Serious Illness Cover has been designed to help fill the financial gap for you and your family if you were to suffer a serious
illness (as defined in the policy).
The policy provides a cash benefit to you – from $50,000 up to $750,000 that can be used to help smooth the way to recovery
and help bring your life back to normal. You can spend the benefit as you wish – to help with medical expenses, rehabilitation,
or even a holiday!
Serious Illness Cover isn’t just for the main breadwinner. If a partner who takes care of the home and children is out of
action, it can mean significant additional expenses to keep the household going, on top of rehabilitation and medical expenses.
That’s why we offer the flexible Joint Plan where you and your partner can select individual benefit amounts.
Life is unpredictable
and we never know what lies around the corner. If you wait until you are unwell, you may find this insurance is difficult
if not impossible to obtain. Once you have your Serious Illness Cover in place, you can keep it all the way to age 65, and
we guarantee not to raise your rate or cancel your policy as a result of your health deteriorating.
You can tailor the benefit amount to suit your needs and budget. If you are an Australian resident aged between 18 and 54
you can select a benefit amount of up to $750,000, those aged between 55 and 59 can select up to $500,000. The minimum benefit
amount is $50,000.
You will be protected for the full benefit amount you choose from the very first day your cover takes effect, and you can
keep your full cover all the way to age 65. The benefit will not decrease as you get older, or due to changes to your health,
subject to the exclusions below.
Once accepted you’re immediately covered for the defined serious illnesses except:
- If the serious illness is caused as a result of attempted suicide or intentional self-injury, or
- If the serious illness manifests itself before the start of the policy or during the first 3 months after:
- the Serious Illness Insurance Commencement Date;
- any increase in cover commences (except automatic increases), in respect of the increase;
- any addition of a Life Insured in respect of the Life Insured; or
- Insurance is reinstated.
To help ensure that your level of insurance cover keeps up with increases in inflation 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 may decline this
increase if you wish.
The automatic increases stop at the policy anniversary after you reach age 64.
All Australian
residents and their partners aged between 18 and 59 are eligible to apply for cover. A medical examination is not required
as insurability will be determined by your answers to some health and lifestyle questions.
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 from just $2.30 per week for $50,000 cover (based on standard
rate for a female non-smoker aged between 18 and 34).
Get
a quote and see for yourself how affordable Serious Illness Cover can be for you, or call 1300 37 7325 and speak to
one of our Real Consultants.
The premium is calculated each year on the policy anniversary and is based on your age at that time, and the benefit level
and plan you select.
Premium rates are not guaranteed. However you can never be singled out for an increase – any variation will apply to all
Serious Illness Cover Policyowners.
Generally the premiums are not tax
deductible and benefits paid are not assessed as income. This information is based on continuance of present tax laws and
our interpretation of those laws. Your individual situation may differ and you may need to seek qualified professional advice
in relation to your particular circumstances.
Your policy will continue until
the first policy anniversary after you reach age 65.
If you cancel your
cover within the first 30 days of commencement – for any reason whatsoever – you’ll receive a full refund of premiums that
have been paid. If you cancel your cover after 30 days, you will not get anything back as Serious Illness 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 on death by simply downloading a
beneficiary form, complete 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 Serious Illness 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.
Another question? Email us at info@reallifecover.com.au