Get secure protection for your income with Real Income Protection cover
How do you think you would manage if you were to suffer a serious illness or injury and suddenly forced out of work for an extended period? How long could you depend on your savings before you began to feel the strain on your finances as you try to keep on top of mortgage or rent repayments, outstanding debt, bills and everyday living expenses? Income protection can ensure you are protected from this situation by providing an ongoing benefit of up to 75% of your regular income.
Real Insurance offers income protection insurance which can help to ensure that you still receive the important income that you need to support your family, even if you are unable to work because of illness or injury.
Real Insurance Income Protection Key Features and Benefits
Real Insurance will pay you up to 75% of your regular monthly income if you are unable to work because you are sick or injured. This means that you don’t have to worry about your finances and you don’t have to fall behind on your bills. Instead, you can relax and focus on your recovery, so that you are able to return to your normal work as soon as possible. With Real Insurance you can protect your income with:
- A benefit of up to $10,000 per month: Your Real Insurance Income Protection will pay a monthly benefit of 75% of your regular income, up to the value of $10,000 per month. Therefore, while you won’t continue receiving your regular salary, you will have enough money coming in to pay for the essential bills and keep your credit intact. You can also choose the benefit amount which suits you if you have a limited budget for your cover, and you can increase or decrease that cover amount at any time.
- Tax deductible premiums: Not only are your Real Insurance income protection premiums affordable but they are also tax deductible.
- Customisable cover for your needs and budget: You can choose to pay your premiums fortnightly, monthly or annually and there is no cost attached to this choice. Plus you can choose the benefit period and waiting period you need, according to your other savings and investments.
- Real Rewards cash back: Once you have held your policy for more than 12 months, you will receive a loyalty bonus of 10% of the premiums you have paid.
- Coverage for part-time work: You can also apply for income protection with Real Insurance even if you are only working part time – as long as you are working at least 20 hours a week, and you have been working at this capacity for the 12 months prior to taking out the policy.
You can also add the optional benefit of homemaker insurance to Real Insurance income protection cover so that even if you are not the primary income earner or you are the stay at home parent, your contribution to the family can be covered if you are sick or injured.
To include your children, you can add children’s insurance option onto your Real Insurance policy to receive a benefit if they suffer one of the defined illnesses or injuries. Income protection insurance from Real Insurance can also include rehabilitation benefits to help pay for those extra recovery costs, or your policy can be customised to include final expenses insurance so your family does not experience any financial hardship in the event of your death.
Additional Options to Consider
Real Insurance makes it possible for you to tailor your policy further with a number of additional benefit options. The optional cover you may choose from includes:
- Homemaker Insurance – Provides insurance protection for the families homemaker in the event that the person suffers a serious illness or injury and is unable to perform any three of their day-to-day domestic duties for over 30 days. The homemaker insurance benefit is paid on a monthly basis.
- Children’s Insurance – Only available if you have both Income Protection Insurance and Bill Cover. This coverage is provided in the event of Paralysis, Accidental Death, Deafness, Blindness, Permanent and total loss of the use of two limps; Major head trauma; Encephalitis; or Meningitis of an insured child. A parent or guardian of an Australian child between the ages of 2 and 17 is eligible to have their child protected under this benefit.
- Final Expenses Insurance – Is provided along with an Income Protection plan and will be stated in your Policy Schedule once you purchase this additional option. The Final Expenses Insurance provides coverage for death caused by an accident or a natural causes.
- Rehabilitation Benefits – Offered for those individuals who suffer a serious injury or illness and need help with their finances while they recover. The Rehabilitation Benefit is only offered if you have a two or five year Benefit Period with an Income Protection Insurance and will pay for the cost of your rehabilitation, as well as, 50% of the cost for services if you are in a rehabilitation program.
Other features of your policy worth knowing about
- Option to bundle cover - If an offer to incorporate your plans are made by the company, you will receive a new Policy Schedule stating all the important details of the insurance option. Along with the option to link other covers, there are other important things to know about a Real Insurance Income plan, such as:
- Cooling-off period – there’s a 30 day cooling off period that comes along with your policy. If you aren’t satisfied with your policy up to 30 days after the Commencement date, you are allowed to cancel it and receive a refund of any premiums paid, once you haven’t yet made a claim.
- Premium payment options – you control when you pay your premium and once you select a payment period, your Commencement Date, your premium will be debited on that date; whether, fortnightly, monthly or annually. You may pay your premium using a credit union or building society account; automatic debit from your bank account; or by charging it to your credit card.
How Much Will Real Insurance Income Protection Cost?
Your premium is calculated after every 12 month period. Below is a list of factors that contributes to the amount your premium costs:
- Smoking status
- Benefit period selected
- Monthly amount insured
- Waiting Period
Other factors that may affect the rate of your premium include family medical history, pre-existing medical conditions, occupation and participation in hazardous activities.
Applying for Real Insurance Income Protection Cover
With Real Insurance, applying for income protection cover is simple and straightforward. You are not required to take any blood or medical tests and you only need to answer a few questions about your health and lifestyle. There is also no requirement for you to show any proof of income to have your application approved.
Applicants will need to satisfy the following criteria:
- You must be an Australian resident,
- Between the age of 18 to 59, and
- Working for at least 20 hours per week in your primary employment for the last 12 months.
|Minimum Age||Maximum Age||Insurance Policy|
|18||59||Income Protection Policy|
|18||59||Homemaker Insurance Policy|
|18||59||Final Expense Insurance|
Exclusions to be aware of
Real will not pay income protection claims in relation to:
- A mental disorder, or illness
- Attempted suicide or an intentional self-inflicted injury
- Injury caused your participation in a criminal activity or other illegal acts
- The consumption non-prescription drugs, or intoxicating liquor or having a blood alcohol level over the legal limit
- Pregnancy, birth, abortions or miscarriage or
- Declared or undeclared war or warlike activity
Steps to make a claim
In the event that you need to make a claim, the steps below will guide you through the hassle-free process with the Real Insurance Income Protection claims team. To make a claim, you must first:
- Notify the company of the event that gives rise to the claim via email, firstname.lastname@example.org or telephone at 1300 367 325. If you are unable to make the notification yourself, you must nominate a beneficiary to make the call on your behalf.
- Once the company has received your notification, a claims agent will be assigned to investigate and resolve your claim by giving you a call and working through the claims process with you.
- The agent that gets in contact with you will provide all necessary forms for filing your claim. You must, therefore, complete these forms and affix your signature before returning them by mail with all required documents. In order for you to file an Income Protection, or any insurance claim for that matter, proof of the claim being made must be provided. Proof of claim includes:
- Once all documents and signed forms are sent in, Real Income Insurance will assess all claims and make payments once they are valid.
- Confirmation by one or more medical specialists
- Relevant information such as: examinations carried out; tests or laboratory results
- All receipts for any expenses you may have already paid for.