In this guide

  • Review
  • Details
    • Key Details
    • Eligibility
    • Add-ons
  • Frequently asked questions
  • Your reviews
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Allianz Life Plan

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    Bonus
Maximum Cover
$1,500,000
Maximum Entry Age
65
Terminal Illness Benefit
$1,500,000

Summary

Allianz Life Insurance could be a good option if you’re looking for straightforward cover from a respected name. It's death cover and TPD cover limits of $1,500,000 aren't the best around though.

  • Encouragingly, Moneysmart figures showed that Allianz’s policy cancellation rate for death cover was 9.7% which was below the industry average of 11.1%.
  • 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.

Pros

  • Long-standing brand
  • No medical assessment required
  • Benefits can be increased after certain life events – not the case for all providers

Cons

  • Maximum benefits can decrease significantly with age
  • No premium suspension cover, in case you're struggling with payments
  • 10 providers have a higher maximum payout than $1.5m (overall, we reviewed 13 brands)

In this guide

  • Review
  • Details
    • Key Details
    • Eligibility
    • Add-ons
  • Frequently asked questions
  • Your reviews

Details

Key Details

Product Name Allianz 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

Eligibility

Minimum Entry Age 16
Maximum Entry Age 65
Expiry Age 99
Medical Exam

Add-ons

TPD Option
Child Benefit Option
Trauma Option

Read a more detailed review on Allianz Life Insurance:

life insurance icon

Key points of Allianz Life Insurance

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.
  • 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 2 people together.

Expert man icon

Key points of Allianz Critical illness cover

Along with Life cover, you can be insured for a lump sum benefit in the event the insured suffers one of a defined list of critical illness events. This is sometimes referred to as trauma insurance.

  • ​​Critical illness cover up to $500,000 – paid if you are diagnosed with a serious but not necessarily terminal illness
  • 14 critical illnesses covered including vascular diseases like strokes, major organ failure, cardiac surgery, some forms of cancer, and degenerative diseases like Parkinson's or Multiple Sclerosis
  • Can be renewed until you are 70 years of age
  • Inflation proofing automatically increases your cover amount each year. This is so you avoid having less cover after inflation is factored in
  • Guaranteed to continue cover (provided premiums are paid) until the Policy Anniversary after insured's 70th birthday
  • Life cover Buy Back feature lets you reinstate your life cover amount after full payment of a critical illness claim

Worker

Key points of Allianz Permanently Unable to Work cover

Allianz's Permanently Unable to Work cover pays a lump sum benefit 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. This is more commonly known as Total and Permanent Disability cover.

  • Cover up to $1,500,000 depending on your age if you are unlikely to return to work
  • Major Physical Impairment benefit also covers in the event of loss of limbs, sight, hearing or paralysis
  • Get cover increases every year of at least 5% to stay ahead of inflation
  • ​​Life cover Buy Back feature allows you to reinstate your Life cover amount 12 months after a Permanently Unable to Work claim
  • Guaranteed to continue cover as long as premiums continue to be paid up to the policy anniversary after the insured's 65th birthday

How much cover can I get with Allianz?

The amount of cover you can apply for varies depending on your age and income:

Age at applicationLife CoverPermanently Unable to Work CoverTrauma Cover
16-45$1,500,000$1,500,000$500,000
46-55$1 million$1 million$500,000
56-65$500,000N/AN/A

Good to know: The cover amount of any Permanently unable to work or Critical illness cover cannot exceed your Life cover amount.

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.

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.

Compare other direct life insurance policies below

Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
Finder AwardBonus
NobleOak Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: Finder Life Insurance Award winner for the last 5 years in a row. Good value for money, simple application process and a high claims acceptance rate.

⭐ Current offer: Get two months free on all cover types apply by 14 June 2024. T&Cs apply.
Medibank Life Insurance
$2,500,000
70
$2,500,000
Data not available
Data not available
Data not available
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Get a 10% discount if you're already a Medibank Health Insurance member.

⭐ Current offer: Save 10% on your first year of Medibank Life Insurance when you apply by 1 July 2024. T&Cs apply.
TAL Accelerated Protection Life Insurance
No set limit
73
Not stated
Data not available
1 months
$249,285 million
Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).

⭐ Current offer: Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. Offer T&Cs on insurer website apply.
RACWA Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: RAC’s maximum death cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance. RAC is also WA-based but services all of Australia.

⭐ Current offer: Get two months free when you apply for two or more RAC Life Insurance covers by 30 June 2024. T&Cs apply.
ahm Life Insurance
$1,500,000
55
$1,500,000
Data not available
Data not available
Data not available
Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests needed.

⭐ Current offer: Get 10% off your first year of ahm Life Insurance when you apply by 1 July 2024. T&Cs apply.
AAMI Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.

⭐ Current offer: Take out a new AAMI Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Suncorp Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Take out a new Suncorp Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Real Family Life Cover
$1,000,000
64
$1,000,000
88.90%
2.4 months
$53,238 million
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.
HCF Life Protect Insurance
$1,500,000
65
$1,500,000
Data not available
Data not available
Data not available
Our verdict: Similar cover to other insurers ($1.5 million). A good discount for HCF members of 10% and an easy initial quote process.

⭐ Current offer: Eligible HCF Members receive 10% premium discount and HCF Thank You rewards.
Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
98%
3 months
$24,495 million
Our verdict: Good if you want a cheap policy from a well-regarded insurer – its 98% claims acceptance rate is higher than any other provider on Finder. Zurich keeps things simple: unlike others, it doesn’t go in for optional add-ons such as TPD or trauma cover.

⭐ Current offer: Policy discounts include 10% off for your partner if you sign up for a joint policy. You can also get 5% off income protection if you buy it alongside your life cover.
Insuranceline Life Cover
$1,500,000
65
$1,500,000
90.10%
3.1 months
$37,768 million
Our verdict: Insuranceline pays a lump sum of up to $1.5 million. Once your cover’s in place, you can increase it after a big life event, such as having a baby, without further medical assessment.

⭐ Current offer: Protect your family with an Insuranceline policy and you can go into the draw for a chance to win a $1,000 gift card. New Customers only, T&Cs apply. Competition entries close on 31 July 2024.
Guardian Life Insurance
$1,500,000
64
$1,500,000
88.90%
2.4 months
$53,238 million
Our verdict: Competitive cover limit of $1.5 million. You can add children’s cover of up to $50,000 – most policies don’t include this option.
RACQ Life Insurance
$1,000,000
65
$1,000,000
97%
Data not available
Data not available
One of just 4 insurers to offer children’s insurance. Get cover of up to $50,000 for 7 serious illnesses. RACQ offers 3 ways to save on life insurance: RACQ members get 10% off when buying online. There’s a 5% joint policy saving. Plus you could score 10% off your premiums if you achieve Silver status with AIA Vitality. You can apply for cover online or over the phone.
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