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Life Insurance

Over Fifty Insurance have partnered with award winning^ insurer NobleOak to present their Life Insurance.

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Introducing NobleOak

Help protect yourself and your family with NobleOak, an Australian independent Life Insurer with a 145-year heritage. NobleOak offer Life Insurance the way it is meant to be, combining quality, no-surprises cover with personal service and competitive premiums. You can apply for Life cover up until age 74 and cover can be renewed until age 99.

NobleOak only offers fully-underwritten cover which means they will ask you a series of health and lifestyle questions and assess you at point of application, which helps to avoid surprises at claim time.

Help protect your family

It may be something you don’t often think about, but would you have the finances in place to enjoy the lifestyle you and your family are accustomed to if life took a turn for the worse?

What does NobleOak’s Life Insurance cover provide?

This is information about Life Insurance cover, available within NobleOak’s My Protection Plan. Other life insurance products (trauma, TPD and income protection covers) are also available within My Protection Plan.

Death Benefit

If you die while covered for Life Insurance, NobleOak will pay the agreed cover amount as a lump sum to your nominated beneficiaries or estate.
Australian residents between the ages of 16 and 69 can apply for up to $25,000,000 in cover. Aged 70-74? You can still apply for up to $500,000 in Life cover.

Terminal Illness Benefit

If you become terminally ill, NobleOak will advance the Death Benefit cover amount instead of paying the Death Benefit when you die.

To be eligible for this payment:

  • You must 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 joint or separate diagnoses certify that you are suffering from an illness, or have incurred an injury, that is likely to result in death within 24 months of their certification.

Grief Counselling Benefit

We understand that your death or diagnosis with a terminal illness can be a very emotional time. That is why we will reimburse the cost of grief counselling services for you, your spouse or your partner, up to $1,000, if we pay a benefit for death or terminal illness.

Future Increases Benefit

You can increase your cover amount by the lesser of $100,000 or 20% of the original cover amount without the need to provide further medical evidence if one of the following allowable events occurs:

  • You take out or increase a mortgage on your primary place of residence
  • You marry, register a partnership, or commence a de facto relationship recognised at law
  • You or your partner gives birth to or adopts a child
  • Your child starts secondary school
  • Your spouse dies
  • You get divorced

Funeral Advance Benefit

NobleOak will quickly advance $15,000 of your cover amount to assist with funeral expenses, upon evidence of age and receipt of the death certificate.

Financial Advice Benefit

We understand that you or your estate may need some professional 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, up to $2,000, to prepare a financial plan if we pay a benefit in excess of $200,000 for death or terminal illness.

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 amount will be adjusted to the amount of cover that can be purchased for the frozen premium.

You can write to us at any time to end the Premium Freeze Benefit and the premium freeze will end on the next anniversary of your cover.

Life Insurance FAQs – presented by NobleOak

How does Life Insurance work?

Life Insurance cover (also known as Death or Term Life Insurance) pays a set amount of money as a lump sum when you die. Most term life policies will pay out a lump sum of money if you are diagnosed with a terminal illness and given only a certain life expectancy – up to 12 or 24 months, for example.
If you die, the money will go to your estate or to the people you have you nominated as beneficiaries, such as family members, who can then use it to help pay off debts. For instance, the money can be used to help clear a mortgage, household bills, fund the costs of the children’s education, or provide an ongoing income for a number of years. In fact, the funds in the event of a claim can be used for any purpose.

At NobleOak we offer comprehensive fully underwritten Life Insurance – this means when you apply for cover we ask you more health, occupation and pastime questions, and may require a medical examination. If the doctor’s report or blood test is required – we arrange these at our cost. This process can take a bit longer upfront, but most importantly, we take all the worry away so there is more certainty at claim time.

Life Insurance Premiums and Policy Renewal
Your premiums are calculated based on things like your gender, age, smoking status, occupation, health, and lifestyle status.

Your policy is renewed annually, with premiums usually increasing as you get older (commonly known as ‘stepped premiums’) and as your level of cover increases to keep up with inflation (commonly known as ‘indexation’).

How Much Will Seniors Life Insurance Cost?

The cost of premiums is perhaps a reason why a number of older Australians aren’t taking out life insurance.

But the good news is, the premiums for those in their 50s might not be as high as you suspect.

Sure, age is one of the main factors that influence the premium. It’s simply because you’re at a higher risk of becoming a claimant when you’re older.
However, your premium will still tend to be noticeably lower that for someone in their 60s. Also, premiums will vary from one person to another based on the following:

  • your current health
  • your smoking status
  • the level of cover you attain
  • your lifestyle pursuits
  • your occupation

In addition, insurers may require you to undergo a medical exam to determine your health status. Still, you might be pleasantly surprised if you compare some quotes and policies for life insurance cover. Your premium may not be as expensive as you think as long as you’re in good health and don’t lead a lifestyle or engage in an occupation that carries higher risks.

How much Life Insurance do I need?

Having the right amount of cover is important. However, many Australian families remain underinsured.

If life took a turn for the worse, you wouldn’t want your family to suffer the additional stress of not being able to pay the mortgage or essential ongoing household bills, on top of dealing with the emotional distress that your loved ones would be experiencing.

Calculating the cost of Life Insurance
When selecting how much Life Insurance coverage you may need, it’s important to consider your level of debt and ongoing expenses, and the lifestyle you wish your family to maintain if you were to unexpectedly pass away.

For example, it can be helpful to think about your current household living expenses, your mortgage or other debt and the type of education and support you’d like for your children now and in the future. This can help you calculate the level of cover you will need to financially protect your loved ones.

A ‘rule of thumb’ people often use to calculate the level of Life Insurance (Death) cover suitable to them, is to multiply their salary by 10 to 20 times. This is one approach to provide a general idea of how much cover might be needed, but there are of course others. People often use a higher multiple when they have younger children with high dependency.

If you’re responsible for looking after the home, you may need to consider the cost of accessing external childcare and home support to manage the household should you no longer be around.

Flexible Life Cover to suit your needs
The good thing about Life Insurance is you can tailor the level of cover to your individual circumstances and then adjust it according to your budget. Above all, it’s most important to ensure that your loved ones are adequately financially protected.

With NobleOak, you have the flexibility to apply for Life Insurance cover up to $25,000,000.

If you are still unsure how much cover you might need to protect your loved ones, NobleOak’s Life Insurance calculator can help guide you.

Why Should You Get Life Insurance in Your 50s?

Here are some reasons to be thinking about life insurance cover in your 50s:

1. Protecting Your Family from Outstanding Debt
A lot of seniors in their 50s have made great progress in reducing, or even clearing their mortgage, but there could be other debts from investments or properties.

Sure, some investments may have equity. But if your family needs to sell off the asset because they can’t cover the debt, the value could dwindle.
To prevent that, you may wish to consider attaining an adequate amount of Life Insurance to help cover the debt should you pass away.

If you do, The debt wouldn’t fall on your family and the investment could be retained for its intended purpose, such as for the children to inherit or to become part of your partner’s retirement plan.

2. Removing Uncertainty
For many people over 50, financial circumstances change. Your children might have finished schooling and started earning their own incomes. But that’s not set in stone.

There’s a possibility that your children’s circumstances may change and come back to live with you. Beyond that, you might also have to provide for your grandchildren.

Your Life Insurance may be able to cover these types of expenses if you’re no longer around to help provide for them.

3. Fair Split of Your Estate
To avoid any conflict within the family, you’d probably want to ensure your family members get a fair split of your assets.

It’s not uncommon that one’s asset portfolio may be complicated and that there may be a significant asset that’s hard to split without losing value. This is often the case with small businesses and farms.

If you have Life Insurance, that’s something that can go into the overall mix as an additional asset, allowing greater diversity and possibly increasing the options available when it comes to ensuring a fairer split of assets when you pass away. Estate planning is complex, though, so it’s often a good idea to get professional advice on wills and estate matters.

How can I get a good policy?

With age, it’s natural to think more about how to help your dependants maintain their lifestyle should the unexpected occur. It’s true that you’re at a higher risk of illness or injury, which will drive up the premium. But this doesn’t mean you can’t get adequate cover without burning a hole in your pocket.

Here’s some information which can help you think about a policy that covers your needs, with an eye on your budget.

1. Check Your Health
Most insurance providers will ask you to go through medical testing before you take out a policy. If you have any medical conditions or a lifestyle that is classified as risky, these will affect your premium.

Also, it’s important not to hide any medical conditions you may have. Doing so may well give an insurer a valid reason to reduce or refuse payment in the event of a claim.

2. Make Sure to Understand the Benefits and Features
When you take out an insurance policy, there will be certain terms, conditions and exclusions attached to the benefits and features of the cover that you should take the time to understand.

Many policy documents are written with jargon free language, so they are easier to understand than you may think.

Look out for any ‘pre existing condition’ clauses or if there is anything that seems out of place. Don’t hesitate to ask the insurance representative to clarify things for you.

More importantly, you don’t need to jump at the first opportunity that comes your way. It’s okay to shop around until you find the right product.

Help protect you and your loved ones

Fully Underwritten

NobleOak only offer fully underwritten Life Insurance, tailored by you. This helps minimise the risk of unforeseen delays or surprises in the event of a claim

17% discount on Life Cover*

Over Fifty Insurance members are entitled to a 17% lifetime discount on Life cover*

Award-Winning Insurance

Australia’s most awarded Direct Life Insurer 2022^

Peace of Mind for Funeral Expenses

NobleOak will quickly advance $15,000 of your cover amount to assist with funeral expenses

145 Years' Experience

NobleOak has over 145 years of helping protect Australians and their families

Customer Satisfaction

Feefo rating 4.8 out of 5 stars#

Speedy Claims

Claims processed in 5 business days on average

Prefer to speak to a real person? 

Call NobleOak’s friendly and experienced customer care team on 1300 041 494 Monday to Thursday 8am to 9pm AEDT, Friday 8am to 7pm AEDT

Call us now on 1300 041 494

How to make a claim

Notify NobleOak
To make a claim, please notify the Claims Team on 1300 551 044. They will walk you through the process, send you a claim form and explain which documents are required.

Need help with your claim?
You can also complete the Claims Support Form if you need help making your claim.

Important notice

*Over Fifty Insurance customers are entitled to a 17% discount (which remains for the life of the cover) on NobleOak’s My Protection Plan standard premium rates on Life Insurance cover.

My Protection Plan is issued by NobleOak Life Limited ABN 85 087 648 708 AFSL No. 247 302. Address: 44 Market Street, Sydney NSW 2000. Phone: 1300 041 494. Email: sales@nobleoak.com.au. Cover is available to Australian residents and is subject to the terms and conditions of the My Protection Plan Product Disclosure Statement (PDS). The information on this website is of a general nature only and does not take into consideration your individual objectives, financial situation or needs. Please also read the NobleOak Financial Services Guide and the Target Market Determination (TMD). Before you purchase an insurance product you should carefully consider the PDS to decide if it is right for you. People who seek to replace an existing Life insurance policy should consider their circumstances including continuing the existing cover until the replacement policy is issued and cover confirmed. NobleOak cannot provide you with personal advice but our staff may provide general information about NobleOak Life insurance. By supplying your contact details, you are consenting to be contacted by NobleOak, in accordance with the NobleOak Privacy Policy.

Remuneration disclosure – Over Fifty Insurance receives on ongoing fee from NobleOak equivalent to 12.5% of premiums (and Member Solutions Pty Ltd receives 5.5% for its role as programme design consultant) for insurance cover acquired as a result of the marketing arrangement; this is at no additional cost to customers.

^NobleOak Awards please see here[1] .

#Feefo rating based on 154 service ratings over the past year (as at 5 September 2022).