Real Insurance Income Protection Insurance

Real Insurance is a provider of income protection, as well as car, home, landlord, life, pet and travel insurance.

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Considering Real Insurance income protection insurance? The table below displays a snapshot of Real Insurance income protection policies on Canstar’s database. These results are based on a 30-39 year-old non-smoking male in a medium blue collar occupation, such as trades.

Click here to compare more policies based on your circumstances.

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What income protection does Real Insurance offer?

Real insurance has one main policy – Income Protection Cover, which pays up to 75% of your monthly income if you can’t work due to sickness or injury.

Real also has a ‘Bill Cover’ policy, which provides a monthly payout that helps you stay on top of your essential payments.

What features does Real Insurance income protection offer?

As a provider of income protection, Real Insurance offers the following features on its Income Protection Cover policy:

  • A maximum benefit period of five years
  • A maximum monthly benefit of $10,000
  • A maximum entry age of 59
  • Phone-based support (no online application process)
  • Other features, such as no medical or blood tests required, a 10% premium refund in the first year, a range of optional cover and more.

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What does Real Insurance income protection cost?

The cost of your income protection insurance will vary depending on several different factors such as:

  • Your age and gender
  • Occupation
  • Benefit period and waiting period

You can get a quote for Real Insurance income on its website before applying to see what you might need to pay.

In 2018, Canstar’s research team calculated the average monthly income protection premiums for non-smoking male and female workers aged 27 and 52. Click here to see how the premiums differed.

Compare Income Protection Insurance

Real Insurance FAQs

The ATO (Australian Taxation Office) states that you can claim the cost of premiums you pay that cover the loss of your income. You can’t, however, claim a deduction for premiums that compensate you for physical injury or are taken out through your super fund. Ask your tax accountant or financial adviser for more details on this.

Generally speaking, premiums for other forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible.

Real Insurance advises that their income protection insurance premiums are generally tax deductible.

Lodging a claim for income protection with Real Insurance can be a straightforward process if you have your policy number and details of your condition on hand.

To claim with Real Insurance, visit its ‘make a claim’ section and click income protection. Claims cannot be done electronically, instead you need to follow these steps:

  1. Call or email Real Insurance using the details listed
  2. Wait for a dedicated claims agent to take you through the process
  3. Complete all forms provided by your claims agent
  4. Wait for Real Insurance to assess the claim and send it back

You can apply for Real Insurance income protection after comparing your options in Canstar’s comparison tables and generating a quote on Real Insurance’s website. Once you’ve generated a quote, you’ll need to call Real on 1300 665 187.

Real Insurance may ask you:

  • Your name, date of birth and gender
  • Your smoker status
  • Your occupation details (salary, how many hours you work etc.)

You may also need to provide a copy of various documents for these points, such as a valid form of ID (driver’s license, passport), recent payslips proving your employment and medical notes if applicable.

Real Insurance’s PDS document states that you must satisfy the following criteria to be eligible for an income protection policy:

  • You must be between 18 and 59 years of age
  • You must be an Australian resident
  • You must be currently employed in a position where you have been working at least 20 hours per week for 12 months prior to your policy’s commencement date

Starting back in 2005, Real Insurance was introduced as an alternative to large money-making insurers. It entered the market in the hope that it could protect the quality of people’s lives at a reasonable price.

Real Insurance strives to deliver innovative insurance products that meet the unique needs of Australians and offer ground-breaking ways of helping its members save money.

Written by: William Jolly | Last updated: June 19, 2018