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 and pays a lump sum 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 policy10.

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.

Benefits1

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 $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 Increases

All of our policies are inflation proof - meaning they automatically increase each year to stay ahead of inflation. Each policy anniversary we increase your cover amount by 5% or the change in the Consumer Price Index, whichever amount is greater, up until the policy anniversary after your 65th birthday. Each year premiums will also be increased in accordance with the increase in your coverage. Any annual increase can be declined by contacting us3.

Guaranteed renewable policy

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

If we make a full Life cover payment in the event of death or Terminal Illness, then that Life Insured’s policy will cease. If your policy also includes either Critical Illness cover or Permanently Unable to Work cover and the claim is accepted for those benefits, this will reduce the cover amount of any remaining benefits you have under the policy by that amount. In certain circumstances this may mean the end of a cover or the insured’s policy. Please refer to the ‘Taking a combination of cover’ section in the Product Disclosure Statement for further details.1

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.

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 winning11 Allianz Life Plan.

Eligibility

All Australian permanent residents aged 16 to 65 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.

Get started

Life Insurance Calculator

Find out more about how much life cover you need

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.

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 the Life Insured dies or is diagnosed with a Terminal Illness where death is likely to occur within 12 months10. 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 aged 16 to 65 to apply for Life cover. As long as you pay your premiums, we guarantee to renew your cover until the policy anniversary after your 99th birthday, regardless of changes ‎to your health condition.4,1

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:

  • What you can afford;
  • Whether or not you have dependents (e.g. spouse, partner and/or children) who are reliant on your income
  • Whether or not you have a mortgage, or any other debts for which you are responsible such as credit cards and other loans; and
  • Do you hold any life insurance cover through your superannuation fund?
If you are unsure about the level of cover you require please seek advice from a financial adviser before deciding on appropriate insurance cover.
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. Exclusions apply, please refer to the ‘When is a benefit not payable (policy exclusions)? section in the Product Disclosure Statement.
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 Financial Services Council website

More Frequently Asked Questions

Life Insurance

Choose Life cover and your options1

This is a summary only. For terms, conditions, limits, definitions, exclusions, waiting periods, exclusion periods and taking a combination of covers, please refer to the Product Disclosure Statement.

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 $1.5 million cover depending on your age 1
  • $15,000 funeral advancement included within the cover 7
  • Insure up to 2 people on the same policy
  • Covers diagnosis of Terminal Illness where death is likely to occur within 12 months 10
  • Benefit increases every year to stay ahead of inflation3

*Conditions apply

Critical Illness Cover

Critical Illness cover is also known as trauma cover and pays a lump sum5 benefit if the Life Insured suffers one of the defined Critical Illness events5*.

  • Up to $500,000 cover depending on your age 1
  • Cover for 14 Critical Illnesses as defined 5
  • Benefit increases every year to stay ahead of inflation 3

*Conditions apply

Permanently Unable to Work cover

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

  • Up to $1.5 million cover depending on your age 1
  • Lump sum payment if you are unlikely ever to work again due to sickness or injury 6
  • Benefit increases every year to stay ahead of inflation 3

*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 purchase within a superannuation fund. 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 and does not take into account your objectives, financial situation or needs. Because of that, you should, before acting on the advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and 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). If necessary, please seek advice from a Financial Adviser before deciding on appropriate insurance cover.

Industry Awards and Code of Practice


Canstar's 5-Star Rating for Outstanding Value

Outstanding Value Direct Life Insurance 2019


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


Life Insurance Code of Practice Subscriber

Life Insurance Code of Practice Subscriber since 2017