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 Family Life Cover
This product is designed to financially protect you, your spouse, partner, or a de facto partner named on the policy, in the event of your death or being diagnosed with a terminal illness.
Some notable features of Real Family Life Cover include:
- An early lump sum payment upon the diagnosis of a terminal illness, if life expectancy is less than 12 months;
- An advanced payment of $10,000 to help with funeral and associated costs while the full claim is being assessed;
- Guaranteed policy renewal for life;
- 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 Insurance life insurance FAQs
How much does Real Insurance life insurance cost?
Real Insurance says the cost of its life insurance depends on your age, sex, smoking status and the amount of cover you apply for. 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 yearly to suit your budget. Real Insurance says there is no extra cost for paying premiums fortnightly or monthly.
Eligibility to apply for Real Insurance life insurance
To apply for its life insurance, Real Insurance says you must be:
- A permanent Australian resident
- Between 18 and 64 years old
To apply for optional total and permanent disability cover (TPD), you must be between 18 and 59 years old. In addition to this, to be eligible for TPD, 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 contact Real Insurance.
How to apply for a Real Insurance life insurance policy
If you fit the eligibility criteria, you can get a quote for Real Insurance life insurance by requesting this through its website. To apply for Real Family Life Cover, Real Insurance says you will need to answer a series of health questions over the phone.
Before taking out a life insurance policy, it may be beneficial to first compare various providers to help ensure you’re applying for a policy that suits your needs.
What are the exclusions and limitations of Real Insurance life insurance?
Real Insurance says its policies are subject to a number of exclusions and limitations, and applicants should read the product disclosure statement (PDS) carefully before proceeding. For example, at the time of writing, Real Insurance says it does not cover death or terminal illness 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 personal representative can claim by calling or writing to Real Insurance. It says it will send a form to be completed, signed and returned. It may also require your treating doctor or specialist to complete a form.
Before a claim can be assessed, Real Insurance says it will need proof that an insured event has happened. This may include any test, examination or laboratory results.
If your insurance claim is approved, Real Insurance says it will arrange the payment of the benefit to the nominated bank account.
Will my Real Insurance life insurance premiums increase as I age?
Real Insurance only offers stepped premiums, which means your premiums will increase each year as you age. Additionally, at the time of writing, Real Insurance says your life benefit amount can be increased by 5% each year (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 Insurance 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 answer 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 Insurance life insurance?
After buying a Real Insurance 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 or adding your spouse or children to your policy is likely to result in you having to pay a higher insurance premium.
Can I get Real Insurance 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 Insurance life insurance, you must disclose (tell Real Insurance about) any pre-existing medical conditions you have now or had in the past, as well as current medications and health issues.
About Real Insurance
Real Insurance was established in 2005. As well as offering life insurance, it is also a provider of car, home, landlord, pet, funeral, travel and bike insurance. Its life insurance is underwritten and issued by Hannover Life Re of Australasia Ltd.
This content was reviewed as part of our fact-checking process.