What is a beneficiary?
A beneficiary is a person you nominate to receive the benefit or final expenses benefit under your policy if you pass away.
You can nominate up to five beneficiaries when you take out your policy, and update your nomination at any time. You decide how your benefit is shared, with the total percentage allocated across all beneficiaries needing to equal 100%.
Why nominate a beneficiary?
Choosing who will receive your life, funeral or income protection insurance benefit if you pass away is an important part of managing your policy.
Nominating beneficiaries tells us who you would like the benefit payable under your policy to be paid to. Without nominated beneficiaries, any claim payout may be delayed by probate, leaving your family without immediate financial support.
It's a good idea to review your nomination if your personal circumstances change, such as if you:
- get married or enter a de facto relationship
- separate or divorce
- have or adopt a child
- lose a nominated beneficiary or
- would like to update who receives your benefit.
How to nominate or update your beneficiary
You can nominate or update your beneficiaries online through My Account or by downloading and completing a Nomination of Beneficiaries Form. Send your completed form to:
Email: service@reallifecover.com.au
Mail: Real Insurance
Customer Support
Reply Paid 6728
Baulkham Hills, NSW 2153
(No stamp required)
You can also complete the form electronically via the DocuSign website.
Frequently asked questions
Can I change my beneficiaries?
Yes. You can update your beneficiaries at any time online through My Account or by downloading and completing a Nomination of Beneficiaries Form. Send your completed form to:
Email: service@reallifecover.com.au
Mail: Real Insurance
Customer Support
Reply Paid 6728
Baulkham Hills, NSW 2153
(No stamp required)
You can also complete the form electronically via the DocuSign website.
How many beneficiaries can I nominate?
You can nominate up to five beneficiaries.
What happens if one of my nominated beneficiaries passes away before me?
If one of your nominated beneficiaries passes away before you and you don't update your beneficiaries, their share of the benefit will be paid to your estate. To help ensure your benefit is distributed according to your wishes, we recommend updating your beneficiary nomination if your circumstances change.
What happens if I don't nominate a beneficiary?
If you do not nominate a beneficiary then your benefit will go to the policyowner. If that’s you, we pay the benefit to your legal personal representative (usually your Estate) or another person who we are permitted to pay under the Life Insurance Act 1995.