NobleOak Direct Income Protection
Canstar congratulates NobleOak on winning an award for outstanding value direct income protection insurance in Canstar’s 2018 Star Ratings. Find out why NobleOak’s direct income protection insurance led the pack this year.
Outstanding features and premiums from NobleOak
NobleOak were awarded a 5-Star Rating for their Premium Life Direct income protection product in each of the 80 consumer profiles that Canstar rates. They lead the market in terms of low premiums and the features they offer.
NobleOak is the only insurer to have received an Outstanding Value Award for Direct Income Protection Insurance for three consecutive years – 2016, 2017 and now 2018. In 2016 and 2017, NobleOak was the only insurer to have won Canstar’s Outstanding Value Award for both Direct Income Protection and Direct Life Insurance.
Well priced and strongly featured, the most distinguishing features of NobleOak’s Premium Life Direct income protection product include:
- Of the products available directly to consumers, this is the only income protection product with the option of a benefit period to age 65. Consumers who choose this benefit period when they sign up for their cover have peace of mind that if they remain unable to work they can potentially receive their benefit each month until they reach the age of 65 years old. Reassuringly, the benefit amount will increase each year to help protect against the effects of inflation on purchasing power.
- A maximum benefit of $25,000/month, meaning incomes right up to $400,000 may be insured up to the maximum of 75%.
- This is the only product available directly to consumers that offers a partial disability benefit. When the insured person is unable to work because of serious illness or injury, if they then return back to work but can’t perform all of their regular duties and their income drops, a partial disability benefit may be paid.
- This is one of a few products in the market offering a specified injury benefit (covering 8 specified injuries) and a specified illness benefit (for 30 specified illnesses). If the person insured is injured or ill and can still work, if it is because of one of the illnesses or injuries specified they may receive a special payment (of between 3 and 6 months of their monthly sum insured).
- Several benefits come built into the product, some of which include:
- A maximum death benefit of $75,000
- Terminal illness benefit
- Rehabilitation benefit
- Spouse cover
- Nursing care benefit
See the table below for a snapshot of the current products on offer from NobleOak, based on a 30-39 year old male non-smoker, in a white collar occupation.
NobleOak was officially established as the Druids Friendly Society of NSW in 1877 but they began as early as 1861, when the NSW Ancient Order of Druids first offered insurance to its members. These early beginnings make NobleOak one of Australia’s oldest insurers.
They are a specialist provider in Australia for life insurance, TPD, trauma insurance, income protection insurance, and business expenses insurance. NobleOak have won many awards for their life insurance products since entering the market, including the Canstar Direct Income Protection Award in 2016, 2017 and now 2018.
The NobleOak vision is to protect Australians and their families by offering them affordable and accessible insurance. NobleOak provides fully underwritten cover which means that a number of health and lifestyle questions are asked at application time, so applicants know exactly what they are covered for and there are no surprises at claim time. They keep costs low by avoiding large upfront commission payments to third parties and they pass savings back to their clients in the form of lower premiums.
NobleOak proudly advertises that they have a client satisfaction rating of 95.5% (2017 client survey by Pureprofile). If you phone them, they promise that a real person in your time zone will answer your call within three rings.
NobleOak supports the Australian community by partnering with organisations such as the Pharmaceutical Society of Australia and the Independent Practitioner Network.
Find out more about direct income protection with our latest star ratings report:
Premium Life Direct Income Protection
Premium Life Direct Income ProtectionView the 2018 Direct Income Protection Star Ratings Report