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Guaranteed Funeral Insurance Flexi Plus Q&A

Important note:

The following questions are to be used as a reference guide only and do not substitute or replace your insurance contract, the PDS or Certificate of Insurance.


What is Guaranteed Funeral Insurance Flexi Plus?

Guaranteed Funeral Insurance Flexi Plus pays a benefit to the people you choose (your beneficiaries) when you die. It’s designed to help your loved ones pay for funeral costs as well as any other bills you may leave behind – so they can say goodbye without added financial stress.

Guaranteed Funeral Insurance Flexi Plus differs to other types of funeral planning, such as a pre-paid funeral plan, as it pays a full benefit upon death (Accidental Death only for the first 12 months; any cause thereafter) regardless of how much has been paid in premiums.

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I’m healthy, so why would I need this insurance?

Life is unpredictable – we never know what lies around the corner. If you pass away unexpectedly, Funeral Insurance such as this product helps ensure your loved ones can be assisted with the cost of your funeral and any bills you leave behind.

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Isn’t cover like this expensive?

Request a quote to find out how affordable it can be for you. Cover starts at $5.88 a week, based on a Single Plan with a $5,000 benefit for a 50 year old.

Your premium will reduce by 5% every 5 years you hold your Policy, so not only will your premiums never go up, they’ll actually reduce the longer you have your Policy.

What’s more, you’ll never pay more in premiums than the total benefit we’ll pay your family when a funeral insurance claim is made.

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Will my premium increase?

Your premium is guaranteed never to increase. In fact, with Guaranteed Funeral Insurance Flexi Plus your premiums will reduce by 5% after every 5 years you hold your Policy.

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Can I end up paying more in premiums than my family will receive for my funeral insurance benefit?

No, not with the options available with the Real Payback Guarantee.

When your family makes a funeral insurance claim, the benefit will be your chosen cover amount or the total premiums you’ve paid for your cover – whichever is more. However, if you choose the Early Cash Payout option, you may receive less than the total premiums you’ve paid into your policy to date.

Please note, if your policy is cancelled prior to age 85, no benefit amount is payable. There is no refund of premiums after the cooling off period. If you change your cover your premium will be affected. If you choose the Early Cash Payout option, you will no longer be eligible to claim and you may receive less than the total premiums you’ve paid into your policy to date.

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Am I eligible for Guaranteed Funeral Insurance Flexi Plus?

If you are an Australian resident aged between 18 and 79 we guarantee to accept you for Guaranteed Funeral Insurance Flexi Plus.

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Is it necessary to have a medical or blood test to apply for cover?

No, and there are no intrusive questions about your health and lifestyle.

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How long can I keep my cover?

As long as you pay your premiums on time, we guarantee to renew your Guaranteed Funeral Insurance Flexi Plus cover for life. So you will be covered even if your health changes.

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How much cover can I get?

You can select the amount of funeral insurance that suits your needs and budget, from $3,000 up to $15,000.

If your death is due to an accident, we’ll triple the benefit we pay, to a maximum of $45,000. So, if you have chosen a $15,000 Benefit Amount and you die as the result of an accident, the benefit we pay would be $45,000.

With Guaranteed Funeral Insurance Flexi Plus, you’re also automatically covered for Accidental Serious Injury Insurance. This means if you suffer an accidental serious injury (as outlined in the PDS), you can receive a cash benefit, which is equal to 3 times your chosen Guaranteed Funeral Insurance Flexi Plus Benefit Amount.

If you add on optional Children’s Insurance, the Benefit Amount is fixed at $10,000.

Note that cover is for accidental death only in the first 12 months, then death by any cause thereafter.If your policy is cancelled prior to age 85, no benefit amount is payable. There is no refund of premiums after the cooling off period. If you change your cover your premium will be affected.

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Are there any exclusions?

After the first year of holding your Guaranteed Funeral Insurance Flexi Plus policy, the benefit is paid for death by any cause. During the first year, we’ll only pay the benefit for death if it is caused by an accident.

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What is the ‘Real Payback Guarantee’?

Your Guaranteed Funeral Insurance Flexi Plus policy comes with our Real Payback Guarantee.

With the Real Payback Guarantee, when your family makes a funeral claim, the benefit will be your chosen cover amount or the total premiums you’ve paid for your cover – whichever is more. Or once you turn 85, you can cancel your cover to receive an Early Cash Payout of 150% of your funeral insurance cover amount. After all, getting Real Funeral Insurance is about securing peace of mind, not worrying that you may be overpaying.

Please note, if your policy is cancelled prior to age 85, no benefit amount is payable. There is no refund of premiums after the cooling off period. If you change your cover your premiums will be affected. If you choose the Early Cash Payout option, you will no longer be eligible to claim and you may receive less than the total premiums you’ve paid into your policy to date.

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Does cover extend around the world?

Provided you are an Australian citizen or permanent resident living in Australia and have no plans to relocate outside of Australia at the time of application, once your application is accepted you’re covered anywhere in the world 24/7 while your policy is in force. However, if you’re on a temporary work visa and cease to reside in Australia, the Policy will be cancelled.

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What is meant by ‘Accident’ or ‘Accidental Death’?

An ‘Accident’ is an event that results in bodily injury where the injury is directly and solely caused by accidental, violent, external and visible means without any other contributing causes, and where the injury is not self-inflicted.

An ‘Accidental Death’ is a death that occurs as a direct result of an accident, within 90 days of the accident taking place.

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Can I cover my partner and children too?

Yes. Guaranteed Funeral Insurance Flexi Plus has been designed to be family friendly. You can choose to cover your life (Single Plan), or cover yourself and your spouse or partner (Joint Plan).

You also have the option to take out optional Children’s Insurance too. This will pay a fixed $10,000 benefit if your child suffers a defined serious illness or injury, or if your child passes away.

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Can I decide who will receive the benefit?

Yes, you can nominate who will receive your chosen benefit. If you do not nominate a beneficiary then your Guaranteed Funeral Insurance Flexi Plus benefit will go to the Policyowner. If that’s you, we pay the benefit to your legal personal representative (usually your Estate) or other person who we are permitted to pay under the Life Insurance Act 1995.

You can nominate up to five people to share the benefit by simply downloading and completing our Beneficiary Form. Send your completed form to:

Real Insurance
PO Box 6728
Baulkham Hills, NSW 2153

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Will I get anything back if I cancel my Policy?

You have a 30 day cooling off period to ensure your Guaranteed Funeral Insurance Flexi Plus Policy is right for you. As long as you haven’t made a claim within the first 30 days of your Policy starting, we’ll give you a full refund of any premiums you have paid.

Because your Guaranteed Funeral Insurance Flexi Plus is not a savings or investment plan, if you or we cancel your cover after the 30 day cooling off period, cover ends and no benefit is payable and there are no premium refunds. However, if you have chosen a yearly payment option, we’ll refund the unused portion of your premium.

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Are there any tax benefits?

Generally, funeral insurance (including Guaranteed Funeral Insurance Flexi Plus) premiums are not tax deductible, and you aren’t required to pay tax on any benefits we pay. However, you should be aware that this may change, and may not apply to your individual circumstances. You should seek qualified professional advice to fully understand any tax implications.

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Who is the underwriter?

Real Guaranteed Funeral Insurance Flexi Plus is issued by:

Hannover Life Re of Australasia Ltd (Hannover)
ABN 37 062 395 484
Level 7, 70 Phillip Street
Sydney NSW 2000

Hannover is a wholly owned subsidiary of Hannover Re and is part of the Hannover Re Group worldwide. Hannover Re is currently the third-largest global life reinsurer and has a Standard and Poor’s Insurer Financial Strength of AA- (Very Strong), and has maintained this rating for a number of years.

The life insurance business of Hannover has been operating in Australia since 1958, so you know you’re backed by a company you can trust.

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What information will I need to get a Funeral Insurance quote?

Find out what information you will need to provide for a quote with our Funeral Insurance Quote Guide.

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What is the Early Cash Payout option?

Your Guaranteed Funeral Insurance Flexi Plus policy comes with an Early Cash Payout option as a part of our Real Payback Guarantee.

Once you turn 85, you can cancel your cover to receive an Early Cash Payout of 150% of your funeral insurance benefit. This can be done at any time after your 85th birthday by contacting our Customer Service team on 1300 665 287.

If you choose the Early Cash Payout option, you will no longer be eligible to claim and you may receive less than the total premiums you’ve paid into your policy to date.

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What if I have another question?

Simply email us at info@reallifecover.com.au or call one of our Customer Service Specialists on 1300 665 287.

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