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Allianz Life Insurance Review

Allianz Life Insurance could be a great choice if you’re looking for competitively priced cover from a respected name. Some life insurance policies come with a restrictive expiry age, but that’s not true of Allianz.

Our Verdict:

  • The most recent Finder awards data ranked Allianz as third (out of 20) when it came to the cheapest average quotes for life cover. NobleOak were the cheapest overall and Insuremenow placed second.
  • Encouragingly, Moneysmart figures showed that Allianz’s policy cancellation rate for death cover was 8.9% which was below the industry average of 10.8%.
  • While Allianz does let you insure up to two people on the same policy, its family credentials are reduced a little as there’s no child benefit add-on available.

Review by our life insurance senior writer James Martin

No reviews yet. Write a review

$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

Pros and cons

Pros:

  • Long standing brand
  • No medical assessment required
  • Potential benefits can be increased at certain life events

Cons:

  • Maximum benefits can decrease significantly with age
  • Life cover has an expiry age of 99
  • Only direct debit is available as a payment option

Read a more detailed review on Allianz Life Insurance:

life insurance icon

Key points of Allianz Life Insurance

This type of insurance is also referred to as term life insurance or death cover because it pays a lump sum payment benefit if the insured dies or becomes terminally ill. Your life insurance benefit is designed to protect the financial future of the loved ones you leave behind and can be used for any purpose such as mortgage payments, outstanding bills and any living expenses.

  • Must be between 16 and 65 years of age to apply
  • Get a lump sum payment between $100,000 and $1,500,000 depending on your age
  • $15,000 advancement for funeral expenses
  • Insure up to two people on the same policy
  • Terminal Illness cover when death is likely to occur within 24 months
  • Benefit increases every year to stay ahead of inflation

Expert man icon

Key points of Allianz Critical Illness cover

This is a benefit that will be paid if you are diagnosed with a serious but not necessarily terminal illness. This critical illness cover includes vascular diseases like strokes, major organ failure, cardiac surgery, some forms of cancer, and degenerative diseases like Parkinson's or Multiple Sclerosis.

  • ​​Must be between 16 and 55 years of age to apply
  • Get a lump sum payment of between $50,000 and $500,000
  • Cover for 14 specified critical illnesses
  • Reinstate your life cover amount 12 months after a critical illness claim
  • Can be renewed until you are 70 years of age
  • Benefit increases every year to stay ahead of inflation

Worker

Key points of Allianz Permanently Unable to Work cover

This benefit covers you when you've missed work for 90 consecutive days and you are unlikely to ever be able to return to any occupation for which you're reasonably qualified or educated. It also will pay a benefit if you suffer the loss of two or more limbs, or permanent sight or hearing loss. This cover can be renewed until you turn 65.

  • Must be between 16 and 55 years of age to apply
  • Get a lump sum payment of between $100,000 and $1,500,000
  • Lump sum payment if you are unlikely ever to work again due to injury or sickness
  • ​​Also receive the sum insured if you suffer the loss of a limb, sight or hearing
  • Benefit increases every year to stay ahead of inflation
  • Reinstate your life cover amount 12 months after a Permanently Unable to Work claim

More about Allianz Life Insurance

Allianz is a direct insurance provider that offers many different insurance products, including home, car, travel, CTP and business insurance.

Allianz began as Manufacturers Mutual Insurance in 1914 and was renamed Allianz in 2000. It now has over 3 million policyholders in Australia and New Zealand, and is one of the leading private providers of workers compensation insurance, as well as being Australia's fourth largest insurer overall.

Allianz has been rated 'Most Trusted Brand' by Readers Digest every year between 2015 and 2018 and has a number of specialist services, including Club Marine for owners of pleasure craft.

Allianz life insurance key features

You don't need to undergo any medical or blood tests in order to apply for life insurance with Allianz, but they will ask you questions about your health, lifestyle, and family history to determine what cover they can offer. Your premiums will depend on these answers, as well as age, gender, and other factors. Allianz life insurance includes the following:

  • Life cover up to $1,500,000. This is how much Allianz would pay your family or beneficiaries if you die or are diagnosed with a terminal illness.
  • Terminal illness benefit up to $1,500,000. If you are diagnosed with a terminal illness where you likely have less than 12 months to live, you can also claim on your policy.
  • Life event benefit increase. Certain events in your life may prompt you to increase the value of your life insurance, such as getting married, taking out a mortgage, or receiving a significant increase to your salary. Outside of the events Allianz specifies, any application for an increase in your benefit is subject to Allianz's approval, which is not guaranteed.
  • Funeral advancement benefit. While your life insurance claim is being assessed, Allianz may advance up to $15,000 of your total benefit to help cover the costs of your funeral or similar costs. After the assessment is completed, any amount advanced is subtracted from the total benefit paid.
  • Automatic inflation indexation of benefits. To make sure your cover keeps up with rising inflation, your total benefit will automatically increase by 5% or the Consumer Price Index every year. Your premiums will grow in line with these increases.
  • Renewable for life. Or almost - you can renew your life insurance cover up until after your 99.
  • Joint policies. Life insurance policies can be taken out for just one person, or two people together.

Who can apply for Allianz life insurance?

To apply, you have to meet the following criteria:

  • Live permanently in Australia at the time of application and be an Australian or New Zealand citizen or hold an Australia Permanent Residency Visa.
  • For Life cover: Be between 16 and 65 years of age. The maximum benefits you can apply for decrease with age, and Allianz recommends checking whether you really need the cover if you are under 25 years of age.
  • For Critical Illness cover: Be between 16 and 55 years of age.
  • For Permanently Unable to Work cover: Be between 16 and 55 years of age and work at least 20 hours per week in an eligible occupation.
  • During the application process, you will need to meet the underwriter's health and lifestyle requirements to start receiving cover.

How do claims work?

If a claim needs to be made on your life insurance policy, here are the steps involved:

  • Contact Allianz and you'll be sent a claim form and advise of any supporting documents needed. This could include your treating doctor or specialist needing to complete a form.
  • If the event was your death, they will require a valid death certificate as proof.
  • Incomplete information, missing documents, or inability to provide anything requested within a reasonable time frame could lead to rejection of your claim.

How does the application process work with Allianz life insurance?

To apply for a life insurance policy with Allianz, all you need to do is start a quote on their website. Once you've done this, Allianz will ask you a number of questions about your family history, health, and lifestyle, and help you determine the level of cover they can offer you. They will then give you a quote, after which you can decide whether to proceed with your application or not.

Once you've made your application, your cover will start when Allianz approves it. After taking out a policy, you have a 30 day cooling-off period in which to change your mind and get a refund on any premiums paid.

Compare other direct life insurance policies below

Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Average Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
$15,000,000
69
$15,000,000
98.1%
1.1 months
$20,230 million
Get 2 months free when you apply for one or more life insurance types with NobleOak's Premium Life Direct policy before 30 June 2022. T&Cs apply.
TAL Life Insurance
$2,000,000
74
$2,000,000
87.10%
2.9 months
$36,630 million
Finder verifies that TAL has more Australian lives insured than any other provider - for 3 years in a row. Plus, get up to 15% off with TAL’s Health Sense program.
Real Family Life Cover
$1,000,000
64
$1,000,000
90.20%
1.8 months
$53,462 million
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™.
Medibank Life Insurance
$2,500,000
70
$2,500,000
87.30%
3.8 months
$31,745 million
With Medibank Life Insurance, you’ll also get access to the 24/7 Medibank Nurse phone service. Medibank health members will save 10% on premiums every year. T&Cs apply.
Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
Data not available
Data not available
$12,444 million
Get your first month free and a 10% discount by taking out a second life insurance policy (discount applies to the second policy). T&C’s apply.
ahm Life Insurance
$1,500,000
65
$1,500,000
87.20%
3.8 months
$31,745 million
Get ahm life insurance by 30 June and keep your cover for 6 months to receive $100 cashback. T&Cs apply^.
RAC Life Insurance (Only available in Western Australia)
$25,000,000
69
$25,000,000
98.10%
1.1 months
$20,230 million
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.
RACQ Life Insurance
$1,000,000
65
$1,000,000
97%
Data not available
Data not available
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