These products offer great value, with a good score across both features and price.
7+
Great
These are competitive products, though they didn't quite get top scores.
5+
Standard
These products might offer less value or command a higher premium than others in the market.
0+
Basic
These products might only offer a basic set of features or aren't very competitive on price.
Features overview
Maximum Cover: This is the highest amount of coverage you can apply for under the policy. The maximum Life Cover amount depends on age, with limits up to $1,500,000 for those aged 16-45 and decreasing as age increases. This amount is consistent among many providers but there are others, like TAL and NobleOak, who offer a higher cover limit.
Terminal Illness Benefit: If the insured person is diagnosed with a terminal illness and is expected to pass away within 24 months, Allianz pays out the full Life Cover Amount early to help manage medical and personal expenses. Once this has been paid, the cover ends.
Funeral Benefit: Allianz offers an advance payment of $15,000 from the Life Cover Amount to help cover funeral costs while the death claim is being processed. This amount is deducted from the total Life Cover payout.
Guaranteed Renewability: Once approved, your policy remains active as long as premiums are paid, without the need for reassessment, even if your health condition changes over time.
Cooling-off Period: Policyholders have a 30-day cooling-off period from the date they receive their Policy Schedule. If they cancel within this time and no claims have been made, they are entitled to a full refund of premiums paid.
Minimum entry age: The minimum entry age for an Allianz Life Insurance policy is 16 years old, meaning applicants must be at least this age to apply for any type of cover.
Maximum entry age: The maximum entry age depends on the type of cover. For Life Cover, applicants can apply up until the age of 65, while for Critical Illness Cover and Permanently Unable to Work Cover, the maximum entry age is 55.
Expiry age: The expiry age varies depending on the cover type. Life Cover remains active until the policy anniversary after the insured person turns 99. Critical Illness Cover expires at the policy anniversary after the insured person turns 70, and Permanently Unable to Work Cover expires at the policy anniversary after turning 65. If your policy expires, there is no payout or refund of premiums paid.
How to make a claim
To make a claim, the insured person or their estate must call 1300 362 108 to notify Allianz and request a claim form. The completed form, along with any required supporting documents such as medical reports, a death certificate (for life cover claims), or specialist opinions, must be submitted for assessment. Allianz may also require additional medical examinations or investigations before approving the claim and making a payout.
There is not enough data to tell. According to the latest life insurance claims report from the Australian Prudential Regulation Authority (APRA), there is not enough data from Allianz about claims acceptance, claim times or disputes to record.
Peta Taylor is a publisher at Finder, working across all of insurance. She's been analysing product disclosure statements and publishing articles for over 2 years. Peta is passionate about demystifying complex insurance products to help users make well educated decisions with confidence. Peta is part of Finder's insurance awards team and works alongside editorial and insights experts to bring users the best insurance products every year.
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