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The following is not personal financial advice, but it does contain useful information which you may want to think about.

Before examining these 5 myths around life insurance, consider one key truth: fully underwritten life insurance can bring an added degree of financial security and peace of mind into your life.

Myth 1: Less medical questions mean quicker and better cover

Some directly available life insurance covers don’t ask many health questions when you apply. Often these have broader pre-existing condition clauses 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) and other documents from your insurer to make sure you know what you are, and are not, covered for. It can be easy to buy cover because it’s quick and/or cheap, but this doesn’t mean it’s the best life insurance for your particular circumstances.

Myth 2: I’m single, so I don’t need life insurance

Fact: 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, nor 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: The life insurance provided within many superannuation funds may not adequately cover your life insurance needs. Often, a 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 keeping in mind your levels of debt and how much you want to provide for loved ones should you pass away.

Myth 4: Fully underwritten and Partially Underwritten covers are the same

Fully underwritten = greater certainty. One of the key points of confusion can centre around the difference between “underwritten” cover, which is more 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 5: My health disqualifies me from life insurance

Fact: A medical diagnosis does not automatically mean you will 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 are taking positive steps to manage your condition, you can 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.

To learn more about NobleOak’s Life Insurance products, click here to request a quote , or call NobleOak on 1300 041 494. Mention “SENIORS CARD - SA” to receive your special 17% lifetime discount on Life cover.*

This is an advertorial for NobleOak. This is general information only and does not take into consideration your individual circumstances, objectives, financial situation or needs.

Important Information –NobleOak Life Limited ABN 85 087 648 708 AFSL 247302 is the issuer of NobleOak life insurance products. The information contained is of a general nature only and does not take into consideration your objectives, financial situation or needs. Before making a decision to purchase or continue with a product you should read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD) and Financial Services Guide (FSG) and consider this information having regard to your own objectives, financial situation and needs. If you are considering replacing an existing life insurance policy you should consider your circumstances, including continuing the existing cover until the replacement policy is issued and cover confirmed.* Discount – Members are entitled to a 17% discount (which remains for the life of the cover) on NobleOak’s My Protection Plan standard premium rates on term Life Insurance cover. The offers are available for new customers only and can be used only once. Not able to be used in conjunction with another advertised offer.