ANZ Life Cover

Protect your family's financial future with ANZ Life Cover

Life insurance is a valuable investment in protecting your family’s security into the future, even when life doesn’t continue the way you might have expected it to. Of course, life insurance is one of those products you don’t spend much time thinking about until you need it, so you want it to be as simple and easy to understand as possible now, and have a fast and friendly claims service so that you and your family can receive your benefit amount as quickly as possible and maintain your financial security.

Get a quote for ANZ Life Insurance and apply securely online

Product details Maximum cover Maximum Entry Age Cooling-off
(days)
Life Insurance
Life Insurance
Get flexible life insurance up to the sum of $2,000,000. $2,000,000 59 21 Get quoteMore info

ANZ Life Insurance offers feature packed cover to protect you and your family, and the cover remains affordable, so you don’t have to miss out on any benefits, but you don’t feel burdened by your cover each month either. ANZ is a strong and reliable member of the Australian financial industry, and if you’re not able to be there to take care of your family, you can at least know that a reliable and local insurer is there.

What does it cover?

ANZ makes it easy to tailor and combine your life insurance cover to create an affordable insurance package, while also protecting you and your family from the worst unforeseen circumstances. For example, ANZ Life Cover provides you with:

  • Extensive cover: You can choose a benefit amount of up to $2,000,000 and your cover amount is also determined by your age, annual income and other life insurances you have at the time of application.
  • Tailor your cover to your budget: ANZ makes sure you have the opportunity to choose a cover level to suit you and your budget, so no one has to go without life insurance just because they think they can’t afford it.
  • Immediate cover: Once your life insurance application with ANZ is accepted, your cover starts immediately. Plus, you can apply online or over the phone at any time, and you are not required to take any medical or blood tests. To apply you must be an Australian or New Zealand citizen, or holding a permanent residency Visa and living in Australia at the time you apply. You must also be between 18 and 59 years old.
  • Choose your beneficiaries: You can nominate up to five beneficiaries for your Life Cover benefit, including one of whom can be named the primary beneficiary, and this person will also receive the $15,000 advance assistance benefit to help with those immediate costs such as funeral expenses or final medical bills, before the rest of the claim can be processed.
  • Choose your premium frequency: You can choose to pay your premiums fortnightly, monthly or annually depending on your budget and pay cycle.
  • Combined discounts: If you combine your life cover with your partner’s policy you can be eligible for a premium discount.
  • Inflation protection: ANZ will also increase your benefit amount each year in line with inflation, to make sure your claim amount is relevant to the costs of the time, whether you make a claim in five years or 25 years.
  • Making sure you have enough cover: You may think that because you have life insurance within your superannuation that you don’t need another policy. However, the cover you have in your super account is not likely to be enough to cover all of your family’s needs if you die. Therefore, make sure you have enough cover with ANZ Life Cover, and you can also add a critical illness benefit so you can make a claim in the event of a critical illness or injury such as cancer, heart attack or paralysis.
  • Earn Qantas Frequent Flyer points: For every $1 of premiums paid on your ANZ Life Cover, you will earn one Qantas Frequent Flyer point when you link your accounts. Plus, if you’re not already a frequent flyer member, ANZ will sign you up, and waive the joining fee.

How much cover can I apply for with ANZ Life Cover?

The amount of cover you can apply for will depend on your age and your circumstances:

Gross Annual Income Less than $125,000Gross Annual Income $125,000 or More
Age 18 - 44$1,500,000$2,000,000
Age 45 - 54$750,000$1,000,000
Age 55 - 59$250,000$500,000

Option to add critical illness rider on your ANZ Life Cover policy

To tailor your life cover with ANZ you can add critical illness cover for an additional benefit. You can choose a benefit amount from $25,000 up to 50% of your Life Cover benefit amount. The critical illness benefit will be paid if you suffer one of the defined illnesses, and when it is paid, your life benefit will be reduced by the amount of the critical illness benefit.

How do I lodge a claim? 

ANZ Life Insurance has a simple and straightforward claims process. You or your beneficiaries can make a claim in any of the following ways:

  • Call 13 16 14
  • Write to ANZ Life Insurance, PO Box 4028 or level 5, 347 Kent St, Sydney
  • Send a fax to (02) 9234 5015
  • Email DIclaims@onepath.com.au.

You’ll need to have your policy details handy and will be required to fill out and submit a claim form along with any necessary supporting documentation such as a death certificate, medical certificates etc.

Your claim will then be assessed in a timely manner and if approved, your benefit will be paid into your nominated bank account.

Who's eligible for ANZ Life Insurance? 

To be eligible for cover under ANZ Life Insurance, you must meet all of the following criteria:

  • You must be between 18 and 59 years of age (inclusive).
  • You must be living in Australia and receive your policies product disclosure statement (PDS) in Australia. 
  • You must be an Australian or New Zealand citizen or an Australian permanent resident.
  • You must not have an existing ANZ Life Insurance policy or OnePath Life Insurance policy with more than $2 million of life cover.
  • You must not have more than $1 million of Critical Illness or Trauma Cover in a OnePath Life Insurance policy if applying for the Critical Illness Cover option in ANZ Life Insurance.

Everything else you need to know

How much life insurance do I need?

It depends on your circumstances. For instance, if you have a large mortgage or children to provide for, you would need more cover than a single person with no financial obligations. A financial adviser can help you decide the most appropriate cover amount.

What if I change my mind about my life insurance?

Once you receive your policy, you have a 30-day cooling off period during which time you can cancel your policy. You will receive a refund of any premiums paid, providing you have not made any claims.

What are stepped and level premiums?

Level premiums remain the same for the term of the policy (apart from annual CPI rises), while stepped premiums are adjusted upwards every year as you get older.

How much will ANZ Life Insurance cost me?

Premiums are determined by a range of factors including the benefit options you have included, the benefit amount you have chosen, the benefit period and waiting times you have selected, your age, your sex, your smoking status, your medical history and your occupation.

What is the Advance Assistance Benefit?

It's a $15,000 advance payment of your Life Cover that your beneficiaries can receive in the event of your death to help pay for funeral costs and unpaid bills.

Who receives my ANZ Life Cover benefit if I die?

You can nominate up to five beneficiaries to ensure the money goes exactly where it’s needed.

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