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 preventing5. 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).

Payment of a benefit under Critical Illness cover reduces the cover amount of any remaining benefits under Life cover and Permanently Unable to Work cover. 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 details.1

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

The following 14 Critical Illnesses are covered under Allianz’ Critical Illness cover. Each Critical Illness is assessed against a specific definition before any claim can be paid. These specific definitions are located in the Product Disclosure Statement (PDS) in section 'When a Critical Illness benefit will be payable'.


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

Critical Illness marked with * will not be paid if the condition occurs, is first diagnosed, the symptoms leading to the diagnosis become 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.

For Critical Illnesses marked with ^, we will pay 25% of your cover amount on diagnosis. We will pay the remainder of the benefit when the disease has progressed to a point where your ability to stand and walk (with the assistance of devices such as two canes, crutches or a walker) has deteriorated to the point of becoming debilitating and function is progressively limited despite therapy.

For Critical Illnesses marked with +, we will not pay any benefit where the Critical Illness is a result of excessive alcohol consumption or the use of drugs other than as prescribed by a registered medical practitioner.

Life Insurance Code of Practice

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.

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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.5 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.

Payment of a benefit under Critical Illness cover reduces the cover amount of any remaining benefits under Life cover and Permanently Unable to Work cover. In certain circumstances this may mean the end of a cover or the insured’s policy.1

Inclusions

Inflation proofing

Critical Illness cover amounts automatically increase each year to keep pace with inflation (the increase will be the greater of 5% or the increase in the CPI over the previous year) 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 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 Policy Anniversary after the life insured’s 70th birthday.1,4

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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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

Critical Illness Insurance, is also known as trauma cover or serious illness cover. It provides a lump sum payment (subject to conditions) in the event that you suffer a defined Critical Illness5. 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 can help relieve your family’s financial burden at a very stressful ‎time. Payment of a benefit under Critical Illness cover reduces the cover amount of any remaining benefits under Life cover and Permanently Unable to Work cover. In certain circumstances this may mean the end of a cover or the insured’s policy.1

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.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:

  • 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. Waiting periods apply to certain Critical Illnesses.5 Your claim is assessed against a specific definition before any claim can be paid. These specific definitions are located in the Product Disclosure Statement. 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 FSC website here

More Frequently Asked Questions

Life Insurance

Choose Life cover and add your options1

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

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 included within the cover7
  • Insure up to 2 people on the same policy
  • Benefit increases every year to keep up with inflation3

*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 critical illnesses as defined5
  • Benefit increases every year to keep up with inflation3

*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
  • Benefit increases every year to keep up with inflation3

*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.