How Insurance Works

NOBLEOAK Insurance Comparison – Will it Save You 20%

There’s obviously a number of ways to get
your insurance assorted and one of those ways that I’m getting asked a lot about at the
moment is a company called NobleOak. NobleOak are different as they are a direct
insurer. Meaning go directly to them as opposed to going
through a middleman like an advisor and their big claim is that this will allow you to save
approximately 20% on your premiums. In this video, I’m going to go through the
exercise of getting a quote from NobleOak and then comparing it with the rest of the
market to see if this claim is actually true. Hey, it’s Craig Bigelow from True Pride where
I bring out videos like this to help make insurance easy for you. If you’re new here, make sure you hit that
subscribe button and you’ll also find all the links for what I’ve spoken about in today’s
video in the description below. As I mentioned, there are multiple ways for
you to get your insurances assorted, whether that be going back to your existing super
fund, going through a direct provider like we’ll touch on today or using an advisor like
myself. One option for you is using a specific company
called NobleOak. These guys don’t pay commissions to advisors,
which means that you should pay less for your premiums and their claim is that the difference
is about 20%. These guys, if you think about it, are the
equivalent of the Koala business in the mattress industry. In today’s video, I’m going to walk through
the process of getting a quote with NobleOak, and then we’re going to share with you the
research data that we can put together to see how they stack up from a pricing and features
perspective with the rest of the market. Once we are done, I’m also going to share
with you a bonus tool that I’ve put together for you to be able to work out exactly how
much insurance you need. This will be handy whether you go back to
your super provider, one of these direct insurers, or no matter which way you look to get your
insurance done if you’re unsure of exactly the caviar you should be insuring. Let’s jump in. Firstly, I think it’s important to have a
look at who NobleOak is. Now NobleOak have been around for almost 140
years and they’re backed by the reinsurer: Hannover Re. These guys are Australia’s most awarded direct
life insurer and if you have a quick look on their website, there’s got a banner with
all of the awards that these guys have won. NobleOak ran some really successful TV campaigns
about 12 months ago, which were focusing heavily on the benefits of going direct as opposed
to going through an advisor to get your insurances. The big claim that was by cutting out the
middleman, being the advisor, that you’d be able to save about 20% on your premiums. Needless to say, this was a pretty successful
campaign. Now, when I went to get a quote from NobleOak
and jumped on their website, I found the process really simple. It was super intuitive and allowed me to get
a quote for what I was looking for really quickly and easily. I’ve quoted a pretty common example of life,
TPD and income protection just used on my own details being occupation, age, that sort
of thing to get an understanding of a baseline quote. If you’re unsure what these different insurances
are, there’s a link to another video with some more information on these in the top
corner. Once I had this quote, next up I went into
our independent research software called IRESS and used the numbers that I’ve got
from the quote to compare the same levels of cover with the rest of the market. Now this is not something that you’ll be able
to do at home as it requires having a subscription to this research software. However, if you are looking at cover yourself,
my suggestion would be to at least get some pricing from a couple of other websites to
give you an indication as to how the pricing compares. A couple of good websites for starting out
with doing this would be Finder or Life Broker. Whilst these two websites won’t allow you
to drill down on the features and benefits of the policy, it will allow you to get an
understanding of from a pure pricing perspective how the quote that’s come back from NobleOak
will compare with the rest of the market. So now that I’ve run this comparison report
on my software, I’ve been able to pick two alternate providers and I’ve compared these
together so you can see how they stack up from a pricing, features, and benefits perspective. The way that these ratings work is it’s a
score out of 100, with the higher the score, the better quality the product. As you can see from this example, even though
NobleOak is a direct offering, these two alternatives will offer you a better quality product for
less. Now, I’m sure this won’t be the case in all
scenarios and for you it may work out better to go direct. But in this example that I’ve picked, you
can see that the alternatives are better than what NobleOak can offer. My suggestion to you is that if you are looking
at this, make sure you get a couple of quotes the same way you would if you’re shopping
for anything else. NobleOak do have really good reviews online
and they offer a solution that would work if you knew exactly how much insurance you
want, you don’t need advice on the structure, and you just want to deal with someone directly
as opposed to going through a middleman or an advisor. Advisors don’t always have the best reputation. On the other hand, a direct offering doesn’t
quite work in a few different scenarios. Number one, if you’re unsure on how much cover
you want. Number two, if you’re unsure of the best structure,
so whether it should be through super or non-super. If you need things like level premiums, step
premiums, if you want to look at any of these other benefits that are available to you and
tailoring a package that’s perfect for you, then a direct offering sometimes leaves you
a little bit lacking. Now, as promised, it’s time for the bonus. If you are looking at insurance, it’s likely
that you’re trying to work out how much cover you should be applying for. I filled out a tool for you that’s based on
Facebook Messenger and we’ll ask you a few simple questions to get an understanding of
your current position. This will take you about five minutes to complete. Once you’ve done that, within about 20 minutes,
we’ll send you a personalised report of exactly how much insurance you should be looking at
for life, TPD, trauma, and income protection.

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