NobleOak

NobleOak - Key Information

Founded: 1877 (over 140 years of history)
ABN: 85 087 648 708 AFSL: 247302
Insurer Name: NobleOak Life Limited (direct issuer and underwriter of its policies)
Authorised Representative: No – NobleOak Life Limited operates under its own AFSL.
Core Offering: Fully underwritten life insurance products including;

• Life Cover
• Total and Permanent Disability (TPD) Cover
• Trauma Cover
• Income Protection Insurance.

Payout Range: Life Cover sums insured up to $15 million; TPD up to $5 million; Trauma Cover up to $2 million; Income Protection monthly benefits up to $30,000 (subject to eligibility and underwriting).

Early Payout: Terminal illness benefit available under Life Cover, allowing early access to the full insured sum upon diagnosis.

Claims Process: Dedicated Australian-based claims consultants offering personalised support, with a strong reputation for transparent and fair claims handling.

Customer Support: Australian-based team providing phone and online support during extended business hours (Monday to Friday).

Reputation: Multi-award-winning insurer with consistent awards for Outstanding Value and Customer Satisfaction.

Headquarters: Level 7, 66 Clarence Street, Sydney NSW 2000, Australia

NobleOak - Company history and milestones

NobleOak brings over a century of history in member protection, transitioning to a direct life insurance model focused on offering Australians award-winning value without the complexities of traditional channels. Unlike newer companies, NobleOak's experience underpins its commitment to providing simple, fully underwritten cover directly to consumers.

NobleOak Key Milestones:

• 1877 – Origins as a Benevolent Society: NobleOak traces its roots back to one of the first benevolent societies in Australia, the United Ancient Order of Druids (UAOD). This society was founded with the noble purpose of providing a financial safety net for families during times of hardship, with members contributing to a communal fund.
  
• Pre-2011 – Growth as a Mutual Society: For over a century, UAOD operated as a mutual society, driven by the core values of integrity and benevolence, continuing its mission of community support and protection.
  
• 2011 – Demutualisation and Renaming: The UAOD demutualised and was rebranded as NobleOak Life Limited. This marked a significant shift towards a direct life insurance model while retaining the foundational values of its long history.
  
• Post-2011 – Focus on Direct Insurance: Following demutualisation, NobleOak focused on providing life insurance directly to Australians, aiming to offer greater value and simpler, more straightforward policies.
  
• 2016-2024 – Consistent Recognition for Value: NobleOak achieved significant recognition as the only Life Insurer to win the Canstar Outstanding Value Award for Direct Life Insurance for nine consecutive years (2016-2024). They also received the the Outstanding Value Award for Income Protection for ten consecutive years.
  
• 2019-2024 – Award-Winning Direct Insurer: NobleOak was consistently recognised as Australia's Best Life Insurer by for several consecutive years (e.g., 2019-2024).
  
• Ongoing – Commitment to Customer Service and Claims: NobleOak emphasizes its commitment to paying genuine claims quickly and efficiently, supported by a dedicated Australian-based claims case management team. They have reported high claim acceptance rates for life cover.
  
• Expansion of Product Suite: Over the years, NobleOak has expanded its product offerings to include a comprehensive suite of personal insurance products, including Life Insurance, Income Protection, TPD, and Trauma Insurance, and Life Insurance within an SMSF.
  
• Recognition for Sales Excellence and Digital Experience: NobleOak has also received awards for Sales Excellence at the Auscontact Excellence Awards and recognition for its digital experience, indicating a focus on both service and technology.

This timeline highlights NobleOak's evolution from a benevolent society to an award-winning direct life insurer, emphasizing its long history, commitment to value, and focus on customer service.

NobleOak - Key Strengths

NobleOak distinguishes itself in the Australian life insurance market through several key strengths:

• Award-Winning Value and Quality: Consistently recognized as Australia's most awarded direct life insurer, receiving numerous accolades for outstanding value from Canstar for both Life Insurance (9 consecutive years) and Income Protection (10 consecutive years), as well as multiple Mozo Experts Choice Awards for Life Insurer of the Year.
• Competitive Premiums due to Direct Model: By operating directly with customers and avoiding commissions to financial advisors, NobleOak aims to offer more affordable premiums compared to traditional insurers.
• Comprehensive, Fully Underwritten Cover: NobleOak provides fully underwritten policies, which involves a more detailed assessment of health and lifestyle during the application process. This aims to provide greater certainty and reduce the risk of unexpected issues at claim time.
• Simple and Straightforward Communication: NobleOak is committed to using clear and simple language, avoiding complex jargon in their policy documents and customer interactions.
• Australian-Based Customer Service and Claims Support: They have a friendly and knowledgeable Australian-based client services team dedicated to assisting customers and a claims team focused on paying genuine claims quickly and efficiently, with dedicated case managers.
• Strong Claims Acceptance Rate: NobleOak highlights a high claim acceptance rate for life cover (e.g., 98.8%), demonstrating their commitment to supporting policyholders when they need it most.
• Ethical and Customer-Focused Values: Their core values of Nobility (putting clients first), Simplicity (clear communication), Adaptability, and Delivery underpin their operations and aim to ensure positive customer outcomes.
• Investment in Technology and Digital Experience: NobleOak is focused on leveraging technology to improve the customer journey, with user-friendly online platforms and AI-powered tools to streamline processes.

NobleOak is consistently recognized as one of Australia's leading direct life insurers, earning numerous accolades for its outstanding value, quality products, and commitment to customer service. Their awards and recognitions include:

• Outstanding Value Awards: NobleOak has been the recipient of Canstar's Outstanding Value Award for Direct Life Insurance for an impressive nine consecutive years (2016-2024) and for Income Protection for ten consecutive years. This consistent recognition highlights their dedication to providing a strong combination of price and features.
  
• Experts Choice Awards: NobleOak has been named Australia's Best Life Insurer by the Mozo Experts Choice Awards for multiple consecutive years (e.g., 2019-2025), demonstrating their overall excellence in the life insurance sector. They have also received wins in various categories like Exceptional Value and Exceptional Quality within these awards.
  
• Money Magazine Consumer Finance Award: NobleOak has been awarded Money Magazine's Consumer Finance Award for Best Direct Life Insurance Cover on multiple occasions (e.g., 2022, 2024), further validating the quality and value of their direct life insurance offerings.
  
• WeMoney Insurance Awards: NobleOak has been recognized as Life Insurer of the Year by WeMoney for several consecutive years (e.g., 2022-2024), also receiving awards for Best Value, Best Flexibility, and Best Digital Experience in Life Insurance, as well as recognition for their Income Protection products and Claims Experience.
  
• Plan For Life Awards: NobleOak has received the Plan For Life Overall Excellence Award multiple times and has also been recognized for their outstanding Customer Service.
  
• Feefo Platinum Trusted Service Award: This award reflects NobleOak's consistent commitment to providing exceptional customer service, based on independent customer reviews.
  
• Auscontact Excellence Awards (GRIST Number 1 Sales Contact Centre): Recognition for their Sales Excellence within their contact center.
  
• DBM Awards: Winner of the DBM Award for Best Life Insurance, based on customer feedback.

These consistent accolades from independent financial comparison sites and industry bodies underscore NobleOak's strong position in the Australian life insurance market and their ongoing commitment to providing valuable and high-quality insurance products and services to their customers.

NobleOak - Cover Amount Ranges

NobleOak offers flexible cover options designed to meet your financial needs.

• Life Insurance:
  • Minimum cover: $50,000
  • Maximum cover: $25,000,000 (For applicants aged 16-69. Applicants aged 70-74 may be eligible for up to $500,000).
• Total and Permanent Disablement (TPD) Insurance:
  • Minimum cover: $50,000
  • Maximum cover: $5,000,000 (TPD cover is generally taken as an option with Life Insurance and cannot exceed the Life Insurance cover amount).
• Trauma Insurance:
  • Minimum cover: $50,000
  • Maximum cover: $2,000,000 (Can be taken as standalone cover or as an option with Life Insurance. If taken as an option, it cannot exceed the Life Insurance cover amount).
• Income Protection Insurance:
  • Minimum cover: $1,500 per month
  • Maximum cover: $30,000 per month (Benefit amount is typically limited to a maximum of 70% of your pre-tax income).

Important note: all cover amounts are subject to application, underwriting assessment, age limits, and the terms and conditions outlined in the relevant Product Disclosure Statement (PDS).

NobleOak - Sustainability and Corporate Responsibility Overview

NobleOak is committed to operating as a responsible corporate citizen, with a focus on sustainability and ethical practices. Their approach centers on delivering on their purpose of protecting Australians and their families, while adhering to strong corporate governance and ethical conduct.

NobleOak Corporate Responsibility

• Community Engagement: NobleOak's history dates back to the first benevolent societies in Australia, highlighting a long-standing tradition of supporting the community. This foundation emphasizes the importance of protecting Australians and their families.
  
• Ethical Business Practices: NobleOak emphasizes good corporate governance, which they view as "doing the right thing" and living their values. The company is committed to high ethical standards, guided by its core values.
  
• Corporate Governance: NobleOak maintains a strong corporate governance framework. The Board of Directors provides leadership and direction for the business, ensuring accountability and transparency. NobleOak aims to adhere to the ASX Corporate Governance Principles and Recommendations.
  
• Modern Slavery: NobleOak is committed to addressing modern slavery risks within its operations and supply chains. The company has implemented a Modern Slavery Statement to outline its approach to identifying, assessing, and mitigating these risks.
  
• Ethical Practices and Values: NobleOak emphasizes ethical conduct and has core values that guide their operations. This aligns with the "social" aspect of sustainability, focusing on responsible behavior towards stakeholders, customers, and employees.
  
• Long-Term Focus: There's a clear emphasis on building a sustainable business for the long term. This is evident in their strategic decisions, such as investing in technology and innovation, and aiming for sustainable growth.  
  
• Risk Management: Robust risk management practices, as detailed in the documents, contribute to the company's long-term stability and resilience. This is crucial for ensuring the company's ability to operate sustainably over time.

NobleOak - Technology & Innovation

NobleOak has been increasingly focusing on technology and innovation to enhance its operations, customer experience, and market reach. Here's an outline of their key technology and innovation initiatives:

• Digital Transformation for Enhanced Customer Experience: NobleOak is investing in digital transformation to create a scalable technology platform with an improved omnichannel customer experience. This allows customers to interact with NobleOak in the way that suits them best, whether online or via phone, without losing the personal touch.
  
• Streamlined Online Processes: They have introduced a streamlined multi-product quote tool for quick and easy quotes. Their AI-powered application process has been optimized to speed up approvals for low-risk customers, with some applications potentially completed in as little as 10 minutes.
  
• Customer Portal: The launch of a customer portal provides policyholders with greater control over their policies and fast access to their cover information.
  
• Online Chat Functionality: Real-time customer support is available through online chat features on their website.
  
• Online Appointment Booking: Customers can book appointments online for added flexibility and convenience.
• AI-Powered Underwriting: NobleOak utilizes an AI-driven underwriting rules engine to streamline the life insurance application process, significantly reducing the time taken for low-risk applicants.
  
• AI for Quality Assurance: They employ an AI-powered voice analytics tool ('Daisee') to analyze 100% of customer calls in real-time. This improves interaction consistency, compliance, and service quality while optimizing workload for the quality assurance team.
  
• Predictive Analytics for Customer Retention: AI-driven predictive analytics are used to identify policies at risk of lapsing, enabling personalized engagement strategies to improve customer retention.
  
• Wealth Maximiser Service: This new service combines digital solutions with personalized coaching to help Australians manage and build wealth. It includes features like goal setting, wealth health diagnosis, strategies, and personalized wealth roadmaps, aiming to provide financial guidance without the costs associated with traditional financial advisors.
  
• Strategic Partnerships and Embedded Insurance: NobleOak is exploring embedded insurance offerings to integrate their life insurance products more smoothly into the customer journeys of partners and address the needs of various market segments.
  
• Acquisition of Technology-Focused Businesses: NobleOak's acquisition of RevTech Media, a technology company with a large member base (including the FiftyUp Club), demonstrates a strategic move to expand their reach and leverage existing technology platforms.

These initiatives highlight NobleOak's commitment to leveraging technology to enhance efficiency, improve customer experience, and drive growth in the competitive life insurance market.

NobleOak - Pricing and premiums

NobleOak Life Insurance is known for offering fully underwritten life insurance at competitive prices by selling direct to consumers — avoiding adviser commissions and keeping costs lower than many traditional insurers.

Summary for you: NobleOak offers fully underwritten, high-quality life insurance at a more affordable price — without sacrificing the level of cover or claims service quality. Ideal for Australians who are confident purchasing life insurance directly and want to avoid paying adviser commissions.

NobleOak - Pricing and premiums

NobleOak Life Insurance is known for offering fully underwritten life insurance at competitive prices by selling direct to consumers — avoiding adviser commissions and keeping costs lower than many traditional insurers.

How Premiums Are Calculated

Premiums are based on several personal and policy factors, including:

• Age at application
• Gender
• Smoking status
• Health and medical history
• Occupation and lifestyle risk
• Type and amount of cover selected
• Premium structure (stepped or level)

Premium Structure Options:

• Stepped Premiums: Start lower but increase each year as you age. This is the most common choice for affordability early on.
• Level Premiums: Higher initial premiums that remain more stable over time (only adjusting for inflation and policy changes). NobleOak offers true level premiums up to age 70 for some cover types.

Typical Cover Amounts:

• Life Cover: Up to $15 million
• TPD Cover: Up to $5 million
• Trauma Cover: Up to $2 million
• Income Protection: Up to 75% of monthly income (up to $30,000 per month depending on eligibility)

Example Premium Ranges (Estimates Only):

Age: 30 Gender: Male (non smoker)
Coverage: $500,000
Monthly fee: $22

Age: 40
Gender: Male (non smoker)
Coverage: $500,000
Monthly fee: $33

Age: 50
Gender: Male (non smoker)Coverage: $500,000
Monthly fee: $72

Age: 30
Gender: Female (non smoker)
Coverage: $500,000Monthly fee: $18

Age: 40
Gender: Male (non smoker)Coverage: $500,000
Monthly fee: $27

Age: 50
Gender: Male (non smoker)
Coverage: $500,000Monthly fee: $58

Discounts Available:

• Online Application Discount: Discounts are often offered for customers who apply directly online.
• First Year Premium Discount: Limited-time promotional discounts (e.g., 7%–10% off the first year’s premiums) are sometimes available.
• No Adviser Commission Savings: As a direct insurer, NobleOak removes traditional adviser commissions — typically helping deliver premium savings of around 20% compared to advised policies (according to independent studies).

Payment Options:

• Monthly or annual premium payments available.
• Annual payments may attract a small discount compared to monthly instalments.

Please note: that this is a general description. For personalized pricing, it is essential to contact Dignity Insurance or refer to your policy schedule.

Premiums vs Value chart

(Comparing NobleOak’s value proposition versus adviser-sold policies)

NobleOak – Product Disclosure Statement (PDS) Summary

Product Name: Flexicover Life Insurance
Issuer: NobleOak Life Limited (ABN 85 087 648 708, AFSL 247302) PDS Issue Date: 15 December 2024

Purpose

Flexicover is NobleOak’s comprehensive life insurance product. It offers flexible insurance options tailored to protect financial dependants through lump sum and monthly benefits depending on the type of cover selected.

Types of Cover Offered

• Life Cover: Lump sum payment on death or terminal illness diagnosis (Sum Insured: $50,000 to $25 million).
• Total and Permanent Disability (TPD) Insurance: Lump sum if unable to ever work again due to illness or injury ($50,000 to $5 million).
• Trauma Insurance: Lump sum upon diagnosis of specified major illnesses like cancer, heart attack, or stroke ($50,000 to $2 million).
• Income Protection: Monthly payments if unable to work due to illness or injury (up to 70% of income, capped at $30,000/month).

Key Features

• Fully Underwritten: Comprehensive medical and lifestyle underwriting at application time.
• Guaranteed Renewable: Cover is guaranteed to renew each year up to expiry age, provided premiums are paid.
• Premium Type: Variable Age-Stepped (increases annually with age).
• Indexation: Automatic 3% or CPI-based increases to maintain cover value against inflation (optional to opt-out).
• Decreasing Cover Option: Choose for your Life, TPD, and Trauma cover amounts to reduce annually by up to 10%.
• Benefit Upgrade Guarantee: Future improvements to policy terms (where available) will apply automatically to active policies without increasing premiums.

Premiums

• Premiums increase with age.
• Factors affecting premiums: age, gender, smoking status, occupation, health, and sum insured.
• Premium freeze and premium pause options available during unemployment or parental leave (conditions apply).

Key exclusions

• Suicide exclusion applies for the first 13 months (after cover starts, increases, or reinstatements).
• Certain trauma conditions have a 90-day qualifying period.Fraudulent claims or misrepresentations can void cover at any time.
• Specific conditions for claims under TPD and Trauma cover.

Claims

• NobleOak prides itself on paying genuine claims promptly.
• All claims must comply with full disclosure obligations at application and claim time.
• Dedicated Australian-based claims support team.
• Interim Accidental Cover available while applications are being assessed.

Cooling-Off Period

• 30-day cooling-off period from the policy commencement date to cancel for a full refund if unsatisfied.

Special Notes

• Cover Termination: Cover ends on events like full claim payment, non-payment of premiums, death, or reaching policy expiry ages.
• Policy Available Directly: No financial adviser is required for purchase.
• Optional Riders: TPD and Trauma cover can be added as riders to Life Cover, or Trauma can be purchased standalone.

IMPORTANT NOTE: The information in this PDS is general in nature and it does not consider your objectives, financial situation, or needs. It is important that you make your own decisions on whether this product is suitable for you by considering your individual objectives, financial situation, or needs, and if you are unsure, please consider seeking appropriate independent financial advice.

NobleOak – Target Market Determination (TMD) Overview

Issuer: NobleOak Life Limited (ABN 85 087 648 708, AFSL 247302)
Date of TMDs: Latest updates as of 15 December 2024 These TMDs apply to the following NobleOak products:

• FlexiCover
• My Protection Plan (MPP)
• Premium Life Direct
• Total and Permanent Disability (TPD) Insurance
• Income Protection Cover

Target Market Summary

NobleOak’s life insurance products are designed for Australian consumers who are seeking fully underwritten life insurance to provide financial protection against death, serious illness, permanent disablement, or loss of income due to illness or injury.

Each product has a slightly different target market:

• Life Cover is designed for individuals aged between 16 and 74 who have financial dependents or outstanding financial obligations such as a mortgage, and want to ensure loved ones are financially protected if they pass away or are diagnosed with a terminal illness.
• Total and Permanent Disability (TPD) Insurance is suited for working Australians aged 16 to 59 who want financial protection in case they become permanently unable to work due to illness or injury.
• Trauma Insurance is for individuals aged 18 to 59 who are looking for a lump sum benefit if they suffer a specified major illness or injury such as cancer, stroke, or heart attack.
• Income Protection Insurance is targeted at working Australians aged 18 to 60 who are employed at least 20 hours per week, seeking a monthly benefit to replace up to 70% of their income if they are temporarily unable to work due to sickness or injury.
• Business Expenses Insurance is aimed at self-employed Australians aged 21 to 59 who need a way to cover fixed ongoing business expenses if they are unable to work due to illness or injury.

All NobleOak products are intended for consumers who have the financial capacity to pay variable stepped premiums (which increase with age) over the intended life of the policy.

Who These Products Are Not Suitable For

NobleOak’s products are not appropriate for:

• Non-Australian residents
• Individuals outside the eligible age ranges
• Consumers with serious pre-existing medical conditions that would make them uninsurable
• Consumers who are unwilling to go through a full underwriting process (including medical assessments)Consumers who require personalised financial advice during the application

How the Products Are Distributed

NobleOak products are distributed directly to consumers through two main channels:

• NobleOak’s call centre (inbound calls only — no cold-calling)
• Online application through NobleOak’s website and select distribution partners

Only general advice is provided — NobleOak does not offer personal advice tailored to individual financial situations.

Product Review and Monitoring

All NobleOak TMDs are subject to:

• An initial review within 2–3 years unless a significant event triggers an earlier review
• Ongoing periodic reviews every 2–3 years

Reviews are triggered by significant regulatory changes, material changes in claims or lapse rates, or if a large number of complaints suggest the product is no longer suitable for the intended market.

NobleOak – Contact Details

• Company Name: NobleOak Life Limited
• Phone: 1300 041 494
• General Enquiries: 1300 041 494
• Postal Address: NobleOak Life Limited, GPO Box 4793, Sydney NSW 2001, Australia

Operating Hours: Monday to Friday, 8:00 am to 6:00 pm AEST