NobleOak has launched a new direct insurance product for Australians who want insurance cover without the need of a financial adviser.
In a statement issued by the life insurer, NobleOak said the Premium Life Direct life and income protection insurance product will provide Australians with the “same comprehensive cover” they would obtain through an adviser or broker but without any “built-in adviser commissions”.
“Premium Life Direct is a comprehensive life insurance product which includes Life, Total and Permanent Disability (TPD), Trauma, Income Protection, and even Business Expenses covers,” the statement said.
“It is designed for people who require high quality insurance cover, without needing specific financial advice,” it said.
Commenting on the new product, NobleOak chief executive Anthony Brown said it will provide the same “level and quality” that clients can access through an adviser but at a lower cost.
“This saves our clients an average of 20 per cent every year compared to similar products available from other leading insurers,” Mr Brown said.
“The premium saving can be even higher for some ages. It’s backed by personalised service and provided by an insurer that has been protecting Australians for over 137 years.
“NobleOak is the only truly independent Australian life insurer," he added. "We are not owned by a bank and do not own any adviser networks, so can offer real value for money to our clients with minimal channel conflict."
Mr Brown said many clients no longer want to pay upfront commissions to advisers through higher premiums.
“They prefer to come directly to NobleOak and obtain great cover at a lower cost. We are very pleased to offer Premium Life Direct without any built-in adviser or broker commissions. It means lower cost and better service,” he said.