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To ensure your loved ones aren't left with an expensive funeral bill when you pass away, you might want to consider Real Funeral Insurance. It can pay your beneficiaries a lump sum payment of up to $15,000, or up to $45,000 for Accidental Death. Then there are a few added features including Bonus Cover when you reach 85.
- Real Funeral Cover offers added flexibility with an early payout option.
- A maximum cover limit of $15,000 should meet the needs of most Aussies and is on par with four other leading providers you can get quotes with on our site.
- Moneysmart figures show that Hannover (who underwrite Real Funeral's policies) had a policy cancellation rate of 7.8%, which is slightly above the industry average of 6.7%.
Review by our insurance senior writer James Martin
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A quick review of Real Funeral Cover
|Maximum sum insured||$15,000|
|Age of entry||18 to 79|
|How do I apply?||Online with Real|
|Do I need to do a medical?||No. There are no medicals or blood tests involved.|
Based on Real Funeral Cover. Information last checked on February 2021. Always consult the Product Disclosure Statement (PDS).
This cover might be suitable if:
- You are after an underwriter with claims performance that meets the industry standard
- You're looking for quick and easy cover with no medical assessment.
Don't get this cover if:
- You want to stop paying for premiums once the amount you've paid reaches your funeral insurance benefit amount.
Note: The following is based on Hannover Life Re of Australasia Ltd. Hannover Life Re of Australasia Ltd is the actual insurer behind brands like Real Funeral Insurance.
|Claims data||Hannover||Industry Average|
|Average claim time (months)||0.60||0.60|
We looked at APRA data for claims over 2017-2018. The statistics above reflect 'funeral insurance' claims.
Real Funeral Cover: what you're covered for
Real insurance offers single plan cover and the option to add your partner or de facto to your policy. Here's a break down of the events covered with a Real Funeral Insurance policy:
- Funeral insurance benefit. This is a lump sum amount your nominated beneficiaries will receive when you die. You can apply for between $3,000 and $15,000.
- Accidental death benefit. If you die as a direct result of an accident, you can get a payout two times the funeral benefit amount you've selected. A Bonus Cover can also apply if you're over 85.
- Accidental serious injury benefit. You are automatically covered for a range of serious accidental injuries at no additional cost.
- Bonus cover. This is an additional benefit that applies from age 85. Real insurance will automatically add 25% to your funeral insurance benefit amount.
- Early cash out option. You can end your funeral insurance at any time before your 85th birthday and get 75% of your funeral benefit amount.
- Terminal illness benefit. 100% of your benefit is paid to you if you become terminally ill.
Other features and benefits.
Some other reasons that Real Funeral Insurance might be right for you.
- Quick cash payment. It usually takes 1 business day for your family to receive the payment once Real has got your claim.
- You can get 10% of premiums back after 12 months with The Real Reward™.
What won’t Real Funeral Insurance cover?
Under the Real Funeral Cover policy
Your claim will not be paid if it is made during the first 12 months of the policy for any cause of death other than accidental death. In addition, no Accidental Serious Injury Insurance Benefit will be paid if you suffer an accidental serious injury as a result of:
- An intentional self-inflicted bodily injury
- Engaging in illegal activity
- Suicide or attempted suicide
- The consumption of drugs (unless taken as prescribed by a medical practitioner)
- The consumption of alcohol, including driving whilst over the legal blood-alcohol limit
- Engaging in any professional sport or motor sports
- Taking part in a riot or civil commotion
- Travelling on an aircraft (except as a passenger on a properly licensed aircraft)
Some conditions to be aware of
Under the Real Guaranteed Real Funeral Cover policy
- Cover in the first 12 months is only for accidental deaths and serious injuries.
- Accidental Serious Injury expires on the policy anniversary after your 75th birthday.
- If you choose the Early Cash Out option you will no longer be eligible to claim. The payout may also be less than the total premiums you have paid for so far.
- There's no refund of premiums after the cooling off period ends.
For a full list of conditions, make sure you review the PDS (Product Disclosure Statement).
Who is eligible for Real Funeral Insurance?
Under the Real Funeral Cover policy
You’ll need to be an Australian resident aged between 18 and 79 in order to be eligible for Real Funeral Cover. If you satisfy these eligibility criteria, Real Insurance guarantees that it will accept your application for cover.
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