NobleOak life insurance is one of the cheapest providers on the market, plus it can pay out up to $25,000,000 – but your premiums will increase as you get older.
These products offer great value, with a good score across both features and price.
7+
Great
These are competitive products, though they didn't quite get top scores.
5+
Standard
These products might offer less value or command a higher premium than others in the market.
0+
Basic
These products might only offer a basic set of features or aren't very competitive on price.
Our verdict
It's our 2019, 2020, 2021, 2022 and 2023 Finder Awards winner for Best Life Insurance.
It's good for accepting claims. It has a claims acceptance rate of 96.90%.
It's price competitive. On average, it's the cheapest life insurance policy available on Finder.
It only offers stepped premiums (these increase in price as you age).
It's not good if you want a funeral advancement of more than $25,000.
Maximum Cover
$25,000,000
Maximum Age
74
Total & Permanent Disability Cover
Trauma Cover
Congratulations, Nobleoak!
Noble Oak has received a Highly Commended award once again this year for its exceptional value and extensive benefits. Of the eligible providers, it was in the top 2 cheapest, while offering up to $25 million in life cover - higher than many on the market.
Compare key features of NobleOak life insurance and get a quote today
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How we picked these
Finder Score - Life Insurance
Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 30 products and gave each one a score between 1 and 10.
But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.
There's no adviser with NobleOak's Premium Life Direct policy, which means no adviser fees. It's good if you're happy to work out how much life insurance you need yourself but less so if you want the security of a financial adviser.
NobleOak life insurance comes with the following benefits:
Life insurance. Your beneficiaries (e.g. your family) can receive up to $25,000,000 when you die, subject to underwriting. This is a larger amount than any of the other 25 insurers we reviewed. However, most people probably won't need a life insurance payout this big.
Terminal illness benefit. If you're diagnosed with a terminal illness, you can claim all of your life insurance benefit. Most insurers offer this benefit.
Financial advice benefit. NobleOak will pay up to $5,000 for the cost of a qualified financial adviser for benefits in excess of $200,000.
Grief counselling benefit. Some other insurers offer this. You can get up to $1,000 for grief counselling for you or your loved ones.
Premium freeze benefit. If your premium is becoming unaffordable, you can freeze your premium amount so it doesn't increase any more. However, this will lower your cover sum insured.
Future increases benefit. This lets you increase your cover amount by the lesser of $250,000 or 25% of the original cover amount without having to provide any further medical evidence.​​
New applicants need to be an Australian resident to apply and fall within ages 16 to 74.
You can add the following optional extras onto your NobleOak life insurance policy:
Trauma insurance. This gives you up to $2,000,000 of your life insurance payout if you suffer a serious, listed medical condition. To apply: You must be an Australian resident and have an insurable health status at the time of application. The minimum entry age is 18 and the maximum age is 59. Cover expires at 70.
Total and permanent disability insurance. This can pay you a lump sum if you become permanently disabled. The benefit will reduce your life insurance cover and after you reach 65, your TPD benefit will be reduced by 10% each year until you are 75. To apply: You must be an Australian resident and have an insurable health status at the time of application. The minimum entry age is 16 and the maximum age is 59.
Income protection insurance. This replaces 70% of your lost income up to $30,000 per month if a serious illness or injury forces you to temporarily stop work. To apply: You must be an Australian resident aged between 18 and 60 and have an insurable health status at the time of application. You must also be employed, working at least 20 hours per week and earning no less than $1,500 a month (the minimum insurable income limit).
Prices in the table below are an average taken from NobleOak based on a non-smoking office worker. These prices show an average weekly premium and should only be taken as a rough guide. We got these quotes in October 2022 and are subject to change.
See how NobleOak's claim acceptance rate stacks up against other life insurers
This is the percentage of claims a life insurer pays out. It's based on data from Australian Prudential Regulation Authority (APRA) covering the 12-month period from 1 July 2021 to 30 June 2022. Taken from 18 Australian life insurance underwriters (of direct policies).
What is excluded?
All policies have exclusions. These are some of the main exclusions NobleOak will not cover and they're all very similar to other insurers:
Suicide occurring within 13 months of you taking out a policy
Intentional self-injury or attempted suicide while sane or insane within the first 13 months
Any exclusion, which is specific to you and noted in any Special Acceptance Terms when you sign up
Addiction to intoxicating liquor or drugs
Your voluntary participation in a criminal act
For a full list of exclusions, read the product disclosure statement (PDS).
Frequently asked questions about NobleOak life insurance
You usually have 30 days after your insurance begins to cancel and receive a full refund on any premiums you've paid. If you cancel after this time, you generally won't be refunded for the premiums you've already paid.
Yes. NobleOak life insurance premiums increase each year you hold cover. This is often referred to as stepped premiums. You can choose to freeze premium increases though. However, this will reduce your total lump sum payout. NobleOak doesn't offer level premiums – these start off more expensive but do not increase. It's one of the main downsides to taking out a policy with it as your premiums could become unaffordable when you get older.
Yes, you can get NobleOak direct life insurance with a pre-existing condition. All applications are fully underwritten so if there are any exclusions applied to your cover, you'll find out about them before your policy is issued.
No, life insurance premiums aren't generally tax deductible, according to the ATO (Australian Taxation Office) but income protection insurance premiums usually are.
Yes, all NobleOak life insurance policies come with Interim Accidental Death cover which is provided at no extra cost while your application is being assessed. This can cover you for up to $1 million.
You usually don't need to do a medical test when applying for NobleOak life insurance, unless you're older and applying for a high level of cover. You will need to answer questions about your medical history though.
Yes. If you hold a Seniors Card or Seniors Savers Card you are entitled to a 17% lifetime discount for cover with NobleOak life insurance.
Gary Ross Hunter has over 6 years of expertise writing about insurance, including life, health, home, and car insurance. Having reviewed hundreds of product disclosure statements and published over 800 articles, he loves simplifying complex insurance topics for everyday readers. Gary has contributed to major outlets like Yahoo Finance, The Sydney Morning Herald, and news.com.au, and holds a Bachelor of Arts (Honours) in English Literature from the University of Glasgow, along with a Tier 2 General Advice certification, ensuring his work adheres to ASIC’s RG146 standards. See full bio
Gary Ross's expertise
Gary Ross has written 621 Finder guides across topics including:
Find out what cover is on offer from Zurich Life Insurance and receive a secure quote for cover. Zurich offers a Life, Income, TPD, Trauma, and Child Cover with additional options to tailor cover further.
Compare Life Insurance and Income Protection policies from Real Insurance and get cover in place with no medical or blood tests.
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