How much does Life Insurance cost?

The cost of Life Insurance in Australia depends on various factors such as:

• Age
• Gender
• Smoking status
• Occupation
• Lifestyle
• Medical history
• Your desired level of cover

Generally speaking, Life Cover costs less than most people think. you are a 35-year-old non-smoking male in good health, you would pay approximately $21/month for cover worth $500,000 (note this would depend on any other lifestyle or medical conditions you might have).  If you are a 35-year-old non-smoking female, you would potentially pay approximately $16/month for the same cover. This is based on you having no special conditions. If you do have special conditions related to your health, personal circumstances or occupation, this may result in loadings or exclusions. Once you go through underwriting, we will be able to provide you with an accurate quote based on your circumstances.

Premiums can usually be paid monthly, quarterly, half yearly or yearly to suit your budget. At NobleOak we let you choose the types and amounts of cover you want, and you only pay for what you are covered for.

Because we’ve been winning industry awards for our insurance products and providing them directly to the consumer without the middleman, NobleOak Life Insurance delivers 5-star cover with lower premiums compared with other major insurers.

Does low-cost Life Insurance provide quality cover?

NobleOak is very proud to be able to offer Australians award-winning Life Insurance, without the hefty price tag. Our ongoing goal is to keep costs down while delivering premium Insurance products for your peace of mind.

When you’re shopping around for Life Insurance, what are the most important criteria on your shopping list? If you’re like most, then cost and quality are up there. By cost, we mean the price of premiums; and by quality, we mean the features of the product, ease of making claims, and how likely you are to get paid at claim time.

Some people believe that cost and quality are directly correlated – that is, if one goes up, the other goes up too. NobleOak proves otherwise. Here’s how we keep our premiums low, and our service high.

Life Cover Direct to You

NobleOak is a direct insurer. Our products are not sold through financial advisers; instead, they are made available directly to you. Other insurers who distribute through financial advisors pay upfront commissions which can be up to 120% of your first year’s premiums, adding significant cost to the distribution of their products which must then be built into their premiums.

By dealing with you directly, NobleOak is able to provide you with cover without any upfront advisor fees. In fact, our competitive Life Insurance premiums are on average 20%* lower when compared to other major insurers.

Complete Peace of Mind

Unlike some other direct insurers, our products are of the same caliber as those you’d purchase through a financial adviser. For example, you can access up to $25 million in Life Cover with Noble Oak – this level of comprehensive cover is usually only available through an adviser led product.

All cover offered by NobleOak is fully underwritten. This means that we assess your risk upfront when you submit your application, by asking you a range of medical, health and lifestyle questions and undertaking a free blood or medical assessment if required. We then use this risk assessment to tailor the cost of cover to you as an individual.

With fully underwritten insurance cover, there are no nasty surprises if you ever needed to make a claim (as long as you were completely honest with us when you submitted your application). You know exactly what you are covered for and all terms are agreed with you upfront

How can I reduce the cost of Life Insurance?

You can reduce the cost of Life Insurance by making sure you are fit, a healthy weight, and a non-smoker. And perhaps exclude risky activities like hang-gliding and quad-bike riding from your cover. Access our Life Insurance cost calculator to find out how much cover you may need.

It is important that you have the right level of cover for your needs and we don’t advise economising by reducing your cover unless your circumstances allow. If your financial obligations have decreased, for example your mortgage is paid off and your children are financially independent, then decreasing your cover is a way of reducing your premiums.

There may be times in your life when you feel the pinch and would like to keep your outgoings steady, including your insurance premiums. With NobleOak Life Cover, you may choose to fix the cost of your premiums at any time by writing to us with a request to freeze your premium amount.

Premium Freeze Benefit means that your future premiums will be fixed at the amount you were paying on the date you notified us. Instead of the premium increasing with age and inflation, each year your cover amount will be adjusted to the amount of cover that can be purchased for the frozen premium using the premium rates applicable for your age. Then, when you are ready to resume insurance cover which keeps up with the rising cost of living, you simply need to write to NobleOak and we will end the premium freeze on the next anniversary of your cover.