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.
Get the latest deal from ANZ Life Insurance
|Maximum cover amount||Up to $2 million, depending on your age and income|
|Age of entry||18 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.
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.
Comprehensive life cover that can be flexibly adjusted, and bundled with a critical illness cover option.
- 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.
Up to $15,000 for funeral expenses with premiums that never rise, guaranteed acceptance from age 50 to 70 and guaranteed renewal for life. Includes an option to cap premiums at your benefit amount to help ensure value for money.
- 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.
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 time off work cover if you need to take care of a sick or injured child.
- 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.
- 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.
Life cover up to $1.5 million for accidents only, with fixed premiums that don’t rise with age and no medicals, blood tests or lifestyle questions up to age 74. Includes optional extra benefits for specific injuries.
- 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.
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.
This is for Life Insurance only, and new customers to ANZ, and is not available with funeral or accident cover. 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.
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 recent ANZ Life Insurance policy.
How you'll pay for different types of cover
With Life Insurance and Income Protection you can choose between stepped and level premiums.
- With level premiums: Your premiums will not change except with statutory rate increases, and indexation where applicable. With Life Insurance your cover will turn into stepped premiums after age 65. While level, your premiums are based on your age at the time you take out cover.
- With stepped premiums: Premiums are based on your current age and are recalculated each policy anniversary. It also increases in line with indexation if applicable.
With Accident and Funeral Insurance your premiums are set at a fixed rate based on how much cover you have.
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 cover type with ANZ
You are not covered HIV or AIDS, war, civil commotion or while visiting a foreign country where the Australian government has issued a “do not travel” warning.
You are not covered for suicide within the first 24 months. Your policy schedule may also specify individual exclusions, such as for certain medical conditions or pastimes.
No benefits are payable for deaths which occur more than 6 months after the date of an accident, even if it was caused by the accident.
You are also not covered for accidental death resulting from:
- Driving under the influence
- War or civil commotion
- Any form of air travel other than as a fare paying passenger on a commercial airline
- Any unlawful acts
- Professional sports or motor racing
- Being under the influence of alcohol, illegal substances or drugs other than taken as prescribed
No claims are payable for death in the first 12 months of the policy.
No cover for:
- Pre-existing medical conditions existing in the 2 years prior to taking out cover
- Mental illness conditions
- War or civil commotion
- Participation in professional sports or motor sport races
- Being under the influence of alcohol or drugs.
- Visiting foreign countries with a “do not travel” government warning
- Pregnancy or giving birth, unless it results in more than 3 months disability
- Occupational hazards in the case of special risk occupation categories
If you pause cover and start again
After reinstating your premiums following a premium pause, You are also not covered for any illness, injury or disability which occurs while your premiums are paused until 90 days after reinstatement.