The role of life insurance in 2022

Research commissioned by NobleOak and conducted by PureProfile reveals that nearly half of Australians do not have any life insurance products, such as term life insurance or income protection cover. The top 3 reasons given for not having life insurance include: too expensive (44%), don’t expect to use it (13%) and don’t see value in having it (11%). And even those who do have a policy may not have the right amount of cover to meet their needs.

Whilst Australians generally continue to be significantly underinsured for Life and Income Protection cover1NobleOak’s research shows that people who have cover are happier than those without.

The importance of life insurance and associated happiness was highlighted in NobleOak’s 2022 Whitepaper2. Of the 1,000 plus people surveyed, those who took positive action to protect loved ones, by taking out life insurance, seemed to be happier. The majority (82%) of those who had direct life insurance, rate their happiness at 6 or greater out of 10; . In terms of overall ‘happiness’, those people who see the risks they face but have done something positive to manage those risks (i.e. taken out life insurance) seem to be not only protecting their loved ones but also helping to protect their own happiness.

With good information, finding the right type of insurance and level of cover for your circumstances doesn’t have to be complicated or too costly, providing you with the added benefit of being able to help protect the financial future of your loved ones.

Reasons to consider life insurance

Cover is issued by NobleOak, Australia's most awarded Direct Life Insurer of 2021 with over 140 years heritage.^

Some features of FlexiCover Life Insurance, issued by NobleOak:

  1. It’s easy to get a quote from NobleOak. Speak to their friendly team on 1300 108 490, or go to
  2. All cover types are fully underwritten, which helps reduce unforeseen delays or surprises in the event of a claim.
  3. There is an annual decreasing cover feature to help you manage affordability^^ - see PDS for details.

A range of life insurance covers are available under FlexiCover, including:

  • Life insurance - pays a lump sum if you die or become terminally ill,
  • Income protection insurance - helps support lost income for a period if you can't work due to sickness or injury, 
  • Trauma insurance - pays a lump sum if you are diagnosed with one of the critical illnesses listed in the PDS, and
  • Total and permanent disablement insurance (TPD) – pays a lump sum if you become permanently disabled as the result of a sickness or injury and are unable to work again.

This article has been written by NobleOak Life Limited ABN 85 087 648 708 AFSL No. 247302.

This is general information only. It is not financial advice and does not take into consideration your individual circumstances, objectives, financial situation, or needs.

FlexiCover is issued by NobleOak Life Limited ABN 85 087 648 708 AFSL No. 247302 (‘NobleOak’). Qudos Mutual Limited trading as Qudos Bank ABN 53 087 650 55 AFSL/Australian Credit Licence 238 305 (‘Qudos Bank’) is not responsible for the FlexiCover product. Qudos Bank promotes the FlexiCover product under a marketing arrangement with NobleOak but does not provide any financial advice regarding the product. NobleOak Services Limited (wholly-owned by NobleOak) pays Qudos Bank an ongoing commission of 16.5% of premium when products are acquired as a result of the marketing arrangement. This commission is at no additional cost to customers. Further information can be found in the NobleOak Financial Services Guide (FSG) available at and in the Qudos Bank Financial Services Guide (FSG) available at Cover is available to Australian residents and is subject to acceptance of the application and the terms and conditions set out in the FlexiCover Product Disclosure Statement (PDS). This information is of a general nature only and does not take into consideration your individual circumstances, objectives, financial situation or needs. Before you purchase an Insurance product, you should carefully consider the PDS to decide if it is right for you. The PDS is available by calling NobleOak on 1300 108 490 or from The Target Market Determination for NobleOak’s FlexiCover Insurance is available at Clients should not cancel any existing Life Insurance policy until they have been informed in writing that their replacement cover is in place. NobleOak cannot provide you with personal advice, but our staff may provide general information about NobleOak Life Insurance. By supplying your contact details, you are consenting to be contacted by NobleOak, in accordance with NobleOak’s Privacy Policy. Available at

^NobleOak Awards please see here

^^ With FlexiCover, Life, TPD, Income Protection and Trauma insurance covers are available. You can choose for FlexiCover’s annual Decreasing Cover Adjustment Feature to apply to your Life, TPD or Trauma cover amounts. It means your cover amount will reduce each year within a range of 0% to 10% as selected by you and your premium will be adjusted accordingly.

NobleOak research was conducted independently by PureProfile Australia Pty Ltd in December 2021 from a survey completed by over 1,000 Australians between the ages of 30 and 60 years old.


Get a quick quote from NobleOak


Call the NobleOak FlexiCover team on 1300 108 490 and mention 'Qudos Bank’