This advertorial has been written by our third-party product provider NobleOak Life Limited

Before examining life insurance myths, consider one key truth: fully underwritten life insurance could bring an added degree of financial security and peace of mind

Myth 1

Fewer medical questions means quicker and better cover

Consider this: Some available life insurance covers don’t ask many health questions when you apply. Often these have broader pre-existing condition exclusions that may result in a greater likelihood of your claim being delayed or even declined. If you already have life insurance or are thinking about taking out cover, do your homework: always read the Product Disclosure Statement (PDS), the Target Market Determination (TMD) and other documents from your insurer to make sure you know what you are and are not covered for. While it may be easy to buy cover, it doesn’t necessarily mean it’s the best life insurance for your situation.

Myth 2

I’m single, so I don’t need life insurance

Consider this: Even if you don’t have any dependants or a partner, there may still be debts to pay and funeral expenses to cover if you were to pass away. For example, the average basic cremation in Australia costs upwards of $4000, with burials costing much more. If you don’t have many debts, or a partner or children to think about, then your life insurance may cost you less than you think because you may decide that you do not need a high level of cover.

Myth 3

My superannuation fund’s life insurance is enough

Consider this: The life insurance provided within many superannuation funds may not adequately cover your life insurance needs. Often, only a minimum default level of cover is provided. If your super fund provides life insurance cover, you should take the time to consider whether the sum insured is adequate in helping to cover your levels of debt and how much you want to provide for loved ones should you pass away.

Myth 4

Life insurance is expensive

Consider this: The cost of life insurance might surprise you – it may be less expensive than you think. Policies vary, and premiums will depend on your age, health, and lifestyle. A 40 year old, male, non-smoker could get NobleOak’s Life cover from 90c a day, depending on the level of cover they want*. Life insurance could help to safeguard your family if you were to pass away.

Myth 5

Fully underwritten and partially underwritten covers are the same

Consider this: Fully underwritten = greater certainty. One of the key points of confusion can centre around the difference between “fully underwritten” cover, where your health and lifestyle are fully assessed upfront, versus products that are not fully underwritten (“partially underwritten”), where often a more detailed assessment is made at the time of claim when your family may be going through a difficult time. With fully underwritten cover, the insurer asks a number of health, occupation and lifestyle questions upfront and sometimes requires medical tests and details of your medical records. This process does take longer than cover that is not fully underwritten but results in far greater certainty about the risks the insurer is taking to provide cover, and importantly greater certainty for you at claim time.

Myth 6

Only breadwinners need life insurance

Consider this: While it’s important for the family’s main breadwinner to seriously consider taking out life insurance, many families make the mistake of not thinking about their primary caregiver taking out cover. Stay at home parents provide an important role as they generally take on the majority of the caring and household responsibilities. Bear in mind too, that the family’s main earner may have to reduce their hours of work to help care for the children if the primary caregiver were to pass away.

Myth 7

I won’t need life insurance until I am older

Consider this: Many people delay taking out cover until they’re older. But life insurance premiums are calculated based on a number of factors including your age and health, which is assessed before your cover commences (although premiums usually increase with age).

Taking out life insurance as you get older may get more expensive or difficult with time, and exclusions may apply. It makes good sense to think about applying while you’re still young and healthy.

Myth 8

My health disqualifies me from life insurance

Fact: A medical diagnosis does not automatically mean you’ll no longer be eligible to obtain life insurance. You need to disclose your health conditions during the application process, but this doesn’t necessarily mean that cover will not be provided. In some instances, cover will be provided with an exclusion relating to your specific condition.

Premiums may be higher to reflect your increased risk levels, but if you’re taking positive steps to manage your condition, you may be able to keep any additional premium cost to a minimum. Bear in mind that there are some medical conditions where NobleOak won’t be able to offer Life Cover, but these are limited.

Myth 9

I can file away my life insurance policy and forget about it

Consider this: It’s important that you keep your life insurance policy up to date and consider whether you should adjust your cover levels with significant life events. With major life events and changes, like marriage, birth of a new baby, increasing your mortgage or adopting a child – it’s important to consider speaking to your insurer about your options, like applying to increase your life insurance cover. This could help act as a buffer against being underinsured as your life circumstances change.

Reasons to consider NobleOak’s FlexiCover Life Insurance

  • Cover from Australia’s most awarded direct Life Insurer 2022^
  • Fully underwritten cover – meaning greater certainty at claim time
  • Funeral advance benefit – NobleOak will quickly advance $15,000 of your cover amount to assist with funeral expenses in the event of a claim on Life cover.

To get a quote from NobleOak, speak to their friendly team on 1300 108 490 or go to

General advice in this material is from NobleOak Life Ltd AFSL 247302

This material is a promotion for NobleOak. Qudos Bank does not provide any financial advice in connection with life insurance – it is not licensed to do so. General financial advice in this material is provided by NobleOak and does not take into consideration your individual circumstances, objectives, financial situation, or needs. You should carefully consider the PDS and the target market determination to decide if NobleOak life insurance is right for you.

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

^NobleOak awards information found at

*Life cover pricing information - premiums are payable annually or monthly. Life cover from 90c per day is an example (using premium rates current as at 18 June 2022), based on a 40 year old male non-smoker (sum insured $500,000) who pays monthly, who is accepted on standard underwriting terms, resides in NSW and works in a white-collar occupation. Life cover premium rates tend to be higher for males. Premiums increase each year with age, and may change in future. Your actual premium for life cover will be based on a range of factors including your age, health, smoker status, occupation and pastimes. Cover is subject to underwriting.

~To be eligible for this payment, you must be diagnosed as terminally ill with an illness that is likely to result in your death within the next 24 months. The diagnosis must be made by two medical practitioners, one of whom is a specialist in the field. NobleOak will pay 100% of your life cover amount following diagnosis, instead of upon death.

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.

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