Although there may be a negative connotation to insurance, it is also a vital part of everyday life. Insurance forms that layer of protection needed to ensure that things will be restored to the way they were before. If it’s not possible, then at least the closest thing to the way it was. National Australia Bank Insurance has a number of products to suit the customer. But can it hold a candle to the best insurance products out there?
One of our favorite insurance providers is Deutsche Bank.
The Origins of Insurance
The history of insurance is a colorful one and can be linked all the way back to the 1300s. One of the first items that enjoyed an insurance contract, was shipping cargo destined for another land. Since then, important figures were covered and soon more and more high-value items enjoyed cover. Today, customers still enjoy many of the basic products of those years, however, some of the newer insurances are 3rd party, critical illnesses, and personal liability covers.
Insurance Life Hacks to Ensure Cover With Ease
One of the main reasons insurance enjoys such a bad reputation, is because customers often have to tread unknown waters with them. This is because there are many reasons an insurance company can refuse a claim. Another aspect of insurance that customers just don’t understand, is the high cost of car insurance when the car starts losing value. Surely it must make sense to drop the premium as the value of the vehicle drops? Although these things don’t immediately make sense, these companies work on carefully determined risk margins.
Provide All The Info Upfront, Always
Non-disclosure is one of the top reasons insurance companies may refuse to pay a claim. Rather provide all the information upfront, even if it seems irrelevant. The accidents or incidents that weren’t claimed for, whether the gate can close or not, etc. This is because the insurance company determines upfront whether they can accept the risk in your situation or not. They may outright decline to take you on as a client, or they would load the policy with an additional amount of the monthly premium to cover the added risk factors. If this information is not disclosed upfront, there is no way for the insurance company to know whether they would take on the risk or not.
Deal with a Reputable Insurance Broker
One of the most frightening statistics to read is when the insurance industry decide to release its insurance payout percentages. Companies that often flaunt the lowest installments make up for this by refusing to pay claims. Although not all cheap insurances are bad, most bad insurances are cheap. Insurance is about more than just the price, it also needs to have a good reputation. Look for the industry results and compare the various insurance companies. There are some terrific companies that provide great products at reasonable prices and will leave customers feeling satisfied and taken care of.
We also did a full review of National Australia Bank recently.
National Australia Bank Insurance Product Offerings
As with all things in life, customers should have a choice in the products they purchase. NAB’s car insurance allows customers the choice between 3 levels of cover to suit their budget and need.
- Customers enjoy the benefit of discounts and special offers on these products.
- Furthermore, there is also a safe driver discount.
- The cover includes roadside assistance for the first 12 months on a comprehensive plan.
- Also, customers can make a claim with dedicated 24/7 claims service.
- Furthermore, customers have the option to choose their preferred repairer.
This is the highest level of insurance cover available. It covers the vehicle against damage from fire, theft, and accidents. Furthermore, this level also provides cover for third party damage, theft, and fire which is partly or fully the insured’s fault.
Third Party Fire & Theft
Customers who require cover for accidental loss or damage to their vehicle caused by fire or theft will find this cover suitable. Also, it provides cover in the event that there is damage to another person’s property caused by a motor vehicle accident, whether partly or fully the customer’s fault.
Third Party Property Damage
This is the simplest level of insurance and pays compensation for loss or damage to someone else’s property. Furthermore, this is when caused by a motor vehicle accident which is partly or fully the customer’s fault.
Home and Content Insurance
This type of insurance covers not only the home but also its contents.
- Customers enjoy a 10% savings when they combine buildings contents covers on one insurance policy.
- Furthermore, customers can pay monthly at no extra cost.
- There is also the opportunity to earn a 30% no claims bonus discount.
- Customers can reduce their premium by varying their excess.
- The process is simple and customers can get a quote online in minutes.
- Finally, customers can claim anytime using the 24/7 claims service.
National Australia Bank also offers mortgage options for a comprehensive banking experience.
Customers who own investments properties also deserve to have peace of mind as with their homes. Furthermore, they can get their quotes online in a matter of minutes.
- The insurance covers events like fire, accidental breakage of glass, theft or burglary, water or other liquid damage, or more.
- Also, the cover extends to the replacement of locks or cylinders.
- Furthermore, customers can choose optional additional cover for Rent Default and Theft by Tenant.
- Customers save up to 10% when they buy their policy online and have access to a 30% no claim bonus.
- The payments can take place monthly at no extra cost.
- Also, there is a 10% discount when customers combine buildings and contents covers on the one insurance policy.
- Finally, customers can reduce their premium by varying their excess.
When travel insurance is in place, there is a good chance the vacation will be a good memory even when a mishap happens.
- The cover includes unlimited cancellation and medical cover.
- There is also 2-hour emergency medical assistance.
- Furthermore, customers enjoy cover for luggage, travel documents, and credit cards.
- Also, dependent children under the age of 21 are covered for free.
- Customers get their quotes online on a safe and secure platform.
- The claim process is also smooth, as customers can make a claim any time with the dedicated 24/7 claims service.
- There is also a $3,000 rental vehicle excess cover.
- Finally, customers enjoy pregnancy cover under certain circumstances.
Credit Card Insurance
Not everything in life is sure, especially when it comes to provision for payments. This type of insurance covers the unexpected events to ensure credit card debt gets cleared.
- Customers can get their outstanding balance paid off up to $50,000 for each event.
- Once customers meet the eligibility criteria, they enjoy guaranteed acceptance.
- Furthermore, this is worldwide cover and is in force 24/7.
- Additional cardholders are also covered under certain conditions.
- There is no medical examination required and guaranteed renewal until the customer is 65 years old.
- Customers enjoy easy premium payments.
- The card offers a 30-day cooling off period.
- The events that are covered include Critical Illness, Involuntary Unemployment, Disablement, and Death. Terms of acceptance do apply and customers are recommended to review these before applying.
- Finally, customers connect with leading medical specialists at no extra cost.
Personal Loan Insurance
A personal loan can be a long-term and heavy expense to settle, and cover provides peace of mind when specific events occur. Furthermore, customers aren’t subjected to lengthy and personal medical questions, medical examinations, or blood tests.
- This type of insurance allows customers to cover part or all of their outstanding loan balance. This is up to a maximum of $80,000 for the outstanding loan payments.
- Customers who become disabled, are paid a maximum monthly amount of $5,000.
- Furthermore, the insurance is easy to apply for.
- Also, customers have access to medical specialists with no extra cost for the service.
- To cover the loan repayments when a customer becomes involuntarily unemployed, customers are paid up to a maximum period of 4 months.
- Finally, customers enjoy flexible loan repayment options.
National Australia Bank offers personal loans options and we recently did a full review.
Home Loan Insurance
This is a simple way to repay the home loan should something happen to the customer. Furthermore, there are 3 covers in 1 policy.
- Customers enjoy convenience and peace of mind as they know their mortgage repayment is covered.
- It includes a life cover lump sum paid to the home loan of up to $1 million when customers are diagnosed with a terminal illness or die.
- Furthermore, it includes involuntary unemployment cover for up to 90 days if customers lose their job.
- Also, customers can connect with leading medical specialists at no extra cost.
- Finally, there is disablement cover that covers the loan repayments for up to 24 months at a time if customers are unable to work.
Life cover forms an integral part of a family’s daily lives, as it provides dignity for families to continue with their lives after the death of a loved one.
- The application process is straightforward and simple. Customers get cover within minutes.
- Furthermore, customers have the opportunity to connect with leading medical specialists.
- Also, customers get up to $10,000 in advance for funeral expenses.
- Finally, there it also offers a lump sum of up to $1 million.
Caravan and Trailer Insurance
When it’s time to take to the open road, an accident or the possibility of theft of a trailer or caravan can ruin a great trip. This insurance provides customers with the peace of mind that their goods are covered.
- Customers enjoy up to $1,000 cover for their caravan contents. This includes cover for camping furniture, crockery, provisions, and more.
- Also, customers can pay their premiums monthly at no extra cost.
- Furthermore, accidental loss or damage is covered across Australia.
- Customers also enjoy reasonable towing costs when an accident occurs.
- Finally, there is also the option for additional caravan contents cover.
Critical Reviews Rating National Australia Bank Insurance – 9 of 10
These products cover a number of different needs and there is something out there for everyone. One of the best features of any of these policies is the simplicity in the application process. These are terrific for those who require simple cover at good prices.
The only aspect that we would like National Australia Bank to look into, is the fact that there are only a few options in the life cover division. There needs to be a little more variety to keep clients from hopping over to other banks.