Know what to look out for when it comes to taking out life cover as a professional engineer. NobleOak explains the main reasons why insurance products can protect your family’s financial future in case the unexpected occurs. 

It’s deeply entrenched in the mindset of engineers to look to reduce the risk in everything they create, but how well have they applied this same thinking to the potential risks in their personal lives by securing financial protection for themselves and their loved ones?

Chronic medical conditions such as lung cancer, heart disease, dementia, stroke and obstructive pulmonary disease claim the lives of almost 60,000¹ Australians each year. Numerous other diseases and terminal illnesses have also caused the deaths of tens of thousands more and contributed towards hundreds of thousands of people suffering debilitating illnesses who are unable to work or earn a living.

The breadth of life insurance products available to Australians offers peace of mind in knowing your loved ones can be financially secure and are able to maintain a good quality of life in the event of your severe illness, injury or death. These events may be difficult to imagine ahead of time, which is why, it pays to think of life cover at present day as a sensible and cost effective way to mitigate such risks.

With NobleOak, you can rest assured in the knowledge that you are protected by the most awarded direct Life insurer in 2018 who offers life insurance products with engineers in mind.

NobleOak is delighted to provide comprehensive life, TPD (Total and Permanent Disability) and income protection insurance with a tailored offer for engineers where you can save an average of 22% on your premiums compared to similar products from other major life insurers in Australia. Here is a breakdown of the main types of life insurance products to consider: 

Life insurance

In the event of your death, ask yourself who would your family turn to for financial support? Longstanding obligations such as a mortgage, school fees and also the increasing cost of living serve as constant reminders of what is takes to support your family day-to-day. But without appropriate cover in the event something happens to you, these costs can soon impact your family’s quality of life.

Life insurance cover pays out a lump sum if you pass away or are diagnosed with a terminal illness and have less than 12 months to live. These funds can be used to pay any medical and funeral expenses, eliminate family debt and support the continuing lifestyle of your loved ones.

NobleOak’s Life cover is fully underwritten, meaning we ask health, lifestyle and occupation questions up front so the cover is tailored to your needs and circumstances. Your cover will give a transparent review of exactly what will happen in the event of your death so both you and your family are not left in the dark.

Income protection insurance

Your ability to earn a fixed income is your most valuable asset – it is the foundation on which your family’s lifestyle is built. But if you have not taken the necessary steps to financial security in case of illness your family’s financial future could be at stake.  

NobleOak's highly customisable income protection insurance works by providing up to 75% of the person’s salary (up to $30,000 gross per month), after a pre-agreed waiting period 30 or 90 days and throughout the benefit period of 2 years or to age 65. The monthly benefit can also cover medical costs and essential bills as the individual recovers. It softens the financial blow and gives a family one less serious problem to worry about as they concentrate on helping their loved one to recover.

Total and permanent disability (TPD) insurance

Similar to standard Life cover, Total and Permanent Disability (TPD) Insurance comes into play when a person is, as a result of a serious illness or injury, permanently disabled and unable to work in their own occupation or any future occupation suited to their training or experience.

NobleOak's TPD insurance can pay a lump sum of up to $5 million, however the amount of cover available is conditional upon your financial situation. TPD Insurance can be used to cover medical expenses, property changes to allow for special needs, debt elimination, and any number of living expenses.

Trauma insurance

Trauma insurance is a cover designed to pay out a lump sum if you are diagnosed with a serious or chronic medical condition and need help for medical treatment and expenses.

Depending on your cover, you may be able to claim financial support up to $2 million if the unexpected occurs. The cover amount in a trauma insurance event is paid as a lump sum after a diagnosis has been made and is particularly useful in covering medical bills, renovation costs, debt minimisation and living expenses.

Heart attack, stroke, cancer and coronary artery by pass surgery account for over 90% of all trauma claims. You may also be eligible for a trauma payout if you suffer a severe injury which, for example, leads to quadriplegia.

Protecting your family

NobleOak’s life insurance products are designed to offer financial relief and peace of mind during an individual’s or family’s darkest moments. During a time of turbulence, it can help to smooth the waters and take away one of the biggest causes of stress – financial security. In helping to construct a positive financial future, such insurance product offerings can contribute to protecting the assets that matter most in your life - your family and loved ones.

Why NobleOak?

• NobleOak has won nine awards in 2018 for outstanding value, product excellence, customer service and innovation. Feel secure by getting cover with the most award-winning direct Life Insurer of 2018.
• First established as the ‘United Ancient Order of Druids Friendly Society of NSW,’ NobleOak is an Australian public unlisted company regulated by APRA and with a 140-year track record in Australia.
• NobleOak offers great value comprehensive Life Insurance directly without adviser fees or high overheads. NobleOak makes purchasing Life Insurance straightforward so you can get the cover you need with no surprises at claim time.
• At NobleOak you get personalised service from locally based team of friendly Life Insurance specialists.
• Finally, for its clients’ security and peace of mind, NobleOak products are backed by a leading global reinsurer Hannover Life Re.

Get an instant quote at:

www.nobleoak.com.au/engineers

*Important Information

Please contact NobleOak to verify your actual premium and to apply for cover on 1300 108 490 which will take into account your age, occupation, sum insured, health and pastimes. The savings

quoted are the average of the savings when comparing NobleOak’s Premium Life Direct cover premiums under this offer with the premiums under the 10 other advised products used in the comparison. The savings quoted

are based on a non-smoking Australian resident with a Life Insurance sum insured of $500,000 at 5 year age bands from age 30 to 65. The premiums quoted for this offer include a 10% discount to our usual Premium Life

Direct premium rates. Life Insurance rates for insurers, including NobleOak, may change in the future and this could change the outcome. The premium comparison was undertaken in March 2018 based on published premium rates. Age limitations generally apply to Life Insurance products.

If you already have a form of Life Insurance and are considering your cover, or if you’re looking to become a first-time policy holder, it may be beneficial to compare providers to help ensure you’re getting cover that’s suited to your needs, as well as value for money. The information contained in this article is of a general nature only and does not take into consideration your objectives, financial situation or needs. Be sure to read the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully to check what cover is included and what exclusions might apply to any policy you’re considering. NobleOak Life Limited 85 087 648 708 AFS Licence AFSL 247302.