What is Income Protection Insurance?
Often referred to as IP, Income Protection is a Life Insurance product which is designed to provide regular payments for a specified period to replace some of your income when you can’t work due to a serious illness or injury.
The monthly benefit covers up to 75% of any pre-tax income (subject to an overall maximum benefit of $25,000 per month). To be eligible for IP Cover, you need to be an Australian resident and aged between 18 and 59.
Maximum Cover Benefit
$25,000 Learn moreNobleOak’s Premium Life Direct products include comprehensive Income Protection where you can insure for up to 75% of your pre-tax income, to a maximum benefit of $25,000 per month. In the event you suffer a serious illness or injury and are unable to work, NobleOak will pay you a monthly benefit for the duration of your disability, beyond the expiration of your nominated waiting period.
Benefit
Period
2 Yrs or Age 65
Learn more
NobleOak’s Income Protection cover provides you with the option to choose between a benefit period of 2 Years or to Age 65. The Benefit Period begins at the end of your nominated waiting period and continues for the duration you remain unable to work up to the end of the applicable benefit period, being 2 years or Age 65.
Waiting
Period
30 or 90 Days
Learn more
Also under NobleOak’s Income Protection cover, you have the option to choose between a waiting period of 30 days or 90 days. In the event of a claim, the monthly benefits will be payable after you have been disabled beyond your nominated waiting period.
Maximum
Entry Age
59
Learn More
To be eligible to apply for Income Protection cover with NobleOak, you must be an Australian Resident and aged between 18 and 59. Our Income Protection products are priced using stepped premiums which means your premiums will increase each year in line with your age and also CPI (where your monthly benefits are indexed to keep pace with inflation).
Total Disablement Benefit
If you become Totally Disabled, you will receive a monthly benefit payment to replace your lost income. Learn moreIf you become Totally Disabled, you will receive a monthly benefit payment to replace your lost income. These payments:
Commence after your nominated Waiting Period has expired, and
Continue for the duration of your Total Disablement, to a maximum of your nominated Benefit Period.
Your payments are calculated on a daily basis and payable monthly in arrears, so your first monthly benefit payment will be paid one month after the end of your Waiting Period.
Totally Disabled / Total Disablement means due to Sickness or Injury occurring while covered for Income Protection Insurance, you are:
Unable to perform one or more duties of your occupation that is important or essential in producing income, and
Not working (whether paid or unpaid), and
Following the advice of a Medical Practitioner.
Partial Disablement Benefit
NobleOak will pay you a reduced benefit if you return to work in a partial capacity following a period of total disablement. Learn moreNobleOak will pay you a reduced benefit if you return to work in a partial capacity following a period of total disablement. The Partial Disablement Benefit becomes payable providing you have been Totally Disabled for at least 14 days, and remain Totally Disabled or Partially Disabled beyond the expiry of the waiting period. Partially Disabled means due to your Sickness or Injury:
You are only capable of performing some duties of your occupation
Your monthly Income is less than your Pre-disablement Income, and
You are following the advice of a Medical Practitioner.
The partial benefit you receive will be reduced in proportion to the loss of Income sustained, and will be calculated on a daily basis.
Dedicated Claims Support
A dedicated claims consultant that will support you throughout the process. Learn moreDedicated Claims Support
If you or your family need to make a claim you’ll be assigned a dedicated claims consultant based here in Australia. This consultant will support you throughout the claim process.
Affordable
At NobleOak, you buy direct from your insurer making it more affordable. Learn moreAffordable
At NobleOak, you buy direct from your insurer. That means that you are not paying commissions to an Adviser. Save an average of 20% with NobleOak*
Life Insurance Company of the Year
NobleOak has won two more prestigious awards. Life Insurance Company of the Year at the RFi Group Australian Insurance Awards for 2018 and the Strategic Insight – Overall Direct Life Insurance Excellence Award for 2019.
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Frequently Asked Questions
What is Income Protection Insurance?
Often referred to as IP, Income Protection is a Life Insurance product which is designed to provide regular payments for a specified period to replace some of your income when you can’t work due to a serious illness or injury. The monthly benefit covers up to 75% of any pre-tax income (subject to an overall maximum benefit of $25,000 per month). To be eligible for IP Cover, you need to be an Australian resident and aged between 18 and 59.
How long should my waiting period and benefit period be?
The waiting period is the length of time before you become eligible to receive your monthly benefit, and the benefit period is the maximum length of time you will receive payments for. At NobleOak, the waiting period for IP is either 30 days or 90 days and the benefit period is either 2 years or to age 65.
If you choose 90 days for your waiting period instead of 30 days, your Income Protection premiums will be lower. Similarly, if you choose a benefit period of 2 years, your premiums will be lower than if you had chosen a period up until age 65.
Is Income Protection tax deductable?
IP premiums are generally tax-deductible. If you have a policy that includes another life insurance product with NobleOak, you may only claim a tax deduction for premiums paid for the IP component. If IP Cover is taken out through an Industry or Retail superannuation fund, and premiums are deducted from your super contributions, these premiums cannot be claimed as a tax deduction.
Do I need Life Insurance and Income Protection?
These two products are designed to safeguard you and your family’s financial future in different ways. They provide cover for varying situations, so it’s important to carefully consider your particular circumstances and situation when deciding upon what types of insurance cover you need, and to assess your suitability and eligibility for both options before starting an application.
How can I apply for cover?
You can apply for IP Cover by obtaining a quote online or by speaking to a member of the NobleOak team over the phone. We can’t provide personal advice, although we can offer general information to guide you through the process. If you know what level of cover you need, we can proceed with your application straight away.
Visit our FAQ page to find out more information about NobleOak’s Income Protection Insurance product. The insurance is subject to the terms and conditions in the PDS which contains the relevant information including any exclusions.
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Terms and Conditions
View T&C's*Average Saving on Life Cover
The 20% savings quoted are the average savings when comparing NobleOak’s premiums for its Term Life cover under NobleOak’s Premium Life Direct product to the average cost of a range of Term Life insurance products offered by a number of other Life Insurance companies, including products available directly from the insurer (6 products included in this comparison) and those available for purchase through a financial adviser or broker (6 products included in this comparison).
Based on premium rates available as at April 2020, Plan for Life has calculated that for Term Life, Noble Oak’s Premium Life Direct product is on average 46% lower than other comparable Direct Offerings (using an analysis of 6 products, Male and Female non-smoker White Collar workers with a Sum Insured of $500,000 and across 5 year age bands from age 30 to age 60).
Plan for Life has also calculated that for Term Life, Noble Oak’s Premium Life Direct product is on average 10% lower than Advised Offerings (using an analysis of 6 products, Male and Female non-smoker White Collar workers with a Sum Insured of $500,000 and across 5 year age bands from age 30 to age 60 for Advised products).
Life Insurance rates for insurers, including NobleOak, may change in the future and this could change the outcome.
Plan for Life (Actuaries and Researchers) is the leading independent supplier of Australian Life Insurance and Managed Funds market information, relied upon for over 20 years by the leading life offices, analysts, dealer groups and government bodies.
If you wish to see the comparison tables and how our premiums compare to Direct and Advised products, please click here.
*Average Saving on Life Cover
The 20% savings quoted are the average savings when comparing NobleOak’s premiums for its Term Life cover under NobleOak’s Premium Life Direct product to the average cost of a range of Term Life insurance products offered by a number of other Life Insurance companies, including products available directly from the insurer (6 products included in this comparison) and those available for purchase through a financial adviser or broker (6 products included in this comparison).
Based on premium rates available as at April 2020, Plan for Life has calculated that for Term Life, Noble Oak’s Premium Life Direct product is on average 46% lower than other comparable Direct Offerings (using an analysis of 6 products, Male and Female non-smoker White Collar workers with a Sum Insured of $500,000 and across 5 year age bands from age 30 to age 60).
Plan for Life has also calculated that for Term Life, Noble Oak’s Premium Life Direct product is on average 10% lower than Advised Offerings (using an analysis of 6 products, Male and Female non-smoker White Collar workers with a Sum Insured of $500,000 and across 5 year age bands from age 30 to age 60 for Advised products).
Life Insurance rates for insurers, including NobleOak, may change in the future and this could change the outcome.
Plan for Life (Actuaries and Researchers) is the leading independent supplier of Australian Life Insurance and Managed Funds market information, relied upon for over 20 years by the leading life offices, analysts, dealer groups and government bodies.
If you wish to see the comparison tables and how our premiums compare to Direct and Advised products, please click here.