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You can apply for Real Life Insurance if you are an Australian resident aged between 18 and 74.
What is term life insurance?
Term life insurance is a type of life insurance policy that provides cover for a specific period, such as 10, 20, or 30 years. If you are a term life insurance policyholder and you pass away your beneficiaries receive the benefit amount or, if you are diagnosed with a terminal illness during this term, you will receive the benefit amount. However, if the policyholder outlives the term of the policy, there is no payout usually.
What is Real Term Life Cover?
Real Term Life Cover is a fixed-term life insurance policy that expires after a period of 20 years or when you turn 85, whichever comes first. It’s a simple and easy way to protect your loved ones as you can apply in a single call, we just ask some simple health questions over the phone.
Plus, 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
Please note, if your cover ends before your Life Insurance Benefit expires, you won’t be eligible for the Final Expenses Benefit or the guaranteed cash payout.
How is term life cover different to life cover?
A key difference between term life insurance and full life insurance is how long you’re covered for. A life insurance policy can insure you for your entire life, this means you will remain covered until you pass away or make a claim, provided you continue to pay your premiums. Whereas, with term life insurance, your cover will end after a set number of years, or when you reach a certain age.
Real Term Life Cover has a few differences compared to Real Life Insurance. Each of these types of policies have their own benefits so you should always consider your personal needs when deciding which one is right is for you.
Here are some common differences you may notice between Real Term Life Cover and Real Life Insurance:
| Real Life Insurance | Real Term Life Cover | |
| Term of cover | No expiry | Expires after 20 years or when you turn 85 (whichever comes first) |
| Benefit amount | $100,000 - $2 million (depending on your age and underwriting outcome) |
$10,000 - $100,000 |
| Eligible age to apply | 18 – 74 | 18 – 79 |
| 100% of the benefit amount paid in advance if you’re diagnosed with a terminal illness | Yes With less than 24 months to live |
Yes With less than 12 months to live and after holding your policy for 12 months |
| Cover for death | Yes Except as a result of self inflicted injury in the first 13 months |
Yes Cover for accidental death only in the first 12 months, then cover for death by any cause thereafter |
| Triple benefit amount if death is accidental | No | Yes |
| Advanced funeral benefit while your claim is being assessed | Yes 20% of your benefit amount up to $20,000 |
Yes 20% of the life insurance benefit |
| Optional cover for TPD or Serious Illness | Yes | No |
| No medical or blood test needed to apply | Yes | Yes |
Read more about the differences between life insurance and term life insurance.
Get up to $2 million cover, depending on your age and underwriting outcome, with Real Life Insurance
How does life insurance work?
Life insurance works like many other insurance policies, where the policyholder (usually also the person insured) pays a premium to the insurer to cover them for certain events. In the case of Real Life Insurance, the covered events include death and being diagnosed with a terminal illness with less than 24 months to live. The benefit amount is paid as a lump sum which can be used however you or your beneficiaries wish.
Life insurance can work to help you with the following:
- Maintaining living standards: Life insurance can allow your family to maintain living standards if your household loses the main breadwinner.
- Covering the cost of medical care: If you become terminally ill, some types of life insurance provide cover, and a claim payment can be used for your medical bills and rehabilitation costs.
- Protecting your family’s financial future: Life insurance can give you peace of mind that your family can be provided for financially if you pass away.
Do I need life insurance?
You may be asking yourself, "Do I need life insurance at all?" But it might be better to ask, "Can my loved ones continue without financial concerns if things don’t go according to plan, or the unthinkable happens to me?"
At every stage of life, it’s important to recognise that unexpected things could happen to you and your family, no matter what you do to minimise the risks. Some of the triggers for considering life insurance are pivotal moments in a person’s life such as buying a house, starting a family, or after the death of someone close. That’s understandable, but there can be advantages to taking out cover earlier in life. You’re more likely to be accepted for life insurance when you’re young and healthy, and once you’re covered you can usually continue to renew the cover each year for as long as you need it, even if there are changes to your health. Life insurance is an important consideration as a financial safety net, particularly if you have loved ones who rely on you to provide for them.
If you have dependants – including a spouse and children – who rely on your income, then you may wish to consider life insurance. And if you have any debts, like a mortgage, that would be difficult for your next of kin to pay, it may be even more important to consider financially protecting your loved ones.
Whether you are a single or double-income family, if the loss of that income would impact your family and lifestyle, life insurance can help protect your family’s financial future.
What are the benefits of life insurance?
Even though your family has its own unique needs, there are many benefits included in Real Life Insurance, including:
- 100% of your benefit amount paid to you in advance if you’re diagnosed with a terminal illness, with less than 24 months to live
- When your family makes a claim, they may get a 20% advance funeral payout, up to a maximum of $20,000, subject to approval
- Pay your premium fortnightly, monthly or annually at no extra cost
- Your cover level will not decrease, regardless of changes to your health
- You can apply to add optional benefits to your policy for greater protection
- You can get 10% cashback of the premiums you’ve paid after your 12-month policy anniversary with The Real RewardTM
![Life Insurance Code of Practice]()
Life Insurance Code of Practice
To make sure you receive the highest standard of service when taking out cover, we comply with the Life Insurance Code of Practice. Read more
Applying for cover: Need-to-knows
When you apply for cover, you apply for a benefit amount that suits your needs, and add on any optional cover for your circumstances. Real Life Insurance will ask a series of health and lifestyle questions to help determine your premium.
But I am young, fit, healthy and single. Why would I need life insurance?
It’s so easy to feel invincible when you’re young, but that doesn’t mean the unexpected can’t happen. Even if you recognise life’s unpredictability, you may think you can put off life insurance for when you’re a bit older – but financial protection can be an important consideration for everyone, no matter how old you are.
Life insurance is more than just about what happens when you die. You can also take out cover in the event you become permanently disabled or are diagnosed with a terminal illness. Having life insurance is one way, you can have in place some financial protection for you and your loved ones – whether that’s your partner, parents, siblings, children, or other family members – should the unthinkable occur.
Not only that, but you’re when you’re young and healthy, you’re more likely to not have health issues and be approved for cover. You may also be eligible for a higher benefit amount if you take out cover at a younger age.
Another plus is that with Real Life Insurance, in most cases, your policy continues to be renewable each year provided the premiums are paid. Find out more on life insurance for young and single people.
What about my partner and my family?
Your partner can apply for their own cover, which can allow you both to have autonomy over managing your own policies, particularly if your circumstances change. There are also options to cover your family. A child with a serious illness or injury impacts not just your child, but can impact your entire family – emotionally, physically and financially. This is where a life insurance policy with optional Children’s Insurance added can assist you and your family.
If you are the parent or legal guardian of a child aged between 2 and 17 who is also an Australian resident, you can apply for this optional cover, from $20,000 up to $50,000 for each child insured.
Children’s Insurance provides a benefit in the event your child suffers a defined serious illness or injury, or passes away. Cover is for accidental death only in the first three months and expires on the policy anniversary after your child reaches age 21. If your child does suddenly become ill or suffers a major injury, the last thing you’ll be thinking about is work, money or even what will happen the next day. You may have to take time off work, call in family and friends to help with running your household or minding your other children and, you may even have to think about how the next set of bills will be paid. While a Real Life Insurance policy with Children’s Insurance won’t change your child’s circumstances, it may be able to significantly ease your financial burden.
Read more about life insurance for young families and life insurance for established families.
For more information on our optional Children's Insurance, download our Life Insurance Product Disclosure Statement or call 1300 377 325 now.
It’s easy to get a Life Insurance quote
What if I become seriously ill, but the illness is not terminal?
Thankfully, not all serious illnesses are terminal. But they can still impact you and your family in ways you may not expect, especially when it comes to finances.
With Real Life Insurance, you can apply to add Serious Illness Insurance as an optional benefit to your cover. This insurance is designed to help smooth the road to recovery by paying a benefit if you are diagnosed with one of the following serious illnesses, as defined in the Policy Disclosure Statement – heart Attack, cancer, stroke, or coronary artery bypass graft surgery.
If you are the main breadwinner, the financial impact of not working due to serious illness could be considerable, but what if you are your family’s main caregiver? If you cannot rely on family or friends for an extended period of time, you may have to make alternative arrangements for your family’s care and home maintenance.
While you focus on getting better and recovering from your illness, Serious Illness Insurance may ease at least one of your worries and help ensure your family is being provided for financially.
You can apply to add this cover to your life policy if you are aged between 18 and 59, and are an Australian resident, depending on your underwriting outcome.
For more information about optional Serious Illness Insurance, download our Real Life Insurance Product Disclosure Statement or call 1300 377 325 now.
What if I become permanently disabled?
Sometimes a serious accident or even an illness can lead to total and permanent disability. It would be devastating to be told that you will never again be able to do paid work, maintain your household, or take care of your family the way you used to. But with the right optional benefits on your Real Life Insurance policy, you can at least know you have financial protection that could help your family be able to maintain their lifestyle should the unexpected happen.
Total & Permanent Disability (TPD) Insurance provides a benefit to you in the event that that you become totally and permanently disabled. This optional cover is different to Serious Illness Insurance because it covers you if you can’t work in any occupation due to a permanent illness or injury, suffer the loss of limbs or sight, or become totally dependent on others for your care.
Learn more about what TPD insurance is.
You can apply to add this cover to your life policy if you are aged between 18 and 59 and are an Australian resident, depending on your underwriting outcome.
For more information on our optional Total & Permanent Disability Insurance, download our Life Insurance Product Disclosure Statement or call 1300 377 325 now.
Can I get life insurance without a medical?
The Real Insurance promise is to make our insurance simple and straightforward so it’s easy to understand and get cover. That’s why applying for Real Life Insurance is so simple. You can apply quickly and easily over the phone, without going through a lengthy doctor’s examination or uncomfortable medical or blood test.
Some of the details you will be asked to provide include:
- your age, weight and height
- whether you smoke
- how much alcohol you drink, and how often
- whether you have suffered from a range of illnesses or injuries in the past, like cancer or heart disease
- whether you have a history of illness in your family.
When you apply for cover with Real Life Insurance, it’s a simple process so you can get back to doing what you love best: living your life.
What if you require me to provide more information?
If you call to apply for Real Life Insurance and further information is required, you’ll automatically be provided with free interim Accidental Death Cover for up to 30 days if we need extra time to assess your application. This covers you in the event you die as a direct result of an accident before your application is finalised. Should the unexpected happen and your claim for accidental death is approved, the payout is the same as your Real Life Insurance benefit amount that you have applied for subject to the maximum benefit amount applicable to your age and underwriting circumstances. This interim cover is provided at no additional cost to you and is subject to specific terms explained in the Product Disclosure Statement.
What is the difference between life insurance and funeral insurance?
To help you decide which is the most suitable type of cover for your needs, compare the two below:
Read more about the differences between life insurance and funeral insurance.
Who is the beneficiary of my life insurance policy?
One of the most common questions about life insurance is:
“Who gets my life insurance when I die?”
If you pass away your beneficiaries are paid your entire benefit amount as one lump-sum payment. The benefit amount is paid to you if you are diagnosed with a terminal illness with less than 24 months to live. This will mean you can spend time making memories with loved ones, instead of worrying about your finances.
You can nominate whoever you want to be the beneficiary and receive the benefit amount when you pass away.
To nominate a beneficiary or beneficiaries, you need to complete a Nomination of Beneficiaries Form and return it to Real Insurance.
How does life insurance work when I’m no longer around?
You will need to ensure your family and any other beneficiaries are aware of your policy before you pass away. You should store your policy information in a safe place, and also include instructions in your will about how the claim can be made, and how it should be distributed.
To ensure the claim for your Real Life Insurance benefit runs as smoothly as possible, it’s important to:
- Keep your premiums paid and up to date.
- Ensure your Nomination of Beneficiaries Form is current and completed in full.
- Let Real Insurance know about any recent changes – or upcoming changes – to your personal circumstances.
- Ensure you have a current legal will.
- Make sure your family and other beneficiaries knows where your insurance documents are kept, and how to access them.
- Tell your family what will be required of them. This will ensure the claim on your policy will be processed as quickly as possible.
Should the time come and a claim needs to be made on your Real Life Insurance policy, your family or other beneficiaries can email or speak with a dedicated claims agent who will help guide everyone through the claims process.
You can learn more about how to make a claim on Real Life Insurance.
Some claims may need to be handled differently, but for the most part it will involve the following:
- You (if claiming for a serious or terminal illness) or your family member should notify Real Insurance via phone or email that you will be lodging a claim.
- A claims agent will be assigned to you and will contact you to take you through the claims process.
- You will need to complete all necessary forms and documents. You can find a list of the forms you may be required to complete here. The forms will need to be sent to Real Insurance.
- Once all the completed forms are received, your claim will be assessed and paid, subject to approval.
Can I cash in or sell my life insurance policy?
Life insurance policies cannot be cashed in and do not contain a savings or investment component.
Can I change my life insurance policy?
Yes, there are many reasons why you may want to change some of the details of your cover. Depending on your policy, you may be able to change your level of cover or options attached to the policy, or you may be issued a new policy in order to make the changes.
It’s always a good idea to regularly review your insurance policy. Some things you may want to consider are:
- The level of cover: Is the benefit amount adequate for what you and your family need?
- Your financial circumstances: Have your circumstances changed such that you no longer need the cover? As you age and your financial situation improves you may find it appropriate to revisit the original needs you had. Alternatively, a sudden change to your circumstances may require you to consider taking out additional cover.
- Optional cover: Is the policy relevant to your family’s current needs? Do you have the right optional cover for your family’s circumstances?
- Lifestyle changes: Have you quit smoking or improved your health in some way?
- Beneficiaries: Have you nominated your beneficiaries?
Ready to get covered?
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- Mind the gap: How to provide the Australian community with the life insurance it needs – Deloitte