Allianz Life Insurance Review April 2021 | finder.com.au

Allianz Life Insurance

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Compare policies available from Allianz Life Insurance

Allianz is an Australian and New Zealand insurer, who holds over 2 million policies for personal, industrial, commercial, corporate and business insurance. Allianz has grown to become one of Australia's largest insurers, and a leader in a range of insurances and financial products that are important to Australians. Allianz range of insurance types has expanded to include car, home, travel, boat, pet, aviation, business, corporate, public and product liability and life insurance.

$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
Funeral Benefit $15,000
Guaranteed Renewability
Online application
Cooling-off (days)30

Allianz's continued growth since its inception in 1914 now sees the company employ over 3,600 staff. As of 2013, Allianz boasted an annual premium income of AUD$3.9 billion and investment assets of more than AUD$6.4 billion. Allianz is also dedicated to assisting reduce greenhouse emissions as a member of the Australian Government's Greenhouse Challenge plus program.

Allianz life insurance products and services

The life that you've built for yourself is dependent on a number of factors, such as your ability to work, to physically be there to care for your family, to pay the household bills and living expenses, and build a life with your family that you've all dreamed of. However, if you suddenly died, were unable to work, or unable to continue in your current career, you won't be able to care for your family the way you want to.

Therefore, Allianz has a suite of financial and insurance products to help you and your family protect everything you're working towards. This section will give an overview of the personal insurance products offered by Allianz:

Allianz Life Insurance

    • A lump sum benefit amount. The benefit payment from your life insurance policy is paid to your family if you die, or you are diagnosed with a terminal illness. This money can be used for funeral expenses, paying the mortgage or other debts, household bills and ongoing living expenses.
    • Funeral expenses advance. Allianz can advance you up to $15,000 at the time of the claim to help you pay for immediate costs such as the funeral.
    • Benefit is inflation proof. Your benefit amount automatically increases by 5% or by the CPI amount – whichever is greater – each year.
    • Guaranteed renewable As long as you keep your premiums current, your cover will be automatically renewed each year until you are 99 years old.
    • Apply online. You can apply for Allianz life insurance online in just a few minutes. You won't need to take a blood test or a medical test, and you simply answer a few questions about your health and lifestyle. You also have a 30 day cooling off period in which to change your mind.

Allianz Critical Illness Insurance

If you suffer a critical illness or trauma, it can have a significant impact on your finances and your lifestyle and a benefit payout from an Allianz critical illness policy can help, with:

  • Illnesses and trauma can happen to anyone. Even healthy people can be diagnosed with a critical illness, or suffer an accident or injury. If you had to suddenly stop working because of a critical illness or trauma, Allianz critical illness insurance can pay you a lump sum benefit amount to help with your bills, medical costs and specialist treatments.
  • Protected from inflation. The benefit on your critical illness policy is automatically increased each year in line with the CPI, to make sure that it remains valuable and relevant when you need it.
  • Easy application. If you are between 16 and 55 years old, you can apply for critical illness cover, which will be automatically renewed each year until you are 70 years old. You simply need to provide a little information about your health and lifestyle, and your family medical history.
  • Eligible illnesses or trauma. There are 14 conditions covered in the Allianz critical illness insurance policy, which are: cancer, open chest surgery, coronary artery bypass, triple vessel angioplasty, heart attack, stroke, MS, motor neuron disease, Parkinson's, muscular dystrophy, lung failure, kidney failure, liver failure or major organ transplant.

Allianz Permanently Unable to Work Cover

You may also find yourself unable to work because of an accident or injury, which is where the Allianz total and permanent disablement policy can offer:

  • Up to $1.5 million in coverage. Depending on your age at the time of application, Allianz can offer you up to $1.5 million of cover if you are permanently unable to work because of illness or injury. This money can be used for medical costs, making adjustments to your home, or to help with living expenses.

Regularly increases to benefits. Your benefit amount will increase by 5% each year to keep in line with the pay rises you would be getting for inflation purposes. This means your lump sum benefit reflects a real value at the time it is paid.

Compare 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
⭐Finder Exclusive: Get a 10% discount on your first 12 months with NobleOak Life Insurance. Offer ends 30 April 2021. T&Cs apply.
Insuranceline Life Cover
$1,500,000
65
$1,500,000
Trauma cover
Get a $100 bonus gift after 2 months. Offer ends 30 September 2021. Plus get 12 months cover for the price of 11 if you pay for life insurance annually. 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.
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™ .
Guardian Life Insurance
$1,500,000
64
$1,500,000
TPD cover, Trauma cover
Cover up to $1.5 million with Guardian Life Insurance.
Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
No optional
Get the first month free and a 10% discount if you take out a second life insurance policy (discount applies to second policy). T&C’s apply.
AAMI Life Insurance
$1,500,000
65
$1,500,000
Trauma cover
Get 5% off for existing customers and get the 12th month free if you pay annually.
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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.

What details will be required for my application?

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

What if I am taking out cover with my spouse?

If you are taking out a joint-policy with your spouse, each applicant will be required to apply for cover separately.

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Allianz Life Insurance Frequently Asked Questions

Q. Can I increase my cover?

  • A. You can apply to increase your cover but it will be subject to assessment by Allianz's team of underwriters so it not guaranteed.

Q. Can I take out cover with my partner?

  • A. Yes, Allianz allows you to take out joint cover with your spouse. This means that you will both be covered under the one policy. You can also opt to include your spouse on your policy following the commencement date.

Q. Can I apply for cover for somebody else?

  • A. No. Cover cannot be taken out for another person.

Q. When will I be considered a smoker?

  • A. Anyone who has smoked in the last 12 months will be considered a smoker. If you quit smoking 6 months ago you will still be required to inform Allianz.

Q. How do I pay for my cover?

  • A. Cover can be paid annually or monthly by direct debit from your credit card or from your bank account.

Q. When does cover start?

  • A. Cover will start from the date the policy is accepted. This "policy commencement date" will be stated on the policy.

Q. Can cover be taken out through a self managed super fund?

  • A. Yes, cover can be owned by a self managed super fund. You will need to apply for SMSF cover over the phone through one of Allianz's consultants.

Q. Does my policy have a cooling off period?

  • A. Yes. All policies will be issued with a 30 day cooling-off period whereby cover can be cancelled and a full refund provided for any payments made.

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