount then adjusted each year to the amount of cover that can be purchased for the frozen premium;
Premium Pause Benefit: If you become unemployed or need to take extended leave from employment other than for travel, you can ask NobleOak to pause your premium for a maximum of 12 months (no claims will be paid from any event occurring within this time);
Indexation Benefit: Your cover amount will automatically increase on each anniversary of your policy inline with the Consumer Price Index or by 3%, whichever is the greater;
Future Increases Benefit: You can increase your cover amount by $100,000 or 20% (whichever is lesser) of the original cover amount without the need to provide further medical evidence if a major life event or change happens.
Can I add TPD to the plan?
Yes, NobleOak provides its policyholders with the option to add Total and Permanent Disability Insurance to their life insurance plan. It can be added for up to $5 million and can be accessed in the event that you become unable to work again due to illness or injury.

NobleOak says the TPD benefit can then be used to help modify your home, replace lost income or clear debts. As with many additions and benefits, certain conditions apply.

Firstly, to be eligible for the TPD benefit, you must be absent from work (or unable to perform domestic duties) for a continuous period of at least three months due to your condition. At the end of that period, NobleOak must be reasonably satisfied that your condition makes it unlikely for you to ever engage in your own occupation, any gainful employment in which you are reasonably qualified or trained, or ever again be able to perform your usual unpaid domestic tasks.

The TPD benefit is also payable to those that experience a loss of limbs, loss of permanent sight, or loss of independence.

Related: How To Find The Best Life Insurance In 2023

Can I Add Children to my Life Insurance Policy?
Some insurance providers will give policyholders the option to cover their children’s lives under their life insurance policy. It is often known as a Child’s Critical Illness Benefit, where certain illnesses and conditions are covered if your child is affected.

Unfortunately, NobleOak does not offer this additional benefit to its policyholders.

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