Noble Oak life insurance offerBack to previous page
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NobleOak is delighted to be part of the PSA Member Benefits program, offering 25% saving on comprehensive life insurance directly to members of PSA and their families, free of external commission.
NobleOak has been insuring Australians for over 135 years and is backed by a top 3 global reinsurer, Hannover Re.
If you would like to find out more go to the PSA members page on the at NobleOak website or call 1300 551 044.
*Savings vary significantly by age and gender. On average, NobleOak customers achieve around a 25% saving compared with most insurers. PSA received no commission on NobleOak products.
NobleOak’s My Protection Plan – Frequently asked questions
1. What is My Protection Plan and how is this different to other life insurance cover?
My Protection Plan is a life insurance policy designed for people who want comprehensive life insurance, without having to go through advisers. That gives you control and saves you money. Unlike other direct life insurance; it provides cover up to $15 million for life and up to $3 million for TPD. You can also add Trauma cover, Income Protection and Business Expense insurance with this.
2. How do the premiums compare to other insurers?
Premium savings vary by your age, sex and whether you smoke or not, but generally our customers have achieved savings of around 20%-30% each year compared to other insurers.
3. How can I set the policy up?
Simple. If you’re happy with the quote, then we’ll make appointments for each member of your family that would like cover to go through underwriting over the phone, and when that’s all satisfactory, we can start the policy over the phone too. We’ll need some signatures along the way of course, and then the documentation will be sent to you when it’s all done.
4. How long does the application process take?
It varies depending on the underwriting appointments, and whether there are any additional requirements. If additional requirements such as medical exams are required, it can add a couple of weeks to your application, sometimes longer. If no medicals or other requirements are needed, then it can be as quick as a couple of days for approval and set up of the policy. NobleOak will pay for any medicals if required.
5. What do you need for application/ underwriting?
That will depend on your age, the amount of cover requested and your answers through the underwriting process. Many members get through the questions with no additional requirements, and if there’s anything extra, we’ll organise it all for them.
6. Can I factor in TPD/Trauma/Salary Continuance?
Of course, My Protection Plan is comprehensive and you can add these covers on. It is designed that way so you only pay for the cover that you need.
7. How much discount can I get?
Our premium rates are very competitive, especially compared to other direct life insurance products. Plus our rates don’t have high commissions loaded in them to pay for an adviser. Usually, members of Hockey NSW will receive around 20% saving on premiums compared to other life and TPD insurance covers depending on health and age.
8. Who is NobleOak and why have I never heard of them?
NobleOak is a Friendly Society that’s been providing life insurance to Australians for over 135 years. You haven’t seen us on TV, because we don’t spend money on expensive advertising, this helps keep our premiums affordable for members.
9. Why are your premiums lower than other insurers?
Our premiums are lower than other insurers because we pass external commission (otherwise payable to advisers) back to you the customer, and because we don’t spend heavily on advertising.
10. How secure am I with NobleOak?
NobleOak is regulated by APRA and subject to stringent capital and reserving requirements like every other life insurance company in Australia. It is a fundamental requirement of our industry that policy owner monies and benefit entitlements rank ahead of shareholder investments and other creditors. Also, NobleOak has been providing life insurance cover for Australians for over 135 years, we pride ourselves on excellent service and have paid 100% of genuine claims. Our insurance products are all reinsured by Hannover Re, a top 3 global reinsurer.
11. What information do I need to provide to be given a quote?
For each member to be insured, we need their name, date of birth, sex, whether they smoke or not and the amount and type of cover sought. We’ll need your contact details too so we can reconfirm your identity next time we chat, and send the quote through.
12. Can I get this cover from my adviser?
Absolutely. Most advisers have been selling life insurance to customer for many years as part of the service they provide and will continue to do so either through this product or with other NobleOak or competitor products.
13. Is it cheaper if I go direct through NobleOak?
Advisers usually charge commission to help pay for the personal advice given. When buying direct from us, we don’t provide personal advice, so we can afford to discount the premium. So buying direct through NobleOak saves you money, not just in the short term, but for the life of the policy.
14. Why do PSA members receive a special discount?
PSA has partnered with NobleOak to be able to offer their members and their families’ savings on life insurance. PSA receives no commission so pass all savings back to you.
15. I want my spouse covered, can I set this up too?
Yes, we can set up cover for your spouse through My Protection Plan. We’ll need to speak to him/her to start that process. Either ask them to give us a call, email us, or pass us their details and we can call them at a convenient time.
16. Are there any pre-existing condition exclusions?
No, this product is wholly underwritten. That means, as long as you fully and correctly disclose all your medical and lifestyle conditions and history, and are accepted by us, then as long as all premiums are paid when due, we’ll pay any legitimate claim in the future. In rare cases, our acceptance may be subject to a medical or other exclusion, but in these cases, we’ll make sure you understand and agree to that before the cover starts.
17. Are my premiums tax deductible?
While we can’t provide personal or taxation advice, the insurance premiums are generally not tax deductible. But please speak to your adviser or accountant.
This item is listed in the following categories: • Member benefits