Flexicover Life Insurance NobleOak

Flexicover Life Insurance

Illawarra Credit Union customers receive the first month of cover free* - on all cover types.

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Cover Types

What you are covered for?

  • Pays a lump sum to your nominated beneficiary upon death
  • Advance payment if you are diagnosed with a terminal illness
  • Advance payment to assist with funeral expenses


  • Apply for up to a maximum of $25m cover
  • Terminal illness benefit – your life cover amount is paid upon terminal illness, instead of when you die
  • $15,000 funeral advance benefit~ (from your Life cover amount)

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This table is a summary of some features only – please see the PDS for full product details.

How does FlexiCover Life Insurance work?

FlexiCover is issued by NobleOak Life Limited.

  • FlexiCover is a Life Insurance product which enables you to choose to reduce^ your cover each year – for example, as your financial commitments reduce over time. When you do this, your premium adjusts accordingly to help make your Life Insurance more affordable.
  • In the event of a claim, you or your beneficiary (depending which cover types you select) would receive a lump sum payment^^ which could be used in any way you see fit, including for example to help to clear the balance of your loan or any other financial commitments.
  • FlexiCover claim proceeds are paid to you or your beneficiary – they are not tied to your financial commitments and the cover remains in place regardless of whether you change your lending arrangements

FlexiCover also includes

  • First month free – Illawarra Credit Union customers receive the first month of cover free*
  • Fully underwritten cover – this means you will have more certainty in the event of a claim

View the Digital Information Brochure for FlexiCover Life Insurance.

View NobleOak’s product disclosure statement (PDS) for FlexiCover Life Insurance.

How to apply

Click here to find out more and get a quick quote or call the NobleOak FlexiCover team on 1300 108 490 and mention ‘Illawarra Credit Union’

This is factual information only (it is not general or personal financial advice). The Target Market Determination for NobleOak’s FlexiCover insurance is available here.

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Important notes

Important Information – FlexiCover is issued by NobleOak Life Limited ABN 85 087 648 708 AFSL No. 247302 (‘NobleOak’). Illawarra Credit Union Limited ABN 14 087 650 771 AFSL/Australian credit licence 245576 is not responsible for the FlexiCover product. Illawarra Credit Union 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 Illawarra Credit Union 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 www.nobleoak.com.au.

*First Month Free Offer – Apply for one or more life insurance cover types available under FlexiCover and if cover is issued, you’ll not start paying premiums until one month after the commencement date of cover. This applies to any one or more available FlexiCover cover types you take out. Offer available once only per new customer and may not be used in conjunction with any other offer.

^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.

^^The FlexiCover suite of life insurance products includes income protection cover as an available cover – as described in the product Disclosure Statement, this pays a monthly benefit (rather than a lump sum) if you are unable to continue working due to illness or injury.

**NobleOak awards information found at https://www.nobleoak.com.au/award-winning-life-insurance/

~NobleOak will quickly advance $15,000 of the agreed Life Insurance cover amount to assist with funeral expenses, upon provision of satisfactory evidence of 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 www.flexicoverlife.com.au/illawarra. 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.

Illawarra Credit Union will not be held responsible for the information contained within a site accessed via this site. Should you enter another site through such links, the content will not have been produced, checked for accuracy, or reviewed by the Credit Union. Any endorsements or any opinions offered are not necessarily those of the Credit Union.

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