Two traits engineers tend to possess in abundance are logical thinking and curiosity. But while you might be comfortable analysing adiabatic processes and Coulomb’s law, life insurance can seem like a complex – and daunting – subject. Here’s what you need to know.
Before taking out life insurance, you’ll likely want to know how the cover compares to other products available. Most online comparison tools only compare price and there isn’t much about product features, let alone claims service.
One of the key points of confusion can centre around the difference between ‘underwritten’ cover, where risks are more fully assessed upfront during the application phase, as opposed to products that are not fully underwritten. This means a more detailed assessment (for example, of your medical history) is often made at the time of claim.
What’s the difference?
NobleOak provides ‘fully underwritten’ cover. This means the company asks a number of health-, occupation- and lifestyle-related questions upfront, and medical tests and details of your medical records are sometimes required. This in turn means there is more certainty at claim time. The costs associated with these requests are usually covered by NobleOak.
Competing policies that are not fully underwritten, and are instead assessed when you apply for cover, often contain additional automatic exclusion clauses which apply to pre-existing medical conditions. This means that any medical condition for which you are either currently being treated, or for which you have been treated by a doctor in the past, will be excluded from your policy. Death caused by any of these conditions may result in a claim being declined.
Do it right – not just fast
NobleOak believes 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 more detailed underwriting process prior to the start of your policy, you will have greater certainty about knowing exactly what you are covered for under your life insurance benefits with NobleOak.
As long as your disclosures are complete and accurate when you apply and your cover remains in force, you can rest assured that any future claim will be paid in accordance with our Product Disclosure Statement.
To secure a special offer, visit NobleOak’s website or call one of NobleOak’s friendly team members on 1300 041 494 and mention promo code ‘Engineers’.