Choosing the right Life Insurance can be challenging due to the numerous options available.
But doing some basic research using independent resources is a good place to start.
Canstar and Strategic Insight are two popular independent sources of comparison information. We’ve provided a summary of their findings on how NobleOak compares below:
Canstar has a team of people who collect, analyse and research information on over 16,000 products, including Life Insurance.
Their star ratings system is designed to help consumers increase their chances of finding the right product based on the best mix of features and price.
According to Canstar, “5 star products should be on your shopping list. As a consumer, this represents a high-value product. According to our ratings, these are the top 10% of products in their field.” (Canstar website 2017).
Recognition from Canstar
NobleOak has won the prestigious Canstar Outstanding Value Award for the three consecutive years. We’re the only direct Life Insurer to win three awards for outstanding value three years in a row for Direct Life Insurance – 2016, 2017 and now 2018.
The Life Insurance cover provided through NobleOak’s Premium Life Direct has been independently reviewed by Strategic Insight. The matrix above is an extract from the Strategic Insight Direct Insurance Report 2017©. It clearly illustrates that NobleOak’s Life Cover is a market leader with respect to price and features when compared to other Life Insurance available directly.
Strategic Insight (Actuaries and Researchers) is the leading independent supplier of Australian Life Insurance and managed funds market information, relied upon for over 20 years by the leading life offices, analysts, dealer groups and government bodies.
How our premiums compare
NobleOak offers the same comprehensive level of cover you would normally
expect from a financial adviser or broker, at a lower cost.
Our competitive Life Insurance premiums are on average, 20%* lower than other major insurers when purchased through an adviser or directly through that insurer.
Notes for the comparisons below:
‘Direct’ refers to Life Insurance products available directly from an insurer, or a third party that does not provide financial advice.
‘Advised’ refers to Life Insurance products available through a financial planner/adviser or broker, with the inclusion of financial advice.
NobleOak vs Direct life insurers: Average saving 51%*
The table below illustrates how NobleOak’s Life Insurance premium rates compare to a large sample of leading direct Life Insurance products. This shows NobleOak’s Premium Life Direct premiums are on average 51%* less than other products compared.
Quotes shown are monthly premiums based on non-smokers with $500,000 of Life Cover and based on recently published insurance premium rates.
The table above is sourced from Strategic Insight Actuaries and Researchers. Strategic Insight is the leading independent supplier of Australian Life Insurance and managed funds market information, relied upon for over 20 years by the leading life offices, analysts, dealer groups and government bodies. Last updated March 2018.
NobleOak vs Advised: Average saving 13.29%*
The table below illustrates how NobleOak’s Life Insurance premium rates compare to a large sample of leading advised Life Insurance products. This shows NobleOak’s Premium Life Direct premiums are on average 13.29%* less than other products compared.
What to look for when comparing Life Insurance products
This is most often a key determinant as nobody wants to pay more than they have to. Bear in mind that even if the price looks right, if the product does not suit your needs or provide certainty of cover at claim time, then it may not be suitable for you.
If you are eligible for the cover
Although this won’t be an issue for most applicants, if you are above (or perhaps below) the eligible age limits or you have a particular health issue, then the cover may not be available in the first instance.
How much you can actually cover yourself for
Some Life insurers may only provide maximum cover up to $100,000 while others will provide an unlimited amount (subject to medical and financial requirements).
Factors which might prevent a claim being paid
Many savvy customers review all the “exclusion” clauses within the Product Disclosure Statement (PDS) before they apply. For example, they check if there are any pre-existing medical condition exclusion clauses in the product. You may want to speak with your doctor about any exclusions before signing up for cover.
If there are any optional or built-in extras within the cover
Some products include valuable additional features. You could possibly be entitled to additional benefits such as automatic funeral cover, free financial advice or perhaps counselling for your loved ones in the event of your death.
How easily you can make changes to your cover
Your Life Insurance needs when you are 25 and single will be very different to when you are 45 and may have a partner and possibly children who are financially dependent on you. If there is little or no flexibility in the product to adapt your cover as your life changes, then it may not be right for you.
If you can include other Life Insurance covers
Cover such as TPD, Trauma, or Income Protection Insurance can often be bundled with your Life Cover. It’s important to consider all possible eventualities which could impact your own and your family’s financial future.
Looking for the right life cover? We’ve got your back.
A great place to compare
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Other types of life insurance
Total and permanent disability policies pay a cash benefit to you or your family if an incident leaves you unable to work. Such a policy may cover you if you cannot work in your own occupation or in any – depending on the type of TPD cover you take out.
Income protection pays regular (e.g. monthly) cash amounts of up to 75% of your income (salary + superannuation contribution) while you make a recovery from serious illness or injury. It’s invaluable cover for anyone who relies on a regular income.
Trauma insurance (also known as critical illness or recovery insurance) is a product for those who want financial security if they fall ill. If you’re diagnosed with a serious medical condition (e.g. cancer, heart disease), you’ll receive a cash sum.
Life insurance for families
A life insurance policy pays out a benefit to your family if the worst were to happen. Most Australians take out term life policies when they first have kids, and it’s important that they seek the right amount of cover.
Seniors life insurance
As long as they don’t have a serious medical condition, there’s no reason why older Australians shouldn’t consider term life cover for themselves. In fact, many Aussies reported feeling relaxed knowing they were covered.
Life insurance for women
Three in every five Australian women don’t have life insurance, but this product is available to breadwinners, stay-at-home parents: everyone. Importantly, it also functions the same way for everyone.