Allianz Life Insurance

Compare life insurance from Australia's fourth largest insurer, Allianz.

Updated

Life insurance is a way of future-proofing your family, loved ones, and even yourself against tragic circumstances. Taking out a life insurance policy is an extremely important decision, and the right insurer can help you get the right level of cover for what you need without a bunch of additional tests and questions.

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Pros and cons

Pros:

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

Cons:

  • No trauma cover
  • Maximum benefits decrease significantly with age

Who is 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 $1.5 million. 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 $1.5 million. 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 99th birthday.
  • Joint policies. Life insurance policies can be taken out for just one person, or two people together.

Types of Life insurance available with Allianz

Beyond basic life insurance, Allianz offers two other policies under their suite of life insurance products. You can take out any of these insurances individually, or you can combine them together into a single policy:

  • Critical illness insurance. This is a benefit of up to $500,000 that will be paid if you are diagnosed with a serious but not necessarily terminal illness. This includes vascular disease like strokes, major organ failure, cardiac surgery, some forms of cancer, and degenerative diseases like Parkinson's or Multiple Sclerosis. Critical illness cover can be renewed until you are 70 years of age.
  • Permanently unable to work benefit. This benefit can be up to $1.5 million and 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.

Who is Allianz life insurance for?

To apply for an Allianz life insurance policy, you have to meet the following criteria:

  • Between 16 and 65 years of age (inclusive). 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.
  • You must be an Australian permanent resident.

How do claims work?

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

  • Your beneficiary or estate needs to let Allianz know about the event as soon as possible after it happens.
  • Allianz will send a claim form plus any other documents that need to be filled out or signed. 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.

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