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Real Insurance Life Insurance Review

Real Life Insurance offers family-friendly life cover that could meet the needs of many Australians, but some benefit limits that may leave you wanting more.

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Our verdict

  • You can get back 10% of premiums you've paid in the first month. For us, this is one of the better sign-up offers on the market.
  • Children's cover is available on some plans – you can get up to $50,000 for each child insured. Most life insurers don't offer child cover at all
  • No medical assessment (great if you're in good health).
  • An overall cover limit of up to $1,000,000 might not be enough for some people. We found 15 other providers that cover above this limit.
  • A funeral benefit of $10,000 isn't terrible but it may not be enough to cover all costs.

Maximum Cover


Maximum Age


Total & Permanent Disability Cover

Trauma Cover

Compare key features of Real life insurance and get a quote today

Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
Real Family Life Cover
2.4 months
$53,238 million
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.

Get the latest deal from Real Life Insurance


Get 10% of premiums back in the first 12 months

Receive 10% of premiums you’ve paid in the first 12 months with The Real Reward program.

Why compare life insurance with Finder?

  • You pay the same price as buying directly from the life insurer.

  • We're not owned by an insurer (unlike other comparison sites).

  • We've done 100+ hours of policy research to help you understand what you're comparing.

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Real Family Life Cover

Real Family Life Insurance offers cover for you in the event of death or the diagnosis of a terminal illness. It is available to Australian residents between the ages of 18 and 64 for benefit amounts from $100,000 up to $1,000,000, depending on your age.

Features of the policy include:

  • Complimentary interim accidental death cover for up to 30 days. This means you have some cover while your application's being processed
  • An advance funeral benefit of $10,000 will be paid to your family to assist with immediate costs
  • Guaranteed renewal for life. As long as you pay your premiums on time, Real Insurance will renew your cover even if your health or lifestyle changes.
  • Add your partner to the policy and choose a different level of cover for you both.

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Optional cover

You can add the following optional extras to your Real Family Life cover:

  • Total and Permanent Disability (TPD) insurance. Provides a lump sum benefit payment if you become totally and permanently disabled and are unable to work.
  • Serious Illness. Also known as trauma insurance, you'll receive a benefit if you suffer from a range of illnesses, including certain types of cancer, stroke or a heart attack.
  • Children's Insurance. Pays a lump sum benefit in the event of a range of specified serious illnesses and injuries, terminal illness or if your child passes away.


Real Term Life Insurance

Similar to Real's Family Life cover, its term life cover pays out a lump sum benefit if you pass away or are diagnosed with a terminal illness. The difference is you're covered for a fixed term of either 20 years or when you turn 85, whichever comes first.

  • Choose a benefit amount from $10,000 up to a maximum of $100,000
  • Pays out triple the benefit amount if your death is accidental (up to $300,000)
  • Receive a guaranteed cash payout if your cover expires
  • Your loved ones can receive a 20% advance payment to assist with funeral costs.

Compare Real with the other 2023 Life Insurance award winners

Finder's data and insights experts created a rating algorithm to compare 10 life insurance policies in Australia across pricing and key features. Our 2023 winners are:

Real Family Life Cover logo

Real Family Life Cover

Get Quote

Maximum Cover


TPD Cover


Trauma Cover


TAL Accelerated Protection Life Insurance logo

TAL Accelerated Protection Life Insurance

2nd place in Finder Awards

Get Quote

Maximum Cover

No set limit

TPD Cover


Trauma Cover


Medibank Life Insurance logo

Medibank Life Insurance

Get Quote

Maximum Cover


TPD Cover


Trauma Cover


Why choose Real Life Insurance?

Real Insurance life products are issued by Hannover Life Re of Australasia Ltd ABN 37 062 395 484, a wholly-owned subsidiary of Hannover Re and is part of the Hannover Re Group worldwide. Hannover Re is one of the largest life reinsurers in the world, has a Standard and Poor's Insurer Financial Strength of AA (Very Strong), and has maintained this rating for a number of years.

Am I eligible for life insurance with Real Insurance?

Type of life insuranceCriteriaKey features
Real Family Life CoverBe an Australian resident between ages 18-64, meet the health and lifestyle criteria during the underwriting application process.Offers up to a $1,000,000 benefit to cover death and diagnosis of a terminal illness.
Total and Permanent Disability CoverBe an Australian resident between ages 18-59, working 20 hours minimum per week, meet the health and lifestyle criteria during the underwriting application process.Benefit amounts range from $50,000 to $1,000,000.
Serious Illness InsuranceBe an Australian resident between ages 18-59, meet the health and lifestyle criteria during the underwriting application process.Benefit amounts range from $50,000 to $500,000.
Children's CoverBe an Australian resident. Children must be 2-17 years of age and the policyowner (parent or legal guardian) between ages 18-64.Apply for benefits from $20,000 up to a maximum of $50,000 for each child insured under the policy.
Real Term Life CoverBe an Australian resident between ages 18-79, meet the health and lifestyle criteria during the underwriting application process.Offers up to a $100,000 benefit to cover death and diagnosis of a terminal illness.

Conditions and exclusions apply, make sure you read the current Product Disclosure Statement (PDS) on the provider's website before applying. Information is subject to change at any time.

Key benefits and features of Real Insurance policies

No matter which combinations you choose to complement your Real insurance policy, these features will be built-in at no extra cost.

  • 30 day money back guarantee. Real Family Life and Real Term Life allow 30 days from the commencement of your insurance policy to make sure you are happy with it. You are able to cancel your policy and any premiums refunded if you change your mind, unless a claim has already been made.
  • Additional insurance options. You can add Children Insurance on to your Real Family Life Cover. It will pay a lump sum benefit if the insured child experiences death (from after 3 months of the policy starting), accidental death (from the day cover starts) and defined serious illnesses and injuries.
  • Automatic sum insured increases. To keep up with the rate of inflation, benefits on Life Insurance are automatically increased every year by 5%, even if the maximum amount of coverage is reached.
  • Premiums. Your premiums are stepped. This means they will go up over time. However, changes must be applied across all policy owners. At least 90 days notice will be given for any premium change. Note: If premiums are not paid when due, the policy will end (subject to the required notice periods) which means your life cover and ability to claim will cease.
  • Payment flexibility. Your premium will be debited on the date of your choice, either fortnightly, monthly or annually. You can pay by automatic debit from your bank, credit union or building society account or by charge to your credit card.
  • Claim flexibility and simplicity. Claims can be made through mail or telephone.
  • The Real Reward. Once you have held your policy for 12 months, you will receive a 10% refund on the premiums you have paid in that time.

See how Real's claim acceptance rate stacks up against other life insurers

This is the percentage of claims a life insurer pays out. It's based on data from Australian Prudential Regulation Authority (APRA) covering the 12-month period from 1 July 2021 to 30 June 2022. Taken from 18 Australian life insurance underwriters (of direct policies).

How do I get Real Life Insurance quotes online?

To receive a Real Life Insurance quote, simply follow one of the secure links located in the table above. After submitting your details securely online via the enquiry form, a Real Life Insurance Consultant will contact you to discuss your enquiry and how much you can expect to pay for cover based on the details that you have provided. Some applicants may be required to submit further medical underwriting if they have pre-existing conditions.

Why you can trust Finder's life insurance experts


We're free

You pay the same as buying directly from the life insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
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We're experts

Our team of life insurance experts have researched and rated dozens of policies as part of our Finder Awards and published 250+ guides to make it easier for you to compare.

We're independent

Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of life insurance brands, making it easier for you to find a good deal.

We're here to help

Since 2016, we've helped 270,000+ people find life insurance by explaining your cover options, simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

Frequently asked questions about Real life insurance

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