Term Life Insurance

Term life insurance provides cover for a set period of time. With Real Term Life Insurance, your policy expires after 20 years or when you turn 85, whichever comes first. When your cover period ends, your final expenses benefit continues for a further 10 years while your policy remains in force.

Term life insurance helps provide financial support for your loved ones if you pass away during your cover period. Real Term Life Insurance also includes terminal illness cover, an accidental death benefit and a final expenses benefit after your cover period ends.

When your cover period ends, your final expenses benefit begins. It continues for a further 10 years at no additional cost. If you pass away during this 10-year period, the benefit will be paid to your family. If you are still living at the end of the 10 years, the benefit will be paid to you in full.

Yes. You can cancel your Real Term Life Insurance at any time. If you're thinking about cancelling your policy, consider whether you'll still have the level of cover that's right for your needs.

With Real Term Life Insurance, you receive a guaranteed cash payout through the final expenses benefit. If you pass away during the 10-year final expenses benefit period, the benefit will be paid to your family. If you are still living, at the end of the 10-year final expenses benefit period, you will receive the benefit in full. You can also choose to cash out half of the final expenses benefit during this period and end your policy.

If your cover ends before your life insurance benefit expires, you won’t be eligible for the final expenses benefit or the guaranteed cash payout. 

Real Term Life Insurance excludes claims for death other than as a result of an accident within the first 12 months of your policy. After this period, cover may apply. Please refer to the Product Disclosure Statement (PDS) for more information.

The cost of your Real Term Life Insurance depends on factors such as your age, health, lifestyle and the amount of cover you choose. Any changes to your premiums will be explained in your policy documentation.

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).

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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.

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.

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.

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.

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.

You can claim from the date of the insured’s death or diagnosis.

Step 1

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.

Or

Email claims@greenstone.com.au to let us know that you will be lodging a claim.

Step 2

A dedicated claims agent will be assigned to your claim, and will contact you to take you through the claims process.

Step 3

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:

Real Insurance
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

Step 4

Once completed documents are received, we’ll assess the claim and pay, subject to approval, without unnecessary delay.

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.

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’.