ANZ Life Insurance

Information verified correct on September 29th, 2016

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 supports its six million customers with its 800 branches, 115 business centres and 2,700 ATMs.

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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.

What products are available from ANZ

ANZ Life Insurance products include:

  • Life insurance. ANZ Life Insurance provides up to $2,000,000 at an affordable premiums. When you apply online or over the phone you're covered immediately, without any medical tests. Your family receives a lump sum benefit amount when you die, and they're also entitled to a $15,000 advance assistance benefit. Pay your premiums fortnightly, monthly or yearly, and save by adding your partner to the policy. Your benefit amount automatically increases each year to keep up with inflation, and for every $1 you pay towards your life insurance premiums, you can earn Qantas Frequent Flyer points.
  • Insurance for over 50s. As you get older your family may not be as dependent on your income, but you could still leave financial obligations when you die. ANZ offers 50+ Life Cover that can pay a benefit of up to $15,000 when you die, and a further $15,000 if your death is accidental. This money can help pay for your funeral costs and final expenses, or can simply be a small inheritance for your beneficiaries. It is easy to apply as you don't need to take any medical or blood tests, and your premiums are capped so they don't increase each year.
  • Income protection insurance. You don't have to die for your family to struggle financially without you, and if you are unable to work because you are ill or injured, you need specific income protection insurance. ANZ income protection pays up to 75% of your monthly income, up to a maximum of $10,000 per month. Your premiums are usually tax deductible and your waiting period can be as little as 30 days. 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 insurance. 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. You can apply easily over the phone or online without any medical tests, and receive immediate cover. Your benefit amount can also be increased each year to keep in line with inflation. Combine your cover with your partner to save on your premiums, and earn Qantas Frequent Flyer points for every dollar of your premiums paid.
  • 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 Business and Finance 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 over 175 years. 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.
  • Award winning service and operations. The bank was named Employer of Choice for Women, by the Equal Opportunity for Women in the Workplace Agency.

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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