ANZ Insurance

ANZ Life Insurance

Get cover for life's unexpected events with ANZ

The ANZ Bank is a pillar of the Australian finance industry and one of the big four banks. ANZ partnered with OnePath to offer life insurance plans as part of its financial suite. ANZ offers a range of policies to provide support to applicants in the event of death or serious illness and injury. This review will provide an overview of the policies available from ANZ.

Maximum cover amountUp to $2 million, depending on your age and income
Age of entry18 to 59, inclusive
How do I apply?Online with ANZ.

Based on Life Insurance plan. Maximum cover is lower, and maximum entry age higher, for Accident Insurance and Funeral Insurance.

ProsCons
  • Accident only cover and funeral insurance options are 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 as needed
  • Five year pre-existing condition exclusion for cover under $500,000.
  • Optional critical illness cover available as an inclusion

What products are available from ANZ?

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

Life insurance

  • Life cover payment. ANZ Life Insurance provides up to $2,000,000 lump sum payment in life cover
  • Fast cover application. When you apply online or over the phone you're covered immediately, without any medical tests.
  • Final expenses advancement. Your family is also entitled to a $15,000 advance assistance benefit.
  • Flexible payment options. Pay your premiums fortnightly, monthly or yearly, and save by adding your partner to the policy.
  • Increasing benefit. Your benefit amount automatically increases each year to keep up with inflation.
  • Frequent flyer point rewards. For every $1 you pay towards your life insurance premiums, you can earn Qantas Frequent Flyer points.

Funeral insurance for over 50's

  • Funeral benefit. ANZ offers 50+ Life Cover that can pay a benefit of up to $15,000 when you die. his money can help pay for your funeral costs and final expenses.
  • Double benefit on accident cover. A $15,000 lump sum benefit is offered if your death is accidental.
  • Fast and easy application. It is easy to apply as you don't need to take any medical or blood tests.
  • Premium caps to guarantee value. Your premiums are capped so they don't increase each year.

Income protection

  • Income protection benefit. ANZ income protection pays up to 75% of your monthly income, up to a maximum of $10,000 per month.
  • Tax-deductible premiums. Your premiums can be tax deductible
  • Choice of waiting periods. Your waiting period can be as little as 30 days.
  • Choice of benefit periods. You can choose a benefit period of six, 12 or 24 months and you have the option to add a total and permanent disability benefit to your ANZ policy.

Critical illness (Recover Well)

  • Lump sum benefit for critical illness. Choose a benefit of $25,000 up to $1,000,000 million to be paid to you and your family if you suffer one of the 8 critical illnesses or injuries in your ANZ policy.
  • Fast and easy application. You can apply easily over the phone or online without any medical tests, and receive immediate cover.
  • Increasing benefit. Your benefit amount can also be increased each year to keep in line with inflation.
  • Joint policy discount. Combine your cover with your partner to save on your premiums.
  • Frequent flyer point rewards. Earn Qantas Frequent Flyer points for every dollar of your premiums paid.

Accident-only cover (Accident Cover Plus)

  • Accident insurance. You can apply for between $50,000 and $1 million of accident insurance to be paid as a lump sum if you become injured or die as the result of an accident. You're covered immediately, and can save on your premiums if you cover your partner on the same policy.

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.

More reasons to choose ANZ?

ANZ Bank is one of the most reputable financial institutions in Australia that offers innovative banking solutions used by many Australians. Partnering with OnePath, the leading insurance giant, ANZ now offers insurance solutions for life events that are not only comprehensive, but also affordable. When you apply for ANZ Life Insurance policies, you're also be eligible for a complimentary Qantas Frequent Flyer membership, in which you can earn one point for $1 of premiums you pay for your policy.

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