Allianz Life Insurance Review
By Peta Taylor
- Maximum Cover
- $1,500,000
- Maximum Entry Age
- 65
- Terminal Illness Benefit
Summary
Allianz Life Insurance offers up to $1.5m in life cover and has a couple of optional extras.
Pros
-
Cover for up to $1.5m for life cover — consistent with what many other providers offer.
-
You get up to $15,000 paid in advance for a funeral, to be deducted from the final life cover amount payout.
-
There’s the option to include cover for Critical Illness and Permanently Unable to Work cover — not all providers offer this.
Cons
-
Life cover is not available for those over the age of 65 years-old. Other brands offer cover up to 75 years of age.
-
Critical Illness and Permanently Unable to Work cover is not available for those over the age of 55 years-old.
-
The maximum cover amount available varies based on age. The full $1.5m is only available for those under 45 years-old and decreases with age.
Details
Key Details
| Product Name | Allianz Life Plan |
| Maximum Cover | $1,500,000 |
| Terminal Illness Benefit | |
| 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
| Total and Permanent Disability Option | |
| Child Benefit Option | |
| Trauma Option |
What different scores mean
9+
Excellent
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.
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How we picked theseHow 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.
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