Direct term life insurance is a policy that covers you if you were to pass away or are diagnosed with a terminal illness for a fixed number of years or reach a certain age or whichever comes first. You can purchase this type of cover directly from an insurer without going through an agency or broker. Read more
If you’d like even more peace of mind for your loved ones and their financial future, you may want to consider Real Family Life Cover. Real Family Life Cover can provide a Benefit Amount of up to $1 million (depending on age) if you were to pass away or become terminally ill. Available to Australian residents aged 18 – 64.
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Understanding Term Life Insurance
Other Commonly Asked Questions
What is Real Term Life Cover?
Real Term Life Cover is a type of fixed term insurance policy that expires after 20 years or when you turn 85 (whichever comes first). This can be a great way to make sure you and your loved ones are financially protected and could continue their current lifestyle should you pass away or suffer a terminal illness (after holding your policy for 12 months).
Request a quote for Real Term Life Cover.
How much Real Term Life Cover should I get?
With Real Term Life Cover, you can tailor the Benefit Amount to suit your needs. The minimum benefit is $10,000, and you can select your chosen benefit in increments of $5,000, up to the maximum of $100,000.
Is my Real Term Life Cover payout taxable?
It’s always best to seek the assistance of a tax expert for advice, however usually any personal life insurance benefits that you or your family receive aren’t counted as taxable income, and therefore will not be taxed. This means that any money you or your loved ones receive can be put towards your expenses or bills if you were to pass away or suffer a terminal illness.
Are my Real Term Life Cover premiums tax deductible?
Generally, life insurance premiums are not tax deductible. 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.
Can I get money from my Real Term Life Cover policy?
Real Term Life Cover pays a Benefit Amount to your beneficiaries if you pass away or suffer a terminal illness during the cover period (terminal illness is subject to a 12-month waiting period). Your policy doesn’t have a cash value and cannot be redeemed for cash.
However, Real Term Life Cover comes with a guaranteed cash payout when your cover expires and the Life Insurance Benefit ends. This means:
- Your protection continues for another 10 years with our Final Expenses Benefit. This benefit is equal to 20% of your Life Insurance Benefit and is at no additional cost to you
- After this time (or if you pass away during this time) you or your family will receive your Final Expenses Benefit in full
- Or for greater flexibility, at any time during this 10-year period, you can choose to cash out half of the Final Expenses Benefit and end your Policy
Note: If your cover ends prior to the expiry of your Life Insurance Benefit, you will not be eligible for the Final Expenses Benefit or the guaranteed cash payout.
How do I make a Real Term Life Cover claim?
With Real Insurance, you get your own Australia-based personal claims specialist, who will help if you or your family ever need to make a claim. All you need to do is follow the steps on the claims page to get started. You will usually be required to provide us with documentation, which will depend on the type of claim you are making, and your circumstances. Your claims specialist will guide you through this process.
When can I make a claim?
You can claim from the date of the insured’s death or diagnosis.
How do I make a claim?
You or a nominated beneficiary (which could be your next of kin or the executor of your Will) can simply call us on 1300 307 297.
Email firstname.lastname@example.org to let us know that you will be lodging a claim.
A dedicated claims agent will be assigned to your claim, and will contact you to take you through the claims process.
Complete all forms provided by your claims agent or simply download the most appropriate form below. Send the completed form(s) along with all required documentation to:
Reply Paid 6728
Baulkham Hills NSW 2153
- Real Term Life Cover Terminal Illness Claim Form
- Real Term Life Cover (including Accidental Death Cover) Claim Form
Once completed documents are received, we’ll assess the claim and pay, subject to approval, without unnecessary delay.
How long does it take for a claim to be processed?
Once we receive all the documentation we have asked for, your claim will be submitted to Hannover (the insurer) to be assessed. We will call you as soon as there is an update or within 10 business days of receiving your forms and every 10 business days thereafter to keep you informed of how your claim is progressing.
If your claim is approved, payment will be made promptly. Sometimes assessment leads to a need to obtain additional information. This may require you to provide the necessary information or we may seek it directly from your medical practitioner. In either case, we consider any new information promptly and we may pay you an advance funeral payout (20% of the Life Insurance Benefit) while we assess the claim.
How are the payments made?
For nominated beneficiaries, the payment will be direct credited to their nominated bank account. If there is no nominated beneficiary, then a cheque will be drawn payable to the ‘Estate of the late’.
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1. This is subject to you keeping your Policy in force and without changing your level of cover. There is no premium refund after the cooling off period. If your Policy is cancelled prior to age 85, no benefit is payable. 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 have paid into your Policy to date.