For years, getting life insurance meant long forms, complicated medical exams, endless waiting, and hidden costs buried in fine print. It was one of those ‘set and forget’ things, something you signed up for because you were told it was the responsible thing to do.
But here’s the problem: many Australians are still paying for outdated policies they haven’t reviewed in years. They’re stuck in expensive plans loaded with brokerage fees, holding cover that may not even suit their needs anymore.
And if your life insurance is tucked away inside your super fund? You might assume you’re covered, but what if it’s costing you more than you think for cover that may not even be adequate?
It’s time to take a fresh look. Because, like everything else in finance, technology is changing the game.
Why You Should Care: The Hidden Costs No One Talks About
If you’ve got an existing life insurance policy, do you actually know how much of your premium goes towards brokerage fees? Many people don’t. Unlike home or car insurance, where you’d shop around for a better deal every year, life insurance is often left untouched for decades.
But here’s the kicker: if your policy includes brokerage fees, you could be paying thousands more over time for the exact same level of cover.
And for those relying on superannuation-based life insurance, it’s not as straightforward as it seems. Many default policies inside super:
- Offer limited cover – The payout might not be enough to support your family long-term.
- Aren’t portable – If you change super funds, your cover could disappear.
- Can be tax-inefficient – Depending on the beneficiary, payouts could be taxed at a much higher rate.
How Tech is Stepping Up: No More Guesswork, Just Instant Comparisons
At TaxTank, we’re on a mission to make tax fun (yes, really…), so when we saw a bold life insurance company shaking things up, we knew we had to get in on the action.
Let’s face it, we use tech for everything: managing our taxes, tracking spending, even grabbing groceries with a tap. So why is life insurance still acting like it’s 1985? Fax machines, paperwork, and weeks of waiting? No thanks. It’s time insurance caught up.
Enter NobleOak’s Quick Quote tool! Finally bringing speed, simplicity, and transparency to life insurance. No fluff, no waiting games, just straightforward cover when you need it.
- No long winded quotes – Get instant results without the hassle.
- No weeks of waiting – Compare and switch easily
- No hidden exclusions – Just clear, no-fuss coverage.
- No hidden fees – Competitive rates without the sneaky extras.
Whether you’re an individual wanting to compare and save or an SMSF trustee ensuring your fund is structured efficiently, life insurance has finally stepped into the digital age.
Because when it comes to protecting your future, the old way just doesn’t cut it anymore.
The Bottom Line: Don’t Overpay for Outdated Life Insurance
Life changes, and so should your life insurance. But if you haven’t reviewed your policy in years, you could be throwing money away without even realising it.
Many Australians are relying on potentially inadequate super-based cover, or simply missing out options that could be better and more cost-effective. And the worst part? They don’t even know it.
Why This Matters
Let’s talk numbers. round 8.8 million Australians hold life insurance through their super fund¹, assuming it’s the best (or only) option. But default super policies aren’t personalised, and they often provide less cover than you actually need. If your circumstances have changed, like kids, mortgages, businesses, your family could be left exposed.
Then there’s the commission trap. Traditional life insurance sold through brokers or advisers can include hefty commissions. Over time, that can addup to thousands of dollars in unnecessary costs.
So, if you’re still paying for a policy you set up years ago, chances are you could be overpaying, underinsured, or both.
How Tech is Fixing the System
Most people stick with the same life insurance provider for years, not because it’s the best deal, but because switching feels like a nightmare. The process is slow, confusing, and buried in industry jargon.
The old way of doing life insurance is outdated and broken, keeping people locked into expensive policies and unnecessary hoops to jump through.
But technology is changing the game.
Direct-to-consumer platforms like NobleOak are cutting out the middlemen, offering fully underwritten life insurance without the markups, the paperwork, or the waiting games.
And now, you can access your NobleOak Quick Quote directly from your TaxTank platform, making it easier than ever to take control. Forget months of back-and-forth, with just a few clicks, you can compare policies, uncover potential savings, and ensure you’re not paying for more than you need.
TaxTank: Always Bringing More to the Table
Still holding onto a dusty old policy? Now’s the time to check what you’re paying, compare what’s out there, and make sure you’re not funding a system designed to keep you in the dark.
At TaxTank, we’re all about giving you more – more transparency, more control, and more ways to keep your money where it belongs. We’ve made tax smarter, simpler, and dare we say fun.. So why stop there?
Now, with life insurance at your fingertips, you can ditch the old-school processes and embrace the future of financial freedom, all from your TaxTank platform.
Because we’re always on the lookout for better, smarter ways to put you in control, and this is just the beginning.
First month free. Real-time quote. No fuss.
We’ve partnered with NobleOak to cut the crap, keep the cover, and bring you life insurance that’s actually worth your time.
Want access to exclusive perks like this?
Our partnership with NobleOak is only available to TaxTank subscribers. If you haven’t jumped in yet, now’s the time. Start your free trial today and unlock life insurance that actually has your back (without the BS).
¹Association of Superannuation Funds of Australia. March 2025
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.
