How long does Income Protection Insurance last for?

Please be aware that NobleOak Income Protection as mentioned in this material is no longer available to new customers from 1 October 2021;  NobleOak Disability Income Insurance is now available instead. Please be aware that product features and benefits differ. General advice only – Before making a decision to purchase or continue with a product you should read the current Product Disclosure Statement (PDS), Target Market Determination (TMD) and Financial Services Guide (FSG) which are available at Noble Oak and consider this information having regard to your own objectives, financial situation and needs.

On the surface, Disability Income insurance is a relatively straightforward concept

As the name suggests, Disability Income Insurance is a form of insurance designed to provide you with a monthly income in the unfortunate event that you are unable to work due to an injury or illness. The monthly payment can support you and your family financially during these turbulent difficult times.

Simple concept, right? A regular replacement income when you are too unwell to work. But there are some important considerations you should make to ensure you have the right cover for you.

One key question which tends to pop up often among NobleOak customers is “How long does disability income insurance cover me for?” It’s important to understand this so that you can choose cover which will give you the right amount of money when you need it.

We’ll start with the easy stuff. Provided you keep your premium payments up to date, your policy will stay in place until you are 65 years old, and you can make multiple claims if you need to.

You might be wondering how long an individual claim will be paid for. This is called the benefit period, and you will be able to select your preferred benefit period when you apply for cover.

At NobleOak, your benefit period options are:

Two years,

Five years, or

Until you are 65 years old.

Generally, shorter benefit periods are less expensive than longer benefit periods because the maximum length of time a claim will be payable for is shorter. Remember, however, that you may be able to make multiple different claims if you are disabled multiple times over the life of the policy.

It is important to note that the Benefit Period starts after the 30 or 90 day Waiting Period you select. The waiting period is the length of time you must be unable to work due to injury or illness before you become eligible to claim.

Am I eligible for Disability Income insurance?

To be eligible for Disability Income cover with NobleOak, you must be an Australian resident and aged between 18 and 55 when you apply. Our Premium Direct Life product uses stepped premiums, which means the amount you pay will increase each year as you get older.

Disability Income protection through NobleOak

Applying for cover online can be a simple and straightforward process with NobleOak. The three main steps in the process are:

Obtaining a quote

One of our dedicated insurance specialists will help you complete your Disability Income cover quote online or over the phone.

Applying for cover

If you’re satisfied with the quote provided, you can apply right away over the phone or arrange a time for a call back.

Receiving cover

NobleOak will assess your application. Sometimes we can offer you cover without needing further information, but we may need to get further details in relation to your health, financial, or employment situation. From time to time we ask applicants to have medical tests, such as a blood test, but don’t fret,  the cost will be covered by NobleOak.