NAB Life Insurance

NAB is a provider of life insurance, home loans, home & contents insurance, credit cards, personal loans, travel insurance and other investment products.

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Considering NAB Life Insurance? See our comparison table below for a snapshot of its current market offerings. Please note that this table has been formulated based on a non-smoker male in a professional occupation who is seeking cover. The results are sorted by estimated monthly premium (lowest to highest).

To compare other life insurance policies, please click here.

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How much does NAB Life Insurance cost?

The cost of your life insurance will vary depending on several different factors such as your age, occupation and choice of insurer. You can get a quote for NAB Life Insurance by comparing direct life insurance on our website. Compare the quoted premiums to the average premiums for direct life insurance on our database.

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Eligibility to apply for NAB Life Insurance

All permanent Australian residents may apply for a NAB Life Insurance policy, although your age will be a major factor of your eligibility. Upon application, you’ll also be asked some simple questions about your health, lifestyle and family medical history to determine what level of cover NAB is willing to offer to you.

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How to apply for a NAB Life Insurance policy

If you fit the eligibility criteria, you can apply for NAB Life Insurance by clicking on a NAB Life Insurance product in the Canstar direct life insurance comparison tables for your occupation and age, and confirm your choice of policy. You can apply for a quote by clicking on the link in our comparison tables. If you need help obtaining a quote, call NAB on 1300 411 535, or get a quote on the NAB website.

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NAB FAQs

Yes; in fact, it’s encouraged that members manage their policy online, and NAB has a dedicated online portal. By clicking here, you can access statements, update your policy, lodge a claim and make payments.

You or your beneficiaries can claim with NAB Life Insurance by calling NAB on 1300 411 535 or visiting its claims portal on the NAB website.

Before you submit a claim, you may need to have some these details on hand:

  • Your policy information
  • Information about the incident (date, time, place)
  • Original birth and death certificate if the incident was fatal
  • Medical reports, test/examination/laboratory results
  • What damage occurred during the incident
  • What other people, vehicles or property were involved in the incident

If your insurance claim is approved, NAB will arrange the payment of your benefit. If your claim for an income protection benefit is approved, this will involve ongoing payments while you are eligible to continue receiving a benefit, rather than one lump sum payment.

Generally speaking, premiums for forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible, according to ATO (Australian Taxation Office). Ask your tax accountant or financial adviser for more details on this.

The ATO however, states that you can claim the cost of premiums you pay that cover the loss of your income, such as income protection insurance. You can’t, however, claim a deduction for premiums that compensate you for physical injury or are taken out through your super fund. Ask your tax accountant or financial adviser for more details on this.

NAB charges stepped premiums, which increase as you age.

When you apply for NAB Life Insurance, your insurance premium is calculated based on your chosen benefits and level of cover, your age, your occupation, your gender, whether you smoke, your health, family history and whether you engage in hazardous activities.

The cost of your policy is recalculated each year on your policy’s anniversary, so your premium may increase for your particular age bracket or your occupation category.

Premium rates are not guaranteed. For more information about stepped premiums versus level premiums, read this article.

At the time of writing, medical tests are not required to apply for NAB Life Insurance; however, in the event of a claim, NAB may require additional evidence or do a full review of your medical records.

Once you’ve applied for cover, NAB will contact you if a medical examination is required throughout the claims process.

After buying a NAB Life Insurance policy, you can apply to increase the amount of your cover at any time. Your application to increase your cover will be subject to the same eligibility criteria.

You should be able to change your level of cover by adding or removing features or coverage, and by increasing or decreasing your sum insured for each type of cover included in your life insurance policy. If you wish to change your policy inclusions, contact NAB on 1300 411 535 to discuss your options.

Keep in mind that increasing your level of cover or adding your spouse or children to your policy is likely to mean you pay a higher insurance premium.

It depends on the condition and policy you decide to take out. When applying for NAB Life Insurance, you must disclose (tell NAB about) any pre-existing medical conditions you have now or had in the past, as well as current medications and health issues. Find out more about pre-existing conditions for life insurance here.

NAB was founded in 1981 and is one of the big four banks in Australia. It serves over 12.7 million customers worldwide and employs over 42,000 people.

NAB works hard to meet its corporate responsibility and gives annual community grants to support community and charitable organisations making a positive impact.

Through the Start Counting program, NAB is empowering women to improve their financial literacy and develop strong money habits. It also intentionally invests in young entrepreneurs through the $20 Boss project, Work Inspiration and High Resolves, and sponsoring the Alannah and Madeline Foundation since 2003 to prevent bullying.

Through the NAB Foundation, NAB has donated millions to many Australian mental health organisations such as The Black Dog Institute, Smiling Minds and STREAT. You can read more about NAB’s work including micro finance projects, sports sponsorships, and volunteering and giving in the 2015 Dig Deeper report.

As for protecting the environment, NAB was the leader of the pack as Australia’s first carbon neutral bank. It has also invested $1.8 billion over the last eight years for financing renewable energy and natural resources. It also works hard to conserve water and other scarce resources, and to reduce waste, with 75% less going to landfill now than in 2013.

NAB Essentials Life Insurance

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Award: Outstanding Value Life Insurance

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Written by: Regina Collins | Last updated: