ANZ Life Insurance

ANZ Life offered a maximum cover limit of up to $2 million, which was only bettered by Medibank and NobleOak among the 19 brands we compared. Keep in mind its policies aren’t fully underwritten.

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Our Verdict:

  • One of ANZ Life's standout features is the chance to suspend your premium for up to 12 months in some cases. AAMI, Qantas and Suncorp only offer 3 months.
  • ANZ's maximum cover amount of $2 million is impressive when stacked up against many of its competitors.
  • You can only apply for life insurance if you're under 60, which was the youngest upper age limits we found on our website.

Review by our life insurance senior writer James Martin

As of 1 April 2021, ANZ does not offer life insurance. You can compare other life insurance options available on finder here.
Maximum cover amountUp to $2 million, depending on your age and income at the time of application
Age of entry18 to 59
How do I apply?Online with ANZ.
  • Funeral insurance option is available for those who may not qualify for life cover.
  • Maximum cover is lower for incomes below $125,000 per year, and over age 44.
  • Flexible policies that can be paused, increased or decreased under certain conditions.
  • Five year pre-existing condition exclusion for cover under $500,000.
  • Optional critical illness cover available as an inclusion.

This cover might be suitable if:

  • You want to quickly apply for life insurance online.
  • You want the option of stacking on critical illness insurance to your death cover.
  • You want the option of premiums that don't increase based on your age.
  • You want the flexibility to increase your cover in the future if you need to (e.g. after having kids) - without another health / lifestyle questionnaire.

Apply carefully if:

  • You have pre-existing medical conditions.

Don't get this cover if:

  • You are over 59 years of age.

Based on Life Insurance plan. Maximum cover is lower, and maximum entry age higher, for Accident Insurance and Funeral Insurance. Information last checked on June 2020. Always consult the Product Disclosure Statement (PDS).

ANZ's company background

Of course it is always important to do your own research when choosing a life insurance company, so consider what ANZ has to offer when it comes to:

  • A $1.5 billion investment in Australian banking. In 2012, ANZ announced its five year plan to invest $1.5 billion in an investment program they have called Banking on Australia. The plan for the program is to transform the way the bank does business, by making banking easier and providing greater support to its customers and the community.
  • History dating back since 1835. ANZ began in London in 1835 when it was established under Royal charter, and known as the Bank of Australasia. The English, Scottish and Australia Bank were created in 1852 and in 1951 the Union Bank merged with the Bank of Australasia to form ANZ. Throughout the 20th century ANZ expanded operations into the Solomon Islands, New York, Tokyo and Vanuatu.

What products are available from ANZ?

ANZ has a full range of life insurance types and policy options to let you find the cover you need.

The flexibility of each policy, and wide range of available options, means ANZ has the right products for a lot of situations.

Here's what's offered by ANZ and the key features of each product.

ANZ Life Insurance

Life cover that can be flexibly adjusted, and bundled with a Critical Illness Cover option.

ANZ Income Protection

75% of your income up to $10,000 in the event of serious injury or illness leaving you unable to work. Includes Involuntary Unemployment Cover and Child Care Cover for time off work if you need to take care of a sick or injured child.

ANZ Recover Well

Compare direct life insurance policies below

Name Product Maximum Cover Maximum Entry Age Fully Underwritten? Terminal Illness Benefit Optional Extras
NobleOak Life Insurance
TPD cover, Trauma cover
Get your one month free when you buy NobleOak Life Insurance policy. Offer ends 31 July 2021. T&C's apply.
Real Family Life Cover
TPD cover, Trauma cover
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ .
ahm Life Insurance
TPD cover, Trauma cover
Medibank Life Insurance
TPD cover, Trauma cover
Medibank health members save 10% on premiums every year. T&Cs apply.
Zurich Ezicover Life Insurance
No optional
Get the first month free and a 10% discount if you take out a second life insurance policy (discount applies to second policy). T&C’s apply.
Insuranceline Life Cover
Trauma cover
Get a $100 bonus gift after 2 months. Offer ends 30 September 2021. Plus get 12 months cover for the price of 11 if you pay for life insurance annually. T&Cs apply.

Compare up to 4 providers

Does ANZ have any rewards programs for life insurance?

You can receive up to 10,000 Qantas Points when taking out a new ANZ Life Insurance policy and holding it for at least 6 months, as well as earn 1 Qantas Point for every $1 of premiums paid on the policy.

You’ll need to be a Qantas Frequent Flyer member, and will need to provide your membership number to ANZ.

This offer is only available by signing up online or over the phone, and you’ll need to provide your Qantas Frequent Flyer details within 30 days of taking out cover. Naturally, you’ll also need to meet the terms of your Qantas Frequent Flyer membership, and be aware of other conditions.

Terms and conditions apply in order to earn points. You can learn more here.

How are my premiums paid?

Premiums can be paid fortnightly, monthly or annually by direct debit from your credit card or bank account. ANZ Life Insurance are not superannuation policies, and premiums cannot be paid through superannuation contributions.


You get a discount for paying premiums annually, and may also get a discount if your partner holds a either an ANZ Life Insurance, ANZ Recover Well or ANZ Income Protection policy purchased after the 21 May 2016.

How you'll pay for different types of cover

With ANZ Life Insurance, ANZ Recover Well and ANZ Income Protection you can choose between Stepped and Level premiums.

  • Stepped premiums are recalculated annually based on your age and are likely to go up each year.
  • Level premiums are calculated based on your age at the policy start date and will generally stay the same.

Stepped premiums start out cheaper, but will get more expensive as you age. Level premiums start out more expensive but, depending on how long you keep your policy, can cost less over the life of the policy.

What affects your total premium

Factors affecting your premiums can include age, gender, smoking status, cover types and options, health and lifestyle, occupation.

What are some of the key exclusions?

Exclusions apply to each policy type

No cover for:

  • Suicide within the first 13 months of the policy
  • War, hostilities, civil commotion or insurrection
  • Your intentional act or omission
  • If stated on your policy schedule we also do not pay a claim for a pre-existing medical condition in the 5 years before the policy start date.

No cover for:

  • A pre-existing medical condition you had in the two years before the policy start date
  • A mental illness condition
  • Pregnancy and birth-related conditions
  • War
  • Your intentional act or omission
  • Professional sports or motor sports speed contests
  • Disability caused by occupational duties if we have classed you as having a Special Risk occupation

Premium Pause

If you’re not working or are experiencing financial hardship, you can pause your premiums and cover for up to 12 months.

You can pause your premiums if:

  • You take unpaid leave
  • You become unemployed
  • You go to work overseas, or
  • You are experiencing financial hardship.

Also, if you’re on parental leave, you can pause your premiums and cover for up to 24 months.

You will not be covered at any time for any illness or injury that occurs or becomes reasonably apparent in the period from the start of your Premium Pause until 90 days after your Premium Pause ends.

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