Life Insurance

It’s quick and easy to get a quote and apply for the Allianz Life Plan.
You can choose either to apply online at Allianz.com.au, or by contacting us on 13 1000.

We offer three types of cover:

• Life cover, which pays a lump sum on death or terminal illness;
• Critical Illness cover, which pays a lump sum in the event that the Life Insured suffers one of the defined Critical Illness events; and
• Permanently Unable to Work cover, which pays a lump sum if you are permanently unable to work due to sickness or injury.

Life cover is also known as term life insurance, or death cover and provides a lump sum payment in the event of the life insured’s death, or on diagnosis of a terminal illness.

Life Insurance can help cover debts and living expenses. It is a popular form of financial protection.

You must be between the ages of 16 and 65 to apply for Life cover and it is guaranteed renewable to age 99.

Permanently Unable to Work Insurance is also known as Total and Permanent Disability or Disablement (TPD) Insurance. It provides a lump sum payment in the event that you are permanently unable to work due to sickness or injury.

In addition to providing for the reduction of debts, Permanently Unable to Work Insurance replaces income that has been lost as a result of the permanent inability to work. You could use the benefit payment to provide for medical treatment or ongoing care or to pay for any home modifications that are required as a result of your disability.

You must be between the ages of 16 and 55 to apply for Permanently Unable to Work cover and it is guaranteed renewable to age 65.

Critical Illness Insurance, also know as Trauma Cover provides a lump sum benefit on the occurrence of a specific illness or injury.

Benefit payments are made by Critical Illness policies, regardless of the Life Insured's ability to work. The funds can be used for any purpose the Policy Owner chooses, whether for the reduction of debts, to seek specialist or alternative medical treatment, or make lifestyle changes (such as reducing working hours).

Major illnesses which are covered under Critical Illness policies generally include (but are not limited to):

• Cancer;
• Stroke; and
• Heart conditions.

You must be between the ages of 16 and 55 to apply for Critical Illness cover and it is guaranteed renewable to age 70.

How much Life, Permanently Unable to Work and Critical Illness cover you need, will vary according to your individual circumstances. In general, you should consider:

• Any other Life, Critical Illness and/or Permanently Unable to Work cover that you may have, including Life and Permanently Unable to Work insurance provided through your superannuation fund (if any);
• What you can afford;
• Whether or not you have dependants (e.g. spouse, partner and/or children) who are reliant on your income; and
• Whether or not you have a mortgage, or any other debts for which you are responsible such as credit cards and other loans.

If you are unsure about the level of cover you require, we suggest you speak with a financial adviser before deciding to purchase the Allianz Life Plan.

In many cases cover through a superannuation fund is very small. You should check the adequacy of this cover, as it might be less than you expect.

When determining whether or not the cover provided by your superannuation fund is sufficient you need to take into account the total benefit paid by your superannuation fund. This total may be made up of your account balance and an insured benefit or may be limited to the insured benefit only. You should also check whether or not your insurance could be continued if you were to change employers in the future. If you are unsure of the level of cover provided through your superannuation fund, you may wish to speak to the fund provider, a financial adviser or an accountant.

Self-employed people face similar needs in many instances to employed people – with a few additional challenges. Self-employed people may have business partners, personal guarantees on business loans as well as the standard mortgage and dependants to consider. In addition, many self-employed people will find that their superannuation fund may not provide insurance.

If you are self-employed, and using insurance for business purposes you may also find that premiums can in some circumstances be tax-deductible (for example if you purchase the policy through your DIY superannuation fund). We recommend you seek advice on how life insurance can fit into your personal financial plan.

You can apply for cover if you are a holder of Australian or New Zealand Citizenship or an Australian Permanent Residency Visa and you are permanently residing within Australia at the time of your application.

You must also be between the ages of:

• 16 and 65 to apply for Life cover;
• 16 and 55 to apply for Critical Illness cover; and
• 16 and 55 to apply for Permanently Unable to Work cover

Yes, up to two people can be insured on one policy. This could be you and your spouse/partner, or another person.

Yes, but there cannot be more than two people covered on any one policy.

No, applications cannot be made on behalf of another person.

No benefits will be paid in any circumstances where the Life Insured has not applied for the cover personally or where the application was completed on behalf of another person.

No, the Allianz Life Plan is not an investment product and is only designed to pay a lump sum benefit in the event of death, terminal illness or in the case of Permanently Unable to Work cover, sickness or injury. If you cancel this policy at any time other than during the cooling off period you will not get any money back.

Premium rates are not guaranteed and may change from time to time. Any change, however, must apply to a group (for example all 35 year olds) and will not be made to individual policies regardless of any changes to your health, occupations or pastimes. Your premium is calculated each year based on the cover you have selected, any increase in your cover amount by way of inflation proofing and your age at that time. You will be notified in writing at least thirty days prior to any changes in premiums taking effect.

We will ask you some questions about your health, lifestyle, occupation and family medical history to determine whether or not we are able to offer you cover. Once a policy has been accepted and issued, and provided your premiums are paid as due, we guarantee to renew your policy until the life insured’s 99th birthday for Life cover; 70th birthday for Critical Illness cover and 65th birthday for Permanently Unable to Work cover.

We will not disclose your sensitive information such as details about your health for any purpose other than to underwrite your insurance cover or assess a claim.

No medical examinations or tests are required at the time of the application. In the event of a claim, as part of our assessment process, we may require additional evidence (including medical evidence or information from your employer) or we may do a full review of your medical records.

Yes. If you have smoked tobacco or any other substance in the last 12 months, then you do need to tell us when you apply for insurance.

Premiums are influenced by the following factors:

• Your age
• Your gender
• Whether or not you smoke
• The cover you select
• Your state of health
• Pastimes; and
• Occupation (in the case of Permanently Unable to Work cover only).

Premiums are initially calculated for one year, with your first premium payable in advance.

Premiums are payable monthly or annually by Direct Debit from a credit card or bank account.

The total monthly or annual premium can only be debited from one account or credit card.

Yes, your cover begins on the day we accept your application for cover and the ‘commencement date’ will appear on your Policy Schedule.

Yes, the Allianz Life Plan provides cover under this policy 24 hours a day for insured events that occur anywhere in the world.

You may cancel your policy within 30 days of receiving your first policy schedule, which is accompanied with a letter from us confirming your purchase of the policy. This period is known as the ‘cooling off’ period. You need to do this by writing to us and we will refund any premiums paid unless a claim has been, or can be made under the policy.

Once your Policy is current, you can apply to increase your cover or to add additional benefits at any time. Your application will be subject to our normal assessment process and eligibility criteria.

We want to make our claims process as easy as possible. If you, or your estate, need to make a claim, please call us as soon as possible after an insured event has occurred on 1300 362 108. We will send you a form to be completed, signed and returned.

We may also require your treating doctor or specialist to complete a form at your (or your estate’s) expense. In assessing your claim we rely on the information disclosed as part of your application.

No, the lump sum payment will be paid to the policy owner(s) or, in the case where the policy owner and life insured are the same person, their estate.

Yes, a Trustee can be the owner of the policy. To arrange this, please apply under your own name and once you have purchased your policy, complete and return this form to the following address:

Allianz Life Support Team
Level 7
601 Bourke Street
Melbourne VIC 3000

Once we receive this form, we will cancel the policy and reissue an identical policy with your Super Fund as the Policy Owner.

We have a free internal complaints resolution process and will usually respond to your complaint within 15 business days. If we are unable to resolve the complaint to your satisfaction or within 45 days (or up to 90 days if you agree), you can contact:

The Financial Ombudsman Service Limited
ABN 67 131 124 448
GPO Box 3
Melbourne VIC 3001
National Toll Free
1300 78 08 08 (local call fee applies)
Facsimile: (03) 9613 6399
www.fos.org.au

The Financial Ombudsman Service is an independent complaints resolution body and its services are free of charge to complainants. Some complaints and disputes are not covered and they will tell you if this is the case.