ANZ 50 Plus Funeral Cover

Information verified correct on September 28th, 2016

Receive up to $15,000 to cover your final expenses with ANZ

If you are in your 50s, you may think that life insurance is no longer necessary. All your children have grown up, moved out of home become financially independent. You may also have paid off some, if not most, of your debts. However, it is important to remember that should you pass away unexpectedly, your loved ones would be the ones cover all the financial responsibilities you have left and come up with the funds for your funeral arrangement.

Life insurance can be a great way to leave a positive legacy for your family and this is why you may want to consider the ANZ 50+ Life Insurance plan that is flexible and affordable, while offering you all the protection you want and need.

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What does the policy cover?

As much as you compare, consider and judge, you will know that your life is unlike anyone else’s, and your life insurance needs to be tailored to your circumstances too. With ANZ 50+ Life Insurance you are getting the peace of mind you want for your family’s future, plus great features and even better affordability.

ANZ 50 Plus Life Insurance policy offers the following features:

  • Life benefit: You can nominate a benefit amount of up to $15,000, which will be payable to your beneficiaries in the event of your death. Note that should you pass away due to natural causes within the first 12 months, no benefit is payable; however, all premiums paid to date will be 100% refunded.
  • Accidental death benefit: You will also be covered for accidental death and your beneficiaries will receive the same benefit payment as that on your life cover of up to $15,000. If you die as the result of an accident after the first 12 months of your policy, your beneficiaries will receive a lump sum accidental death benefit in addition to the life benefit.
Policy PeriodLife BenefitAccidental Death BenefitPremium Refund?
Within the first 12 months from the commencement date of the policy
No
Yes
Yes

- if the death is not caused by an accident.

Within the first 12 months from the commencement date of the policy
Yes
Yes
No

Summary of the Conditions of Payment for Life and Accidental Death Benefit

  • Choice of standard or capped premiums: With the standard premiums option, your payments are fixed until you reach 90 years old, so you know exactly how much you pay each month. Your standard premiums never increase, and your premiums cease on the next policy anniversary after your 90th birthday, while you remain covered for life. Capped premiums option means that you never pay more than the benefit amount you have chosen. For example, if your life benefit is $7,000 the most you will ever pay in premiums is $7,000 after which you don’t make any more payments and your cover will continue until death. Your capped premiums don’t ever increase either.
  • Guaranteed premiums: Your premiums are guaranteed to stay the same over the term of your life insurance with ANZ, so you can budget easily, and don’t have to be faced with the difficult choice of whether to keep your cover as the costs go up.
  • Guaranteed renewable cover: Your premiums will continue until you turn 90, after which time your cover continues for life, but you don’t have to pay any more.
  • Premium waiver: In the event that you suffer from a financial hardship after 12 months of your policy's commencement date, you may be eligible to get your premiums waived for up to a maximum of three months over the life of your policy.
  • Choice of premium payment frequency: With your ANZ 50 Plus Life Insurance policy, you have the flexibility to choose your premium payment frequency - fortnightly, monthly or annually, so that you can manage your budget more effectively.
  • 24/7 worldwide cover: Your ANZ 50 Plus life insurance policy will provide cover 24 hours a day, 7 days a week, no matter where you are in the world.
  • Earn Qantas Frequent Flyer points: For every dollar you pay in premiums on your ANZ 50 Plus Life Insurance, you will earn one Frequent Flyer point. If you are not already a Frequent Flyer member, ANZ will sign you up to the program, and pay the joining fee for you.
  • Prompt claim payment: When there is a farewell to plan, it is often crucial for family members to get access to your life insurance payout as soon as possible so that they meet the final expenses. This is why ANZ will generally pay your life insurance benefit within two business days of receiving all of the claim documents and requirements.

Steps to apply

Applying for ANZ 50 Plus Life Insurance policy is easy and can be completed online, over the phone or in one of ANZ Bank's branches. You are eligible to apply for ANZ 50 Plus Life Insurance if you are:

  • Between 50 and 70 years old;
  • An Australian or New Zealand resident or a holder of a permanent residency visa;
  • Currently residing in Australia.

You are not required to take any blood or medical test at the time of application and there are no health questions to fill out. You will have immediate cover if you meet the eligibility requirements and ANZ accepts your application for ANZ 50 Plus Life Insurance.

If you change your mind after being accepted for ANZ 50+ Life Insurance, you have 21 days to cancel your policy. If you cancel your cover within the 21-day cooling off period, you will receive a full refund of any premiums paid.

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