Life Cover

Understanding Life cover

Our simple online application will give you an outcome, without the need for a medical or blood test. We will ask you some questions about your health, lifestyle and family medical history to determine whether we are able to offer you cover.

Life cover is also known as life insurance or death cover. It is a way of protecting your family's financial future. A lump sum payment in the event of your death or on diagnosis of a terminal illness where death is likely to occur within 12 months subject to the terms of your policy.

What is covered

Life cover provides much needed financial security in a time of uncertainty. The lump sum payment can help cover mortgage payments, school fees, bills, groceries, other living expenses and funeral costs. The loss of a loved one is enough to deal with and the last thing you want your family to worry about at a time like that is their finances. Life cover gives you the peace of mind of knowing that they will be taken care of if you are no longer around.

Benefits

The maximum Life cover amounts you can apply for are based on your current age and are illustrated below:

Age at application Minimum Maximum
16 - 45 $100,000 $1,500,000
46 - 55 $100,000 $1,000,000
56 - 65 $100,000 $500,000
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Life cover inclusions

Advancement for Funeral Expenses

We will advance up to $15,000 of the Life cover amount while your claim is being assessed, to assist with the costs associated with funerals or other similar expenses.7

Inflation Proofing

All of our policies are inflation proof - meaning they automatically increase each year to keep pace with inflation. Each policy anniversary we increase your cover amount either by the increase in the CPI over the previous year or 5%, whichever amount is greater, up until the policy anniversary after your 65th birthday. So if you take out cover today, you can rest assured it will be worth the same amount if you come to make a claim later down the track. Each year premiums will also be increased in accordance with the increase in your coverage. Any annual increase can be declined by advising us in writing.

Guaranteed renewable policy

Once you are accepted, as long as you pay your premiums, we guarantee to renew your Life cover4until your 99th birthday, regardless of how your health may change.

Individual or joint cover

Up to two people can be insured under the one policy, this can be your spouse/partner or another person.

Cooling off rights

We offer a 30 day cooling off period where you can return your policy and receive a full refund, unless a claim has been or can be made by you under the Policy.

24 hour world-wide cover

The cover applies 24 hours a day and for insured events that occur anywhere in the world.9

Make it a Life Plan

Other cover options can be added to your Life cover for added protection. We offer Critical Illness cover and Permanently Unable to Work cover as a part of the award winning10 Allianz Life Plan.

Eligibility

All Australian permanent residents between the ages of 16 to 65 (inclusive) may apply for Allianz Life cover. We will ask you some questions about your health, lifestyle and family medical history to determine whether we are able to offer you cover.

Calculate and get started

Life Insurance Calculator

Find out how much life cover you may need by using our three-step calculator.

How to apply

You can apply for life insurance today in three easy steps.

  • Step 1: Get a free no-obligation quote.
  • Step 2: Apply online with no medicals required.
  • Step 3: Buy online and secure protection today.

Industry Awards and Code of Practice

Most Trusted Brand

According to Readers Digest 2015, 2016, 2017 and 2018

Risk & Life Insurer of the Year

Roy Morgan Research Customer Satisfaction Awards 2016

Product of the year

Life Insurance Product of the Year Award by AB+F in 2012 and 2013

Life Insurance Code of Practice Subscriber

Life Insurance Code of Practice Subscriber 2017

Frequently Asked Questions

Life coveris also known as Term Life insurance, or Death cover. It provides a lump sum payment (subject to conditions) 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. Life insurance is a way of protecting the financial future of your loved ones if you were no longer around to provide ‎for them. It can help your family cover debts and living expenses at a time when they need it most. You must be between the ages of 16 and 65 to apply for Life cover. As long as you pay your premiums, we guarantee to renew your cover until your 99th birthday, regardless of changes ‎to your health condition.4

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 dependents (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 speak with a financial adviser before making a decision.
Despite the fact that most Australians have some level of life insurance cover within their superannuation, you should check ‎the adequacy of this cover, as it might be less than you expect and may not meet your needs. 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.
Your cover begins on the day we accept your application for cover and the ‘commencement date’ will appear on your Policy Schedule.
Allianz Life has adopted the Life Insurance Code of Practice, which contains minimum standards of service and minimum standard medical definitions that customers can expect from insurers. The Code can be found on the FSC website here

More Frequently Asked Questions

Life Insurance

Choose Life cover and add your options

Choose Life Cover

Life cover is also known as life insurance or death cover. It is a way of protecting your family's financial future*.

  • Up to $1,500,000 cover1
  • Up to $15,000 funeral advancement included7
  • Insure up to 2 people on the same policy
  • Benefit increases every year to keep up with inflation3
  • Keep your cover - guaranteed to age ninety nine4

*Conditions apply

Add Critical Illness Cover

Critical Illness cover is also known as trauma cover and pays a lump sum benefit if the life insured suffers one of the defined Critical Illness events*.

  • Up to $500,000 cover1
  • Cover for 14 serious illnesses such as cancer and heart attack5
  • Benefit increases every year to keep up with inflation3
  • Keep your cover - guaranteed to age seventy4

*Conditions apply

Add Permanently Unable to Work cover

Permanently Unable to Work cover is also known as Total and Permanent Disability (TPD) cover*.

  • Up to $1,500,000 cover1
  • Lump sum payment if you are never able to work again due to sickness or injury6
  • Additional cover for Major Physical Impairment such as blindness or loss of hearing*
  • Benefit increases every year to keep up with inflation3
  • Keep your cover - guaranteed to age sixty five4

*Conditions apply

Next Steps

Policy Documents
and Important information

For terms, conditions and exclusions about our life insurance, please refer to the Product Disclosure Statement (PDS).

Important information: This product is not suitable for self-managed superannuation funds (SMSF) and is not available for purchase through a SMSF. We would encourage you to speak to your financial planner or accountant who may be able to provide you with advice.

Important note: Information on this website is general information only. Any advice here does not take into account your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before making any decision you should consider the Allianz Life Plan Product Disclosure Statement and Policy Document (PDS). You should seek advice from your financial adviser before deciding on appropriate insurance cover.