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Real Life Insurance
What life insurance products does Real Insurance offer?
Real Insurance provides the following life insurance products, at the time of writing:
Real Life Insurance
This product can help to financially protect your family in the event of your death or you being diagnosed with a terminal illness (with less than 24 months to live).
Some notable features of Real Life Insurance include:
- 100% of your benefit amount can be paid to you in advance if you’re diagnosed with a terminal illness;
- An advanced payment of 20% (up to $20,000) to help with funeral and associated costs while the full claim is being assessed (subject to approval);
- Continuous cover for life, as long as you continue to pay your premiums on time;
- Optional covers, including: Total and permanent disability insurance (TPD) which pays you a lump sum if you are declared to be unable to ever work again; Serious Illness Insurance which pays a lump sum if you suffer one of the covered serious medical events; and Children’s Insurance which pays a lump sum between $20,000 and $50,000, depending on the level of cover you take out, if your child passes away as a result of a covered illness or injury.
Real Life Insurance FAQs
How much does Real Life Insurance cost?
Real Insurance says the cost of its life insurance depends on your age, sex, smoking status, amount of cover you apply for, your optional benefits and your occupation. The premium can also be based on the applicant’s answers to a series of health and lifestyle questions asked during the application process.
Premiums can be paid fortnightly, monthly or annually to suit your budget. Real Insurance says there is no extra cost for paying premiums fortnightly or monthly.
Eligibility to apply for Real Life Insurance
To apply for its life insurance, Real Insurance says you must be:
- A permanent Australian resident; and
- between 18 and 74 years old.
To apply for optional total and permanent disability cover (TPD), you must be an Australian resident aged between 18 and 59 years old. In addition to this you must be working at least 20 hours per week.
Upon application, you’ll be asked some questions about your health and lifestyle to determine what level of cover Real Insurance is willing to offer you.
For further details on whether or not you are eligible for cover, please read the policy’s Product Disclosure Statement (PDS) and/or contact Real Insurance.
How to apply for a Real Life Insurance policy
If you fit the eligibility criteria, you can request a quote for life insurance through Real Insurance’s website or over the phone. To apply for Real Life Insurance, Real Insurance says you will need to answer a series of health questions.
Before taking out a life insurance policy, it may be beneficial to compare various life insurance providers to help ensure you’re applying for a policy that suits your needs and budget.
What are the exclusions and limitations of Real Life Insurance?
Real Insurance says its policies are subject to a number of exclusions and limitations, and applicants should read the PDS carefully before proceeding. For example, at the time of writing, Real Insurance says it excludes claims resulting from deliberate self-injury within 13 months of the policy commencing, being reinstated or the policy benefit amount being increased.
Contact Real Insurance for full details of the exclusions and limits on its policies or read the relevant PDS.
How do I lodge a claim with Real Insurance?
You, your beneficiary or legal representative can claim by calling or writing to Real Insurance. Real Insurance says a form will be sent out to be completed, signed and returned. It’s possible you may also be required to have your treating doctor or specialist to complete a form.
Before a claim can be assessed, Real Insurance says proof is required that an insured event has happened. This may include any test, examination or laboratory results.
If your insurance claim is approved, Real Insurance will arrange the payment of the benefit to the nominated bank account.
Will my Real Life Insurance premiums increase as I age?
Real Insurance only offers stepped premiums, which means your premiums will increase each year on your policy’s anniversary. Additionally, at the time of writing, Real Insurance says your life benefit amount can be increased by 5% each year until the maximum benefit amount is reached (with a final increase on the policy anniversary after your 75th birthday). This means your premium will also be increased each year to reflect this higher level of cover. You can opt out of these increases by contacting Real Insurance.
Do I need a medical checkup or blood test to apply for Real Life insurance?
At the time of writing, Real Insurance says medical tests are not required when applying for its life insurance. It says your insurability will be determined by your answers to health and lifestyle questions. However, in the event of a claim, Real Insurance may require additional evidence or do a full review of your medical records.
How do I change my level of cover with Real Life insurance?
After buying a Real Life insurance policy, you may be eligible to increase the amount of your cover. Your application to increase your cover will be subject to eligibility criteria such as age requirements and an underwriting assessment. You should be able to change your level of cover by adding or removing features or coverage, and by increasing or decreasing your sum insured for each type of cover included in your life insurance policy. If you wish to change your policy inclusions, contact Real Insurance to discuss your options.
Keep in mind that increasing your level of cover is likely to result in you having to pay a higher insurance premium.
Can I get Real Life insurance if I have a pre-existing condition?
This may depend on the condition and policy you decide to take out. When applying for Real Life insurance, you must disclose (tell Real Insurance about) any pre-existing medical conditions you currently have or have had in the past, as well as what medications you’re currently taking and other health issues you may have.
About Real Insurance
Real Insurance was established in 2005. As well as offering life insurance, it’s also a distributor of income protection, health, car, home, landlord, pet, funeral and travel insurance. Its life insurance is underwritten and issued by Hannover Life Re of Australasia Ltd.
