Planning for your family's future is one of the most caring things you can do. When you choose life insurance, you're helping to support those who matter most to you.
Wondering what level of cover would best support your loved ones? In just 10 minutes, you can estimate the amount of coverage you may need to help those financially who depend on you.
Before you get started, it can help to think about your situation. How much Life Insurance cover you need depends on your individual circumstances. Some possible considerations include:
ASIC's Money Smart website offers a handy Life Insurance calculator to assist you.
This tool can walk you through important questions about helping you clarify whether Life cover fits your family's needs, what important expenses you'd want covered, and suggesting a coverage amount that could help provide financial assistance.
Take a few moments to explore this helpful resource
Disclaimer: The ASIC Money Smart website is provided by the Australian Securities & Investments Commission. It is independent from Allianz Australia Life Insurance Limited ABN 27 076 033 782 AFS License No. 296559 (“Allianz Life”) and Allianz Life makes no warranties regarding the information contained on the ASIC website. Before you rely on this information, review the assumptions and disclaimers on the ASIC website.
If you’re unsure about the level of cover you need, you may wish to speak with a financial adviser before deciding on appropriate level of insurance cover.
Life cover, or Life Insurance, covers death or a diagnosis of a Terminal Illness likely to result in death within 24 months, to help assist your family’s finances.1,4
To get Critical Illness or Permanently Unable to Work cover, you need to take out Life cover.
Also known as Total and Permanent Disability (TPD) cover, pays you a lump sum if you’re no longer able to work solely because of Sickness or Injury, or suffer a Major Physical Impairment, helping to reduce the financial impact of not being able to work.3,4
Also known as trauma cover, can help relieve your financial burden if you’re diagnosed with one of the 14 defined serious illnesses. This is an optional add-on with Life cover.2,4
This is a summary of only some of the features and benefits available on Allianz Life Plan. Click on Learn more for further details. Before deciding on a policy, read the Product Disclosure Statement (PDS) which sets out the standard terms, conditions, limits, definitions, exclusions, waiting periods, exclusion periods and information about taking a combination of cover. If you consider it appropriate, speak with a financial adviser before deciding on any cover.
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The cost of your insurance is called a ‘premium’. Your premium will depend on several factors and can change each year on your policy anniversary.
There are several factors that determine how your Allianz Life Plan premium is calculated, including:
Premiums will increase each year based on your age or a change in premium rates. Premiums will also increase if your cover amount increases, for example, due to inflation proofing.5 If you don’t want inflation proofing applied to your policy, you can ask us to remove it each year.
If you have any questions about future premiums or inflation proofing increases, contact us on 13 1000.
In the event of your passing, the payout will be the Life Cover Amount as at the date noted in your death certificate. For the Terminal Illness benefit, the payout will be the Life Cover Amount applicable at the time your claim is approved.
Explore our Help page for questions about your policy, claims, payments, and more. If you need to reach us, we're ready to connect.
Life cover and Terminal Illness
A Terminal Illness means a Sickness which is likely to result in your death within 24 months. This requires the written opinion of a Specialist supported by reasonable medical evidence in relation to your life expectancy.
Terms, conditions, limits and exclusions apply. Refer to Policy benefits ‘Life cover’ and ‘When is a benefit not payable (policy exclusions)?’ sections of the Product Disclosure Statement for full details.
Critical Illness cover
Critical Illnesses covered under this product are certain types of Vascular Disease, Cardiac Surgery, Cancer of specified severity, Degenerative Diseases, and Major Organ Failure. Each has a specific definition as outlined in the Product Disclosure Statement.
In some cases, a 90-day exclusion period applies.
We won’t pay a Critical Illness benefit where the Critical Illness is intentionally self-inflicted.
Refer to the Policy benefits ‘Critical Illnesses cover’, ‘When a Critical Illness benefit will be payable’ and ‘When is a benefit not payable (policy exclusions)?’ sections of the Product Disclosure Statement for full details.
Permanently Unable to Work cover
Provides cover if:
To apply for Permanently Unable to Work cover you must be working on a permanent basis in an eligible occupation type for at least 20 hours per week.
We won’t pay a Permanently Unable to Work benefit where the condition is intentionally self-inflicted.
Refer to the Policy benefits ‘Permanently Unable to Work cover’, ‘When a Permanently Unable to Work benefit will be payable’ and ‘When is a benefit not payable (policy exclusions)?’ sections in the Product Disclosure Statement for full details.
Combination of cover and Life cover Buy Back
Policies must include Life cover; taking a combination of cover you can also apply to add Critical Illness cover and Permanently Unable to Work cover. If we make a full Life cover payment in the event of death or Terminal Illness, then the Life Insured’s policy will cease. Any payment for Critical Illness cover or Permanently Unable to Work cover will reduce any other covers by that payment amount. If a payment made under the Critical Illness cover or Permanently Unable to Work cover reduces any other cover amount to $0, then that cover will cease for the Life Insured.
If Critical Illness cover or Permanently Unable to Work cover is paid in full, we may reinstate the Life Cover Amount that was reduced because of the Critical Illness or Permanently Unable to Work payment after a 12-month waiting period. Critical Illness cover and Permanently Unable to Work cover won’t be reinstated as part of the Life cover Buy Back feature. This feature is not included in policies purchased on a PDS with a preparation date prior to 12 December 2012.
Refer to the 'Taking a combination of cover' and the 'Life cover Buy Back' sections in the Product Disclosure Statement for full details.
Inflation Proofing Increases
Each policy anniversary cover amounts are automatically increased by 5% or the 12-month change in the Consumer Price Index as published each quarter by the Australian Bureau of Statistics, whichever is greater. Increases to cover amounts are only applicable until the policy anniversary after your 65th birthday. Premiums increase from year to year in line with the increased cover amount. An Inflation proofing increase can be declined in a given year by contacting us.
Refer to the ‘Inflation Proofing Increases’, ‘Premium, fees and other charges’ and ‘Premium calculation and payment’ sections of the Product Disclosure Statement for full details.
Allianz acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Custodians of the lands on which we live and work across Australia. We pay our respect to First Nations Elders past and present.
Any advice here does not take into account your individual objectives, financial situation or needs. Terms, conditions, limits, and exclusions apply. Before making a decision about this insurance, consider the relevant Product Disclosure Statement (PDS)/Policy Wording and Supplementary PDS (if applicable). Where applicable, the PDS/Policy Wording, Supplementary PDS and Target Market Determination (TMD) for this insurance are available on this website. We do not provide any form of advice if you call us to enquire about or purchase a product.
Allianz Australia Insurance Limited ABN 15 000 122 850 AFS Licence No. 234708 is the insurer of any general insurance products offered, and Allianz Australia Life Insurance Limited ABN 27 076 033 782 AFS Licence No. 296559 is the insurer of any life insurance products offered. Each entity is responsible for any statements and representations made about its products, on this website.
