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Allianz Life Cover

Get cover for the unexpected with Allianz life cover

Allianz life cover can look after your family and help them achieve the plans you made together, and it also offers a number of other benefits to make management of your policy easier, and the benefit payout more valuable to your loved ones:

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  • Affordable cover: Not only does Allianz life cover offer a comprehensive range of benefits to applicants but cover remains competitively priced with premiums as much as 25% cheaper to other life cover products from competing direct providers.
  • Funeral expenses advance: It can take some time for a complete claim to be processed in the event of your death. However, with Allianz, your family will be paid an advance of up to $15,000 to help them pay for immediate expenses such as your funeral. The $15,000 advance comes out of the total benefit amount, but will be very valuable to your grieving loved ones who may not have enough saved to pay for your funeral out of their pockets.
  • Benefit amount is inflation proofed: To make sure that the benefit paid from your life insurance policy is relevant to the costs at the time of the claim, your benefit will be automatically increased each year by 5% or by the CPI amount, whichever is greater. This means the benefit your family receives when they make a claim won’t be eaten away by inflation costs.
  • Easy to apply: Don’t let anything stand in the way of taking out life insurance. You don’t need to take a blood test or medical test, and instead you only need to answer a few questions about your health and lifestyle, and provide a basic medical history of your family. You also have a 30 day cooling off period, so if you change your mind, you will receive a full refund of the premiums you have paid for your policy.
  • Guaranteed to renew your policy: Once you have been approved for your Allianz life cover, you are guaranteed to have your policy renewed each year, regardless of changes in your health and lifestyle. Your policy will automatically be renewed until your 99th birthday.
  • Joint cover options: You can take out Allianz life cover as an individual policy or as joint cover. Your family would be equally devastated if either you or your partner were to die, and while one of you might contribute more financially than the other, life cover can compensate your family in numerous ways to help manage without your contributions.
  • Cover anywhere in the world: Your family is able to make a claim on your Allianz life cover for eligible events, no matter where you are in the world at the time.

Level of cover available

The amount of life cover you are able to apply for with Allianz will depend on your age:

  • If you are 16 to 45 years old when you apply, you can choose from $100,000 up to $1.5 million of cover.
  • Between 46 to 55 years old, you can take out $100,000 to $1 million of coverage.
  • If you are 56 to 65, you can apply for between $100,000 and $500,000 cover.

You can also enjoy greater protection from your Allianz life cover by bundling your policy with other living insurances. For example, Allianz critical illness insurance will pay a benefit if you suffer from one of the illness events detailed in your policy, and total and permanent disability cover pays out if you are unable to work because of illness or injury.

Some final questions you might have

Q. Can I increase my level of cover?

  • A. Once your life cover policy is in place, you can apply to increase your cover and include any additional benefits at any time. Your application to increase cover is not guaranteed and will be subject to assessment from Allianz's underwriting team. Any cover that is already in place will not be affected by any future increases.

Q. When will a benefit not be paid?

  • A. A benefit will not be paid under the life cover plan if death is a result of suicide within the first 13 months of the policy commencing. Benefits will also not be paid if claims arise in countries where there has been advice issued from the Australian Government stating that persons should not travel to or stay in that country.

Q. How are premiums paid?

  • A. Premiums can be paid monthly or annually by Direct Debit from a credit card or bank account.

Q. Can my policy be cancelled?

  • A. Allianz has the power to cancel your policy if your premiums have not been paid within 30 days of the due date.

Q. Can my premiums increase?

  • A. Allianz may adjust current policy fees and introduce new policy fees by giving 30 days written notice.

Q. Can I renew my cover?

  • A. Cover can be renewed until the policy anniversary following your 99th birthday. This is only applicable provided premium payments have been made.

Q. How do I make a claim?

  • A. In the event that you need to make a claim, you or your estate must contact Allianz as soon as possible after which, you will/they will be sent the necessary claims documentation to complete and return.

Q. When does cover start?

  • A. Cover will begin from the date Allianz accepts your application

Q. When does cover end?

  • Date benefit is paid
  • Date policy is cancelled by policyholder or date that Allianz cancels the policy due to premium not being paid.
  • Date that policy expires

Q. Who can adjust the policy?

  • A. Only the policyholder can cancel, extend or adjust the cover.

Q. Is there a cooling-off period

  • A. Each policy will have a cooling off period of 30 days whereby the policy can be cancelled and a full refund provided.

Q. How much will Allianz life cover cost?

  • A. Your premium will be based on?
  • Age
  • Gender
  • Whether you smoke
  • Any additional options you choose
  • Pastimes
  • Occupation

William Eve

Will is a personal finance writer for finder.com.au 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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