ANZ 50 Plus Funeral Cover

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.

• Summary of ANZ 50 Plus Funeral Cover
• Who this is and isn't for
• Claims reputation

As much as you compare, consider and judge, you will know that your life is unlike anyone else’s, and so your life insurance needs to be tailored to your circumstances. 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.What does the policy cover?

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.

• 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.

When is a benefit paid?

The ANZ 50+ Life Cover Life Benefit is paid in the event of your death. However, this benefit is only payable on deaths that occur after you have held cover for 12 months. If you die within the first 12 months of cover but not as a result of an accident, 100% of the premiums you have paid will be refunded to your estate. You can choose a Life Benefit amount of up to $15,000.

The Accidental Death Benefit is the same amount as your Life Benefit and is paid as a lump sum when you die as the result of an accident. This benefit is payable from the day cover begins, and if your death is caused by an accident more than 12 months after the policy acceptance date, the Accidental Death Benefit is paid in addition to the Life Benefit.

Who is eligible for ANZ 50+ Life Cover?

To be eligible for ANZ 50+ Life Cover you will need to be:

• Between 50 and 70 years of age
• An Australian or New Zealand citizen or a holder of an Australian Permanent Residency visa
• Currently residing in Australia

You will also need to receive the policy PDS in Australia.

When is a benefit not paid?

The ANZ 50+ Life Cover LifE Benefit will not be paid if you die within the first 12 months after taking out cover. Any claims arising directly or indirectly from suicide within the first 12 months of your cover beginning or being reinstated will also not be paid.

Other things to know about ANZ 50+ Life Cover

Other factors you should be aware of about ANZ 50+ Life Cover include:

• Underwriter. ANZ 50+ Life Cover is issued by OnePath Life Limited, a wholly-owned subsidiary of ANZ.
• Immediate cover. If you meet the age and residency requirements and your application is accepted, cover begins immediately.
• Premium payments. You can choose to pay your ANZ 50+ Life Cover premiums fortnightly, monthly or annually – whichever suits your budget.
• Worldwide cover. Cover applies 24 hours a day, 365 days a year, anywhere in the world.
• Premium amount. Your ANZ 50+ Life Cover premium is calculated based on your age at the policy acceptance date, the Life Benefit amount you select, and the premium payment option you select (standard or capped). The minimum premium payable is $240 per year, $20 per month or $9.20 per fortnight.
• Premium waiver. If you experience financial hardship more than 12 months after taking out cover, you can apply to have your premium waived for a total maximum period of three months over the life of the policy.
• Increasing or decreasing cover. You cannot adjust your Life Benefit or Accidental Death Benefit amounts once you have taken out cover.
• Nominating a beneficiary. You can nominate one beneficiary to receive all benefit payments from your policy, and you can change your nomination at any time by phoning the insurer. If you do not nominate a beneficiAry, the proceeds from your policy will be paid to your estate.
• Cooling-off period. A 21-day cooling-off period applies to ANZ 50+ Life Cover. This means you can change your mind about the policy and cancel cover within the first 21 days and you will receive a full premium refund.
• Cover ends. Cover under your ANZ 50+ Life Cover policy ends when the earliest of the following occurs:

• You die
• You cancel the policy
• The insurer cancels the policy, for example if you fail to pay your premiums