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Family Life Cover 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.


Are there any exclusions?

When we accept your application for Family Life Cover, you’re immediately covered for death and terminal illness from any cause except suicide or intentional self-injury within the first 13 months of the cover starting, increasing or being reinstated. Depending on your answers to the health and lifestyle questions there may be other exclusions applied to the Policy which you will be advised of at the time of your application.

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Are there any tax benefits?

Generally life insurance premiums are not tax deductible, and you or your beneficiaries 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. Therefore, we recommend you seek qualified professional advice to fully understand any tax implications.

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Can I decide who will receive the benefit?

All life insurance payments go to the Policyowner. When the policy owner is also the life insured, we pay the benefit to their legal personal representative or other person who we are permitted to pay under the Life Insurance Act 1995.

You can nominate who you want to receive the benefit when you pass away by simply downloading our Beneficiary Form. Send your completed form to:

Real Insurance
PO Box 6728
Baulkham Hills NSW 2153

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Am I covered while I’m overseas?

If you’re an Australian citizen or permanent resident living in Australia at the time you apply, you’ll be covered anywhere in the world by your Family Life Cover Policy, subject to underwriting.

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How does inflation protection cover work?

To help ensure that your level of life insurance cover keeps up with increases in the cost of living, we automatically increase your cover by 5% each year, on your policy anniversary. We will write to tell you about this, and you can decline the increase if you wish.

We stop these automatic increases on the Policy Anniversary after you reach age 75.

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How does Terminal Illness Cover work?

Terminal Illness Cover lets you claim your full life insurance benefit in advance if you are diagnosed as being terminally ill (with 12 months or less to live). This benefit may help you get the best medical treatment available, put your personal affairs in order or fulfill other family needs.

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How do I know if I am eligible for Family Life Cover?

All Australian residents and their partners aged between 18 and 64 are eligible to apply for Family Life Cover. Medical and blood tests are not required. We’ll simply ask you some health and lifestyle questions over the phone.

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How long can I keep my cover?

As long as you pay your premiums on time, you can renew your Family Life Cover for life – guaranteed.

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How much cover can I get?

You can tailor the Benefit Amount to suit your needs and budget. The minimum benefit is $100,000, and you can select your chosen benefit in increments of $50,000, up to the maximum for your age bracket.

Here are the age ranges and maximum Benefit Amounts:

Age

Maximum Benefit

18 to 44

$1,000,000

45 to 54

$750,000

55 to 59

$500,000

60 to 64

$300,000

You’ll be protected for the full Benefit Amount you choose from the very first day your cover takes effect, subject to the Policy terms and conditions, and you can keep your full cover for life. The benefit will not decrease as you get older, or due to changes to your health.

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I’m healthy, so why would I need life insurance now?

Life is unpredictable — we never know what lies around the corner. If you wait to get life insurance until your health starts to fail, you’re likely to find it expensive and hard to get. Also by getting life insurance early, you can make sure your loved ones are left financially secure if you unexpectedly pass away.

Once your Family Life Cover is in place, you can keep it for life, and we guarantee to renew your Policy, as long as you continue to pay your premiums, even if your health, occupation or pastimes change.

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Isn’t cover like this expensive?

Many of our customers are surprised at the affordability of this important cover. Premiums start at just $1.46 a week for $100,000 in cover (based on standard rate for a female non-smoker aged between 18 and 34).

Request a Quote and see for yourself how affordable Family Life Cover can be for you, or call us on 1300 377 325 to find out more.

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What makes Family Life Cover so important?

Family Life Cover is designed to help fill the financial gap you could leave behind if you were no longer around to provide for your family. If you die, Family Life Cover pays a cash benefit to your loved ones so that they can continue to pay the mortgage or rent, loans, school fees and day to day living expenses.

Even if you already have life insurance (for example, through your superannuation), Family Life Cover can help boost your cover levels too, so your family is not left short.

Family Life Cover isn’t just for the main breadwinner. The loss of a partner who takes care of the home and children would mean an increase in expenses for things like childcare, transportation and housekeeping. That’s why we offer the joint plan — so you can protect each other for greater peace of mind.

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What optional benefits can I add to my Family Life Cover?

You can extend your Family Life Cover to give you greater peace of mind.  Optional covers include Children’s Insurance, Total & Permanent Disability Insurance, Accidental Death Insurance and Serious Illness Insurance.

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Will I get anything back if I cancel my cover?

If you cancel your cover within the first 30 days of it starting and you haven’t made a claim during this time, we’ll give you a full refund of any premiums you have paid.

Because Family Life Cover is not a savings or investment plan, if you cancel your cover after 30 days, you won’t get anything back. However, if you have chosen a yearly payment option, we’ll refund the unused portion of your premium.

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Will my premium increase?

Your life insurance premium is calculated each year on the Policy Anniversary and is based on your age at that time. Premium rates are not guaranteed. However, you can never be singled out for an increase — any variation will apply to all Family Life Cover Policyowners.

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Who is the underwriter?

Family Life Cover 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 Life Insurance quote?

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

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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 377 325.

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