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.
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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. 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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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.
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Industry Awards and Code of Practice

Most Trusted Brand

According to Readers Digest 2015, 2016 and 2017

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 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 organisation Lifewise estimates 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.
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

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*

Learn more

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*

Learn more

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*

Learn more

Next Steps

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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.

Any advice here does not take into account your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before making a decision please consider the relevant Product Disclosure Statement (PDS)/Policy Wording, Supplementary PDS (where applicable) & PDS update (privacy notice) which are available on this website.

Awards

2012, 2013 AB+F Insurance Awards "Life Insurance Product of the Year"

Five Star CANSTAR CANNEX rating for Outstanding Value in Direct Life Insurance 2009 – 2013

Voted Most Trusted Life Insurance brand by Australian consumers in the Reader’s Digest Trusted Brands survey in 2015 and 2016

Disclaimers

A 3 month waiting period may apply for Cancer, Cardiac Surgery and Vascular Disease

"$9.50 a week": Provisional quote based on 39 yr old, non-smoking male for $500,000 life cover. Premiums may vary depending on lifestyle and health risk factors.

"Up to $1.5m cover": Cover amount is dependent on your age at the time of application

"Never able to work again": If you are never able to work again as a result of permanent sickness or injury

Exclusions to payment of critical illness: There are circumstances in which Allianz will not pay a benefit for Critical Illness. We may decline a claim in circumstances of non-disclosure. For information on when we may refuse a claim due to non-disclosure please refer to “Important Information” section of the Allianz Life Plan Policy Document (PDS).
We will also not pay a claim that arises directly or indirectly:
• Where the condition is a result of a self-inflicted Injury.
• No Critical Illness cover benefits will be paid in any circumstances if the Life Insured has not applied for the cover personally or where the application was completed on behalf of another person.

Cover is subject to conditions as outlined in the Product Disclosure Statement and Policy Document

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, until age 65.

We guarantee to renew your cover until you reach expiry age as listed in the PDS, regardless of how your health may change and dependent on payment of policy premiums.

Important note:

The insurance is issued by Allianz Australia Life Insurance Limited ABN 27 076 033 782, AFSL 296559. The information contained on this website is general information only. It does not take into account your individual objectives or financial situation. You should therefore consider the appropriateness of the insurance having regard to your objectives, financial situation and needs. Prior to making any decision you should read 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.

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Allianz Australia Insurance Limited ABN 15 000 122 850 AFS Licence No. 234708 is the general insurer except in respect of life insurance, in which case Allianz Australia Life Insurance Limited ABN 27 076 033 782 AFS Licence No. 296559 is the insurer.

Copyright © 2018 Allianz Australia Limited ABN 21 000 006 226.

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