One of the main reasons people take out life insurance is to provide them with more certainty about what will happen should they pass away.

However, many term life insurance policies may not actually provide that certainty; it’s only when it is time to make a claim that you understand what is covered and what is not. It’s the difference between life insurance cover that is fully underwritten and cover that is not underwritten.

Fully underwritten life cover

In fully underwritten cover, risks are assessed upfront during the application process. Insurers such as NobleOak ask a number of health, occupation and lifestyle questions upfront and sometimes require medical tests as well as details of your medical records. This means there is more certainty at claim time.

In non-underwritten life insurance policies, more detailed assessments (for example, of medical history) are generally made only at the time of claim. Often, this type of cover has clauses that exclude any pre-existing conditions the insured may have. This can mean that any medical condition for which a policyholder is either currently being treated, or for which they have been treated by a doctor in the past, may not be covered under their policy in the event of a claim. For example, death caused by any of these ‘pre-existing’ medical conditions may result in a claim being declined.

Is fully underwritten life insurance a worthy investment?

Seeking fully underwritten life insurance can take a little longer than the one-size-fits-all approach that other insurance policies may offer, but it’s an investment of time that can prove worthwhile when it comes to making a claim.

It generally takes about 15 to 30 minutes on average to complete an application with NobleOak and the assessment process for an application can vary depending on whether any medical or other information is required. The process to finalise an application may take only a couple of days if no additional information or tests are required, or otherwise between 10 to 20 working days, depending on how quickly doctors can provide their reports back to their insurer.

“At NobleOak, we believe you should have utmost faith and confidence in your life insurance cover, particularly as you’re paying premiums for the security of being insured,” says NobleOak CEO Anthony Brown.

“At NobleOak, we believe you should have utmost faith and confidence in your life insurance cover, particularly as you’re paying premiums for the security of being insured.”

“By completing a comprehensive underwriting process prior to the policy commencing, you will have greater certainty about knowing exactly what you are covered for under your life insurance policy.”

Why is NobleOak different?

NobleOak provides up to A$15 million of term life insurance cover in the event of a death or terminal illness. As well as term life cover, income protection of up to 75% of the policyholder’s income (up to A$25,000 per month), trauma disablement insurance of up to A$2 million and total and permanent disablement insurance of up to A$5 million is also available.

But life insurance is about more than putting a dollar figure on somebody’s life.

It’s about providing the insured person with comfort and peace of mind in knowing their loved ones will have a degree of financial security should they pass away. Fully underwritten life insurance can help families overcome financial issues that may arise.

Find out more

For an instant quote, visit www.nobleoak.com.au/charteredaccountants or phone 1300 108 490 and mention ‘CA – Chartered Accountants’. Cover available for Australian residents only.

_{NobleOak Life Limited ABN 85 087 648 708 AFSL 247302 issues NobleOak life insurance products. See the PDS (available at the link above, or at www.nobleoakcom.au) for product details and to consider if the product is right for you. General information only – it does not take your circumstances into account and is not financial advice. Online quotes are indicative only – your premium will take into account your age, occupation, sum insured, health and pastimes. You should not cancel any existing life insurance product until you have been informed in writing that your new cover is in place.}