Allianz Critical Illness Insurance

What Does Critical Illness Cover from Allianz Offer?

You have car insurance so that if something happens to your car, you’re not left stranded high and dry. So, why not consider life insurance to protect you and your family in case something happens to your health? This is when critical illness insurance from Allianz can help by providing a lump sum benefit payment in the event that you are affected by a life-threatening illness or injury.

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Allianz critical illness insurance policy covers 14 serious illnesses and will provide a pay out if you are suffering from cancer, stroke or a heart condition. Your Allianz critical illness insurance will also pay a benefit if you suffer an eligible illness or injury, even if you’re able to continue working.

Main Features and Benefits of Allianz Critical Illness Cover

While we may not want to think about it, suffering a serious illness or injury can seriously impact on our daily lives, whether there are additional medical bills to cover, ongoing treatments to pay for, or loss of income. The Allianz critical illness insurance policy offers comprehensive features to help you keep up with your financial commitments while you are recovering, such as:

  • A lump sum benefit amountYour benefit amount won’t be rationed as a monthly instalment, but will instead be paid as a lump sum when you make a claim, so you can use it however you see fit. You can apply for $50,000 up to $500,000 of critical illness insurance from Allianz.
  • Automatically increase your benefit amountThe costs of living are increasing all the time, and this includes the cost of medical treatments. Therefore, Allianz Critical Illness Insurance will automatically increase your benefit amount by 5% or the CPI, whichever is greater, to ensure that when you make a claim, the amount is in line with the day’s costs.
  • Comprehensive critical illnessesThe Allianz critical illness policy will cover: cancer, open chest surgery, coronary artery bypass, triple vessel angioplasty, heart attack, stroke, MS, motor neuron disease, Parkinson’s disease, Muscular Dystrophy, lung failure, kidney failure, liver failure and major organ transplant. In the case of selected critical illnesses, a waiting period of three months may apply from the commencement date of your policy. You cannot claim on your critical illness insurance with Allianz if your injury is self inflicted.

Bundling Your Critical Illness Cover with Other Allianz Life Insurance Solutions

You can combine your critical illness insurance with TPD insurance from Allianz, if you also have life cover in your policy. The benefit amount of your critical illness cover or your TPD cover cannot be greater than the benefit amount for your life cover, and your life cover amount is also the maximum amount which will be paid under a policy with more than one type of cover.

The payment of any benefit under a combined cover plan reduces the cover amount of the remaining benefits, for example, if you had $700,000 of life cover, $200,000 of critical illness cover and $500,000 of TPD cover, and you claimed on your critical illness policy, the benefit amounts of your remaining policies would be reduced by $200,000.

Who is Eligible for Allianz Critical Illness Insurance?

You can apply for this form of insurance cover if you are a holder of Australian or New Zealand Citizenship or if you hold an Australian Permanent Residency Visa and you are permanently residing within Australia at the time of submitting your application.

You’ll also need to satisfy certain age requirements in order to take out cover. You must be:

between the ages of 16 and 65 to apply for Life Cover
between the ages of 16 and 55 to take out Critical Illness Cover or Permanently Unable to Work Cover.

If you wish to take out Allianz Critical Illness Insurance Cover, your policy must include Life Cover. In addition, the Critical Illness Cover amount you take out cannot exceed the Life Cover amount. The maximum amount of Critical Illness Cover you can apply for is $500,000.

Allianz Critical Illness Insurance General Exclusions

As with any type of insurance policy, Allianz Critical Illness Insurance policies feature a range of conditions where claims will not be paid. These include the following:

  • a Life Cover benefit will not be paid if you commit suicide within the first 13 months after cover commences, after you increase cover or after your policy has been reinstated after it lapsed
  • a Critical Illness benefit will not be paid in cases where your condition is the result of a self-inflicted injury
  • if you sustain an injury from an event or condition that has been specifically excluded from your policy, any claims arising from such events or conditions will not be paid
  • no benefit will be paid if the life insured has not personally applied for cover or if the application was completed on behalf of another person
  • if the event that gives rise to a claim occurs while you are living in or travelling to a country which the Australian government has advised against visiting, no benefit will be paid.

William Eve

Will is a personal finance writer for specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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