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 you choose, 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. Additionally, the Life cover Buy Back feature allows you to reinstate the Life Cover Amount that was reduced 12 months after full payment of a Critical Illness claim. Please refer to the ‘Taking a combination of cover’ and 'Life cover Buy Back' sections in the Product Disclosure Statement for details.1, 11
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'.
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 90 days of:
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.
Allianz Critical Illness cover pays a lump sum in the event that the Life Insured suffers one of the defined Critical Illness events5. 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 by that payment amount. In certain circumstances this may mean the end of a cover or the Life Insured’s policy.1
Inflation Proofing Increases
Critical Illness cover amounts 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 us 3
Guaranteed to continue cover
Once a policy has been accepted and issued, and provided premiums are paid as due, we guarantee to continue it until the Policy Anniversary after the Life Insured’s 70th birthday.1,4
Life cover Buy Back
The Life cover Buy Back feature allows you to reinstate the Life Cover Amount that was reduced 12 months after full payment of Critical Illness claim.11
All Australian permanent residents aged 16 to 55 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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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. Critical Illness cover must be taken out in conjunction with Life Cover.
The funds can be used for any purpose you choose, whether 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 by that payment amount. In certain circumstances this may mean the end of a cover or the Life Insured’s policy.1 The Life cover Buy Back feature allows you to reinstate the Life Cover Amount that was reduced 12 months after full payment of a Critical Illness claim.11
You must be aged 16 to 55 to apply for Critical Illness cover. Once you are accepted, as long as you pay your premiums, we guarantee to continue your cover until the policy anniversary after 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. Some general considerations are:
If you are unsure about the level of cover you require please seek advice from a financial adviser before deciding on appropriate insurance cover.
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.
Within your superannuation, some general considerations are:
Your cover begins on the day we accept your application for cover and the ‘commencement date’ will appear on your Policy Schedule. Exclusion 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.
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 is also known as life insurance or death cover. It is a way of protecting your family's financial future*.
*Conditions apply
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*.
*Conditions apply
Permanently Unable to Work cover is also known as Total and Permanent Disability (TPD) cover*.
*Conditions apply
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 information, consider the appropriateness of the information, 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.
The Target Market Determination (a TMD) for this product describes the class of persons for which the product has been designed, as well as other prescribed information.
Existing Customers : If you’re an existing customer, visit our Policy Documents for up-to-date policy information and access to PDS, documents and forms.
Outstanding Value Direct Life Insurance 2018 - 2021
Roy Morgan Research Customer Satisfaction Awards 2016
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