Critical Illness Cover


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Understanding Critical Illness coverCritical 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.

Sometimes even the healthiest people are diagnosed with illnesses they have little chance of preventing – like cancer. Critical Illness benefits are paid 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).

What is covered?Critical Illness cover can be added as an option to your Life cover policy.

The following 14 conditions are covered under Allianz’ Critical Illness cover:

  • Cancer*
  • Open Chest Surgery*
  • Coronary Artery By-Pass*
  • Triple Vessel Angioplasty*
  • Heart Attack*
  • Stroke*
  • Multiple Sclerosis
  • Motor Neurone Disease
  • Parkinson’s Disease
  • Muscular Dystrophy
  • Lung Failure
  • Kidney Failure
  • Liver Failure
  • Major Organ Transplant

Each condition is assessed against a specific definition before any claim can be paid. These definitions are located in the Product Disclosure Statement (PDS) and Policy Document.

Conditions marked with * such as Cancer, will not be paid if the condition occurs, is first diagnosed, becomes apparent or the recommendation for surgery is made within three months of:

  • The commencement of the benefit; or
  • Any increase in the benefit (but only in respect of the increase); or
  • The reinstatement date where Allianz has agreed to reinstate the benefit after it has lapsed.

Benefits of Critical Illness cover

Lump sum payment

Allianz Critical Illness cover pays a lump sum in the event that the Life Insured suffers one of the defined Critical Illness events. The minimum Critical Illness cover amount that can be applied for is $50,000 and the maximum cover amount is $500,000. If you wish to apply for Critical Illness cover you must also apply for Life cover and the cover amount of the Critical Illness benefit cannot exceed the Life cover amount.

Inclusions

Inflation proofing

Critical Illness 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.

Guaranteed renewable policy

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 70th birthday.

Eligibility

All Australian permanent residents between the ages of 16 to 55 (inclusive) may apply for Critical Illness 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.

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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 in less than a minute*
  • Step 2: Apply online and get a decision within 12 minutes.
  • Step 3: Buy online and secure protection today.

Awards

Most Trusted Brand

According to Readers Digest 2015 and 2016

Product of the year

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

Direct Life Insurance Excellence Awards

TPD Award 2014

Direct Life Insurance Excellence Awards

Life Innovation Award 2014

Frequently Asked Questions

Critical Illness Insurance, is also know as trauma cover or serious illness cover. A lump sum is paid to you in the event that you suffer a defined serious illness, such as ‎cancer or a heart attack. The funds can be used to pay for treatment and other medical costs, or any associated costs related to lifestyle ‎changes (such as reducing working hours). This will help relieve your family’s financial burden at a very stressful ‎time. You must be between the ages of 16 and 55 to apply for Critical Illness cover. Once you are accepted, as long as you pay your premiums, we guarantee to renew your cover until your 70th ‎birthday, regardless of changes to your health condition.
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 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, Life ‎insurance organisationLifewiseestimates that, on average, this is only 20% of what is needed. 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.

More Frequently Asked Questions

Choose Life cover and add your options

Choose Life Cover

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

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

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 cover*
  • Cover for 14 serious illnesses such as cancer and heart attack*
  • Benefit increases every year to keep up with inflation*
  • Keep your cover - guaranteed to age seventy*

Add Permanently Unable to Work cover

Permanently Unable to Work cover is also known as Total and Permanent Disability (TPD) cover, or disability insurance.

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

Next Steps

Policy Documents

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