Life Insurance

It’s great you have cover, but it’s worth reviewing exactly how much cover you have and if it is enough to pay for everything your family may need. Life changes and your level of cover may need to as well.

Direct Life Insurance is often purchased by customers who know what they’re looking for, want a quick and easy process and are comfortable setting up the policy themselves.

No, in Australia life insurance polices cannot be cashed in. There is no savings or investment component to life insurance.

Life insurance is not only designed to cover specific debts, but it provides a lump sum cash benefit to your nominated beneficiaries and they can spend the money as they wish. Life insurance can also offer optional cover you can add to your policy, to protect against things like serious illnesses and total and permanent disability. Request a call for more information and to get a quote.

With direct life insurance, people can apply for cover over the phone without going through a lengthy doctor’s examination or uncomfortable blood tests. With Real Life Insurance, there are no medical tests required, since we ask a series of underwriting questions over the phone that cover important information that enables an assessment of your application.

It depends on the type of cancer you have had, the severity of your diagnosis and your treatment and medical history since diagnosis. The insurer will ask you a number of questions and, based on what you disclose, will determine whether they can insure you. It is very important that you disclose everything you know about your condition, as a failure to disclose accurately could affect the ability of your beneficiaries to claim. Please review the PDS for more information as exclusions apply.

All life insurance payments go to the Policy owner. When the policy owner is also the life insured, we pay the benefit to their legal personal representative or other person who we are permitted to pay under the Life Insurance Act 1995.

You can nominate who you would like to receive the benefit when you pass away by simply downloading our Nomination of Beneficiaries Form. Please send your completed form to:

Real Insurance
PO Box 6728
Baulkham Hills NSW 2153

If you’re an Australian citizen or permanent resident living in Australia at the time you apply, you will be covered anywhere in the world by your Real Life Insurance policy, subject to underwriting.

All Australian residents aged between 18 and 74 are eligible to apply for Real Life Insurance. Medical and blood tests are not needed to apply. We’ll simply ask you a series of health and lifestyle questions over the phone.

As long as you pay your premiums on time, your policy is guaranteed to be renewed. Some of the optional covers will expire at certain ages. Depending on your underwriting outcome your life insurance policy may also expire as set out in the Product Disclosure Statement.

If you cancel your cover within the first 30 days of the commencement date and you have not made a claim during this time, we will provide you with a full refund of any premiums you have paid. Real Life Insurance is not a savings or investment plan, therefore if you cancel your cover after 30 days, you will not receive a premium refund. However, if you have chosen a yearly payment option, we will refund the unused portion of your premium.

Real Term Life Cover is a type of fixed term insurance policy that expires after 20 years or when you turn 85 (whichever comes first). This can be a great way to make sure you and your loved ones are financially protected and could continue their current lifestyle should you pass away or suffer a terminal illness (after holding your policy for 12 months).

Request a quote for Real Term Life Cover.

With Real Term Life Cover, you can tailor the Benefit Amount to suit your needs. The minimum benefit is $10,000, and you can select your chosen benefit in increments of $5,000, up to the maximum of $100,000.

It’s always best to seek the assistance of a tax expert for advice, however usually any personal life insurance benefits that you or your family receive aren’t counted as taxable income, and therefore will not be taxed. This means that any money you or your loved ones receive can be put towards your expenses or bills if you were to pass away or suffer a terminal illness.

Generally, life insurance premiums are not tax deductible. However, you should be aware that this may change, and may not apply to your individual circumstances. Therefore, we recommend you seek qualified professional advice to fully understand any tax implications.

Real Term Life Cover pays a Benefit Amount to your beneficiaries if you pass away or suffer a terminal illness during the cover period (terminal illness is subject to a 12-month waiting period). Your policy doesn’t have a cash value and cannot be redeemed for cash.

However, Real Term Life Cover comes with a guaranteed cash payout when your cover expires and the Life Insurance Benefit ends. This means:

• Your protection continues for another 10 years with our Final Expenses Benefit. This benefit is equal to 20% of your Life Insurance Benefit and is at no additional cost to you
• After this time (or if you pass away during this time) you or your family will receive your Final Expenses Benefit in full
• Or for greater flexibility, at any time during this 10-year period, you can choose to cash out half of the Final Expenses Benefit and end your Policy

Note: If your cover ends prior to the expiry of your Life Insurance Benefit, you will not be eligible for the Final Expenses Benefit or the guaranteed cash payout.

With Real Insurance, you get your own Australia-based personal claims specialist, who will help if you or your family ever need to make a claim. All you need to do is follow the steps on the claims page to get started. You will usually be required to provide us with documentation, which will depend on the type of claim you are making, and your circumstances. Your claims specialist will guide you through this process.

You can claim from the date of the insured’s death or diagnosis.

Step 1

You or a nominated beneficiary (which could be your next of kin or the executor of your Will) can simply call us on 1300 307 297.

Or

Email claims@reallifecover.com.au to let us know that you will be lodging a claim.

Step 2

A dedicated claims agent will be assigned to your claim, and will contact you to take you through the claims process.

Step 3

Complete all forms provided by your claims agent or simply download the most appropriate form below. Send the completed form(s) along with all required documentation to:

Real Insurance
Reply Paid 6728
Baulkham Hills NSW 2153

• Life Insurance (including Accidental Death Cover) Claim Form
• Life Insurance (Terminal Illness) Claim Form
• Life Insurance (Children's Insurance) Claim Form
• Life Insurance (Total Permanent Disability) Claim Form
• Serious Illness Claim Form
• Accidental Serious Injury Claim Form

Step 4

Once completed documents are received, we’ll assess the claim and pay, subject to approval, without unnecessary delay.

Once we receive all the documentation we have asked for, your claim will be submitted to Hannover (the insurer) to be assessed. We will call you as soon as there is an update or within 10 business days of receiving your forms and every 10 business days thereafter to keep you informed of how your claim is progressing.

If your claim is approved, payment will be made promptly. Sometimes assessment leads to a need to obtain additional information. This may require you to provide the necessary information or we may seek it directly from your medical practitioner. In either case, we consider any new information promptly and we may pay your family a 20% advance funeral payout, up to $20,000, subject to approval, while we assess the claim.

For nominated beneficiaries, the payment will be direct credited to their nominated bank account. If there is no nominated beneficiary, then a cheque will be drawn payable to the ‘Estate of the late’.

Total & Permanent Disability Insurance (TPD) provides a payout to you in the event that you become totally and permanently disabled as defined in the Product Disclosure Statement. The maximum age you can apply for cover is 59, and cover can remain in place until the policy anniversary following your 65th birthday.

A TPD benefit pay-out is generally not taxed. However, it's always best to check with a tax professional.

Most super funds offer life insurance, but with generally only a minimum level of cover in the event of death or TPD. You should ensure this cover will be enough for your needs, should you need to claim.

Life insurance provides a lump-sum payout if you die or are diagnosed with a terminal illness. TPD provides a lump-sum payment if you can’t work because you are totally and permanently disabled.