Allianz Life Insurance Review

Allianz Life Insurance is good if you want an award-winning insurer that offers up to $1.5 million in cover and flexible options.

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$1,500,000

Maximum Cover

65

Maximum Entry Age

$1,500,000

Terminal Illness Benefit

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Details

Product NameAllianz Life Plan
Maximum Cover $1,500,000
Terminal Illness Benefit$1,500,000
Funeral Benefit $15,000
Guaranteed Renewability
Cooling-off (days)30
Online Quote

Allianz life insurance: Our verdict

  • It's won multiple awards.
  • It's good for flexibility – it comes with different life insurance options to suit your needs.
  • With Allianz, you get a death benefit of up to $1,500,000. This is a fairly standard amount, but some insurers such as Suncorp and NobleOak offer between $500,000 and $14,000,000 more.

Read a more detailed review on:

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Life Insurance

Key points of Allianz Life Insurance

  • Life Cover. This covers you if you pass away or become terminally ill. It comes with up to $1.5 million cover depending on your age and a $15,000 funeral advancement.
  • Critical Illness Cover. Also known as trauma cover, this can pay a lump sum of up to $500,000 for for 14 critical illnesses.
  • Permanently Unable to Work cover. This is also known as TPD cover and pays out up to $1.5 million if you become totally and permanently disabled and cannot work anymore.

Note: Be sure to check the Product Disclosure Statement (PDS) for terms and conditions.

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Eligibility

Allianz life insurance cover eligibility requirements

  • Life cover is available if you're aged between 16 and 65.
  • Critical Illness cover is available if you're aged between 16 and 55.
  • Permanently Unable to Work cover is available if you're between and including 16 and 55.
  • live permanently in Australia at the time of their application and be: an Australia or New Zealand citizen or hold an Australia Permanent Residency Visa
  • own the policy as an individual
  • work in an occupation that is accepted by Allianz Life
  • meets health and lifestyle requirements
  • For Permanently Unable to Work cover only, you must work on a permanent basis for at least 20 hours per week in an occupation accepted by Allianz

Allianz life insurance pros and cons

Still wondering if Allianz is right for you? Here are the main pros and cons summarised:

Pros

  • It comes with different life insurance options.
  • It's an award-winning and trusted provider.
  • $1.5 million is likely enough for most people.

Cons

  • It's possible to get a higher life insurance benefit elsewhere.

How do I apply for Allianz life insurance?

If you are interested in applying for one of the products available from Allianz, cover can be applied for and purchased entirely online in as little as 12 minutes. As a direct insurance provider, Allianz does not require any medical or blood tests for cover to be put in place. You even have the benefit of being able save your application before hitting the apply button and access and complete your saved application for a period of up to 30 days.

Allianz will require the following details in order for your application to be completed:

  • Details of alcohol consumption and whether or not you smoke
  • Your weight and height
  • Details of pre-existing medical conditions including:
    • Illnesses
    • Injuries
    • Any medication you have taken in the past
    • Any medical treatment that you have received
    • Family medical history
  • Your doctor's name and contact details
  • Necessary credit card and bank account details for the payment of your policy premiums

Compare other direct life insurance policies below

Name Product Maximum cover Maximum Entry Age Fully Underwritten? Terminal Illness Benefit Optional Extras
NobleOak Life Insurance
$15,000,000
69
$3,000,000
TPD cover, Trauma cover
Get your one month free when you buy NobleOak Life Insurance policy. Offer ends 31 October 2021. T&C's apply.
Real Family Life Cover
$1,000,000
64
$1,000,000
TPD cover, Trauma cover
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ .
Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
No optional
Get your first month free and a 10% discount by taking out a second life insurance policy (discount applies to the second policy). Customers who suffer a serious side effect from an approved COVID vaccination may be eligible for a $50,000 one-off payment. T&C’s apply.
Medibank Life Insurance
$2,500,000
70
$2,500,000
TPD cover, Trauma cover
Medibank health members save 10% on premiums every year. T&Cs apply.
ahm Life Insurance
$1,500,000
65
$1,500,000
TPD cover, Trauma cover
ahm Health members can save 10% off premiums.
RAC Life Insurance (Only available in Western Australia)
$25,000,000
69
$25,000,000
TPD cover, Trauma cover
When you purchase RAC Life Insurance, WA residents receive complimentary RAC membership which includes access to discounts on fuel, savings on shopping, entertainment and more. T&Cs at rac.com.au.
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