NAB Life Insurance Review

NAB Life Insurance Review

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NAB Life Insurance is the Aussie’s go-to life insurance due to its customisable plans. You can freely create your policy base on you and your family’s current needs. NAB offers different life insurance plans fit for various lifestyles. 

Note, however, that NAB does not accept new clients anymore. This page is specially written for existing NAB policyholders who may want to compare their plans with other life insurance providers.

A Little Background about NAB

National Australia Bank (NAB) is one of the country’s most trusted insurance companies. They offer many options, including life, car, travel, home, and landlord insurances. 

NAB services 12.4 million people within Australia, New Zealand, Japan, Singapore, Indonesia, Vietnam, the United Kingdom, and the United States. You don’t have to worry about how you’ll get assisted as they have more than 42,000 employees who can cater to any of your enquiries. 

NAB Life Insurance Features

Many policyholders have signed up for NAB’s life insurance due to its flexible features. Every person interested in getting a plan from them is entitled to receive some of the main features. Here are some of them:

  • Applicable to Australian permanent resident
  • Entry age is 18 to 64 years old
  • You can still get covered until 75
  • Sum insured based on age groups:
    • 18-44 years old: $1 million
    • 45-54 years old: $750,000
    • 55-64 years old: $500,000

NAB Life Insurance Benefits

We mentioned earlier that you could customise your policy, but here are some of the general benefits that you may receive:

  • NAB Essential Life – Applicable for 18-64 years old policyholders. You can be eligible for a terminal illness or death coverage with a lump sum payment that can go up to $ 1 million.
  • NAB Critical Illness – You can receive a lump-sum payment of $500,000 if diagnosed with a critical illness.
  • NAB Essential Injury – For any accident-caused injuries such as fractures, you are entitled to receive a $40,000 lump sum. Another option is to receive an $800 daily payment if you cannot perform your daily activities due to the injury.
  • NAB Essential Accidental Death – Your family can receive a lump sum of $1 million in case you die after suffering an accident within 12 months.

In making a claim, your beneficiaries must do the following:

  1. Call NAB Life Insurance on 1300 411 535.
  2. Fill out the given claim form.
  3. Present all the supplementary documents.
  4. Wait as they process your claim request.
  5. If approved, NAB will send the amount to your given bank account.

NAB Does Not Guarantee Covers to the Following Cases

Like all insurance companies, the NAB also has restrictions and may reject applicants with any of the following conditions:

  • Influence of alcohol and drugs not prescribed by a doctor;
  • Any involvement in crime or illegal activity;
  • Mountaineering, motorsports, rock climbing, and scuba diving deeper than 40 metres;
  • Working on the underground or heights of more than 10 metres; and
  • Working with explosives.

Other information that may help you:

  • They accept smokers with higher premiums.
  • The premium plan cost may vary depending on your age, gender, lifestyle, medical status, and the amount you apply for.
  • You can upgrade your policy cover since it is flexible.
  • They have financial advisers to help you create a suitable plan for you.

Compare Life Insurance Plans at Makes Cents

If you’re looking for a new policy or need a policy upgrade, you can find a variety of life insurance plans here at Makes Cents. Before saying yes to a provider, make the smart move to compare life insurance plans on Makes Cents. We try our very best to give you accurate and updated information to help you decide.

NAB Life Insurance is the Aussie’s go-to life insurance due to its customisable plans. You can freely create your policy base on you and your family’s current needs. NAB offers different life insurance plans fit for various lifestyles. 

Note, however, that NAB does not accept new clients anymore. This page is specially written for existing NAB policyholders who may want to compare their plans with other life insurance providers.

A Little Background about NAB

National Australia Bank (NAB) is one of the country’s most trusted insurance companies. They offer many options, including life, car, travel, home, and landlord insurances. 

NAB services 12.4 million people within Australia, New Zealand, Japan, Singapore, Indonesia, Vietnam, the United Kingdom, and the United States. You don’t have to worry about how you’ll get assisted as they have more than 42,000 employees who can cater to any of your enquiries. 

NAB Life Insurance Features

Many policyholders have signed up for NAB’s life insurance due to its flexible features. Every person interested in getting a plan from them is entitled to receive some of the main features. Here are some of them:

  • Applicable to Australian permanent resident
  • Entry age is 18 to 64 years old
  • You can still get covered until 75
  • Sum insured based on age groups:
    • 18-44 years old: $1 million
    • 45-54 years old: $750,000
    • 55-64 years old: $500,000

NAB Life Insurance Benefits

We mentioned earlier that you could customise your policy, but here are some of the general benefits that you may receive:

  • NAB Essential Life – Applicable for 18-64 years old policyholders. You can be eligible for a terminal illness or death coverage with a lump sum payment that can go up to $ 1 million.
  • NAB Critical Illness – You can receive a lump-sum payment of $500,000 if diagnosed with a critical illness.
  • NAB Essential Injury – For any accident-caused injuries such as fractures, you are entitled to receive a $40,000 lump sum. Another option is to receive an $800 daily payment if you cannot perform your daily activities due to the injury.
  • NAB Essential Accidental Death – Your family can receive a lump sum of $1 million in case you die after suffering an accident within 12 months.

In making a claim, your beneficiaries must do the following:

  1. Call NAB Life Insurance on 1300 411 535.
  2. Fill out the given claim form.
  3. Present all the supplementary documents.
  4. Wait as they process your claim request.
  5. If approved, NAB will send the amount to your given bank account.

NAB Does Not Guarantee Covers to the Following Cases

Like all insurance companies, the NAB also has restrictions and may reject applicants with any of the following conditions:

  • Influence of alcohol and drugs not prescribed by a doctor;
  • Any involvement in crime or illegal activity;
  • Mountaineering, motorsports, rock climbing, and scuba diving deeper than 40 metres;
  • Working on the underground or heights of more than 10 metres; and
  • Working with explosives.

Other information that may help you:

  • They accept smokers with higher premiums.
  • The premium plan cost may vary depending on your age, gender, lifestyle, medical status, and the amount you apply for.
  • You can upgrade your policy cover since it is flexible.
  • They have financial advisers to help you create a suitable plan for you.

Compare Life Insurance Plans at Makes Cents

If you’re looking for a new policy or need a policy upgrade, you can find a variety of life insurance plans here at Makes Cents. Before saying yes to a provider, make the smart move to compare life insurance plans on Makes Cents. We try our very best to give you accurate and updated information to help you decide.

Our NAB Life Insurance Review is just one of many. You can also read reviews on many more Life Insurance Reviews at MakesCents.



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