Life cover

Life cover is also known as Term Life Insurance, or death cover and pays a lump sum if the life insured dies or suffers a terminal illness where death is likely to occur within 12 months.

Life cover plays an important role in most people’s insurance portfolio and provides much needed financial security in a time of uncertainty and can help cover debts and living expenses and is applicable to all life stages, whether 'young and single', 'young couples', 'young families', 'maturing families', or 'retirees with an empty nest'.

Cover for death and terminal illness

Allianz Life cover provides a lump sum payment in the event of the Life Insured’s death or on diagnosis of a terminal illness where death is likely to occur within 12 months. If the Life Insured and the policy owner are the same person, then on the death of the life insured, any benefit payable will go to his/her estate. Life cover amounts are payable under the Allianz Life Plan regardless of any other insurance you may have in place.

The maximum benefit payable for each life insured is the relevant Cover Amount shown on the policy schedule for the relevant life insured.



The minimum Life Cover Amount that can be applied for is $100,000. The maximum Life Cover Amounts you can apply for are based on your current age and are illustrated in the table below:

Age at application	Minimum	Maximum
16 – 45	$100,000	$1.5 Million
46 – 55	$100,000	$1 Million
56 – 65	$100,000	$500,000

Inflation Proofing
Life Cover Amounts automatically increase each year to keep pace with inflation (the increase will be the greater of the increase in the CPI over the previous year or 5%). Each year premiums will be adjusted to reflect this increase and any increase can be declined, by advising us in writing.

Eligibility for Life cover
Anyone between the ages of 16 to 65 (inclusive) may apply for Life cover. We will ask you some questions about your health, lifestyle 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 premiums are paid as due, we guarantee to renew it until the life insured’s 99th birthday.

When we will not pay a benefit
There are circumstances in which Allianz will not pay a benefit for death or terminal illness. We will not pay a claim that arises directly or indirectly from:

• Suicide of the Life Insured that occurs within the first 13 months of the commencement of the cover, any increase in cover (but only in respect of the increase) or where we have agreed to reinstate the policy after it has lapsed.
• No Life cover benefits will be paid in any circumstances if the Life Insured has not applied for the cover personally or where the application was completed on behalf of another person.

We may also decline a claim in circumstances of non-disclosure. For information on when we may refuse a claim due to non-disclosure please refer to "Important Information" section of the Allianz Life Plan Product Disclosure Statement and Policy Document (PDS)