nib Total and Permanent Disability (TPD) cover, issued by NobleOak

Depending on the cover type(s) you choose and if you otherwise meet the conditions of cover in the PDS, you would be eligible to claim and receive a lump sum payment if you (in summary):

• Die or are diagnosed with a terminal illness (Life cover)

• Could not work again due to a sickness or injury (TPD cover)

• Were diagnosed with a serious medical condition listed in the PDS (Trauma cover).

If you suffered a sickness or injury and cannot work and if you otherwise meet the conditions of cover in the PDS,  Income Protection cover  would provide a monthly payment after your waiting period and up to the maximum of your selected benefit period.

nib Life Insurance, issued by NobleOak is a fully underwritten set of covers. That means your health, lifestyle and other personal details are assessed upfront at the time of application, not when you make a claim.  Future claims will be assessed based on clearly defined terms, as outlined in the PDS.  

If you’re an Australian resident aged between 16–59 years, you may be eligible to apply for nib TPD cover, issued by NobleOak. TPD cover provides a lump sum payment if you become totally and permanently disabled due to sickness or injury and are unlikely to ever work again. Cover can remain in place to age 75.

You can apply for up to $5 million in TPD cover. TPD cover is available as an optional additional cover with nib Life cover, issued by NobleOak. If a TPD claim is approved, the Life cover sum insured will be reduced by the claim amount paid, as outlined in the PDS.

People work in very different ways, so one definition wouldn’t be fair or suitable for everyone. That’s why TPD cover offers different ways of defining ‘occupation’ to make sure your cover reflects how you earn an income (or contribute at home) and the level of protection you need.  

When you apply for TPD cover, you’ll need to select the TPD definition you want. The choices available to you will depend on your occupation:

• Any occupation – where you’re considered totally and permanently disabled if, because of illness or injury, you’re unlikely to ever work again in any occupation, business or employment you’re reasonably suited to by your education, training or experience

• Own occupation – where you’re considered totally and permanently disabled if, because of illness or injury, you’re unlikely to ever return to your own occupation, even if you could potentially work in another role. This definition is available for certain eligible occupations and typically costs more

• Domestic duties – where you’re considered totally and permanently disabled if, because of illness or injury, you’re unlikely to ever be able to perform key everyday household and caregiving tasks from a set list of domestic activities. This definition applies if you’re not working when you take out your TPD cover. If you worked more than 15 hours per week for more than six consecutive months immediately before a claim, your claim will generally be assessed under the ‘any occupation’ definition instead. Additional age‑based rules may apply. Full details are set out in the PDS.
  
  The definition that applies to your cover will be confirmed when you apply and will be outlined in your Benefit Schedule.
  
  For full definitions, eligibility criteria and conditions, please refer to the PDS.

When determining how much TPD cover you may need, you may wish to think about:

• Your current debt, such as your mortgage, personal loans and credit cards

• The number of dependents you have and how long they may rely on your financial support

• Your current income and how long you may need financial support if you’re unable to work again

• Ongoing household expenses, including utilities, groceries and insurance premiums

• Future medical, rehabilitation or care costs that may arise if you become permanently disabled

• Education expenses for your children, such as school or university fees

• Childcare or home assistance costs if your ability to perform daily activities is impacted

• Lifestyle costs you may wish to maintain, such as transport, family activities or modifications to your home.
  
  The amount of TPD cover you need will depend on your personal circumstances. You should consider reading the PDS and, if appropriate, seek professional financial advice.

TPD cover can be included in a Self-Managed Super Fund (SMSF). Where TPD cover is taken through an SMSF (that is, the trustee of the SMSF owns the cover), there are certain limitations due to the requirements of the Superannuation Industry (Supervision) Act 1993 (SIS Act).

If you hold TPD cover through an SMSF as a Trustee Member, superannuation law restricts when a benefit can be paid. In these circumstances, a TPD benefit will generally only be payable if you meet the ‘any occupation’ definition of TPD, in addition to any other policy conditions. These requirements are outlined in the PDS.

Because superannuation is a complex area which changes from time to time, it’s suggested that you obtain tax or accounting advice when considering your taxation affairs.

Some individuals who apply for TPD cover may require a medical examination. Whether or not you need a medical examination will depend on several factors, such as your age, health status, lifestyle, occupation and the sum insured amount you apply for.

Your TPD cover will start once it’s accepted by NobleOak and communicated to you in writing. Until then, NobleOak may ask for additional information to fully assess your application. Your duty to disclose any relevant information continues right up to the point your application is accepted.

When your insurance cover begins, you’ll receive an acceptance letter and certificate of cover outlining the full details of your insurance. Please keep these documents together with the PDS for future reference.

You’ll also receive an annual advice prior to each cover anniversary confirming your insurance details, including your insured benefits and premium payable.

While your application is under assessment, an Interim Accidental Disablement Benefit may apply. This provides limited cover if you become accidentally disabled due to certain defined events between the application date and the termination of interim cover. This benefit is subject to eligibility criteria, limits and definitions (including a maximum benefit of $500,000), and is not available in all circumstances. Full details are outlined in the PDS.

Contact NobleOak on 1300 993 413 to get a claim form for your nib Life Insurance, issued by NobleOak.  

Once completed, email your form to claims@nobleoak.com.au or mail to:  
Claims Team, NobleOak Life
GPO Box 4793
Sydney NSW 2001

If you have a complaint about your nib Life Insurance policy, issued by NobleOak, or the service that has been provided (including the obligations under the Life Insurance Code of Practice) please contact NobleOak to let them know your concerns. The NobleOak team will do all they can to resolve your complaint as quickly as possible. All complaints are handled by the NobleOak Client Care team. They will contact you within one business day of receiving your complaint and will aim to resolve your complaint within five business days and no later than 30 calendar days (subject to access to the required information).

There are several ways you can contact the Client Care team to register your complaint:

• Email: clientcare@nobleoak.com.au

• Phone: 1300 396 455

• Write to NobleOak:  
  Attention: Client Care team, NobleOak Life
  GPO Box 4793
  Sydney NSW 2001

To assist NobleOak in dealing with your complaint quickly, please include the following information:

• Your name and contact details, including your daytime phone number and email address

• Details of your complaint

• Your desired outcome.

If you are unhappy with the handling of your complaint, or the resolution of your complaint you can escalate your complaint to the Australian Financial Complaints Authority (AFCA). AFCA provides fair and independent financial services complaint resolution that is free to consumers.

Website: www.afca.org.au
Email: info@afca.org.au
Telephone: 1800 931 678 (free call)

In writing to:
Australian Financial Complaints Authority
GPO Box 3
Melbourne VIC 3001

For further information on how NobleOak handles complaints, please access the NobleOak Public Complaints Policy.

NobleOak Life Limited (NobleOak), an award-winning Australian life insurer, is the issuer of nib Life Insurance. They were established in 1877 and have been protecting Australians for over 145 years. 

NobleOak is regulated by the Australian Prudential Regulation Authority (APRA) and holds an Australian Financial Services License issued by the Australian Securities and Investments Commission (ASIC).

NobleOak has adopted the Life Insurance Code of Practice (Code). The Code sets out the minimum standards for dealing with, communicating with and servicing members. It’s built around the principles of clarity and transparency, fairness and respect, honesty and timeliness of communication.

NobleOak is also a member of the Council of Australian Life Insurers (CALI), a body which supports the Australian life insurance industry and its members through dedicated representation and engagement. CALI advocates to drive positive outcomes for customers, insurers and their partners.