Family Life Cover

Family Life Cover provides insurance cover designed to help fill the financial gap for your family if the worst were to happen and they were suddenly left without you to provide for them.

If you are the main breadwinner in the family, it’s important to make sure that your family would have adequate funds to ensure that the dreams you have for your family are not jeopardised if you were no longer there.

Family Life Cover is life insurance that pays a cash benefit – from $100,000 up to $1 million that can be used by your loved ones to pay the mortgage or rent, loans, school fees or day to day living expenses.

Even if you already have life insurance (for example through your Superannuation), Family Life Cover can be used to boost your cover levels to take account of the increasing costs associated with inflation and a growing family.

Family Life Cover isn’t just for the main breadwinner. The loss of a partner who takes care of the home and children could also add to family expenses for things like childcare, transportation and housekeeping. That’s why we offer the Joint Plan – so you can protect each other.

Life is unpredictable and we never know what lies around the corner. If you wait until you are unwell, the cost of life insurance could substantially increase, and it may also be difficult to obtain. Once you have your Family Life Insurance in place, you can keep it for life, and we guarantee to renew your policy, providing you continue to pay your premiums when due, regardless of changes to your health, occupation or pastimes.

You can tailor the benefit amount to suit your needs and budget. If you are an Australian resident aged 18 to 44 you can select a benefit amount of up to $1 million, those aged 45 to 54 can select up to $750,000, those aged 55 to 59 can select up to $500,000 and those aged 60 to 64 can select up to $300,000. The minimum benefit amount is $100,000, and you can select your chosen benefit in increments of $50,000, up to the maximum for your age bracket.

While your claim is being assessed we will advance $10,000 of your benefit, to help with funeral costs and other unexpected expenses.

You will 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.

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

The automatic increases stop at the policy anniversary after you reach age 75.

With the Terminal Illness Benefit you can elect to claim your full benefit if you are diagnosed as being terminally ill (with 12 months or less to live). This special benefit may help you get the best medical treatment available, put your personal affairs in order or settle other family needs.

There are a range of options available so you can tailor the cover to suit your needs. Options include Children’s Insurance, Total & Permanent Disability Insurance, Accidental Death Insurance and Serious Illness Insurance.

All Australian residents and their partners aged between 18 and 64 are eligible to apply for Family Life Cover. Medical or blood tests are not required as insurability will be determined by your answers to some health and lifestyle questions. This can all be done over the phone.

Once accepted you’re immediately covered for death by any cause except for suicide or intentional self-injury in the first 13 months of cover commencing, increasing or being reinstated.

A Terminal Illness Benefit is also not payable if the terminal illness is the result of a self-inflicted injury or illness by the life insured.

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.

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

Get a quote and see for yourself how affordable Family Life Insurance can be for you, or call 1300 37 7325 and speak to one of our Consultants.

Your 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.

In most cases your premium will not be tax deductible and tax will not be payable on any benefit paid under your policy.

This information is based on continuance of present tax laws and the insurer’s interpretation of those laws. Your individual situation may differ and you may need to seek qualified professional advice in relation to your particular circumstances.

As long as you pay your premiums, you can keep your policy for life.

If you cancel your cover within the first 30 days of commencement – for any reason whatsoever – you’ll receive a full refund of premiums you have paid. If you cancel your cover after 30 days, you will not get anything back as Family Life Cover is not a savings plan. However, if you have chosen a yearly payment option, we will refund you a pro rata of the unused portion.

We make all benefit payments to the Policyowner. If the Primary Life Insured dies while owning the Policy, the Insurance benefit will be paid to the Policyowner’s legal personal representative, or other person that we are permitted to pay under the Life Insurance Act 1995.

You can nominate a person as a beneficiary to receive the benefit when you pass away by simply downloading a beneficiary form, complete it and mail it to Real Insurance, PO Box 6728, Baulkham Hills, NSW 2153

Hannover Life Re of Australasia (Hannover), ABN 37 062 395 484, is the issuer of Family Life Cover. Hannover’s portfolio of life insurance business has been in force for over 40 years and consists of approximately $500 million dollars of annual premium. The company is part of the Hannover Re Group which is one of the world’s leading reinsurers. Its worldwide network consists of more than 100 subsidiaries, branch and representative offices in around 20 countries. Standard & Poor’s have awarded Hannover Re a very strong insurer financial strength rating.