Life Insurance

Disclaimers

1. A policy must include Life cover, and you can also choose to apply for Critical Illness cover and/or Permanently Unable to Work cover. Maximum cover amounts apply and are dependent on your age at the time of application. The cover amount of Critical Illness cover and Permanently Unable to Work cover cannot exceed the Life cover amount. The minimum cover amount is $50,000 for Critical Illness cover and $100,000 for Life cover and Permanently Unable to Work cover. Please refer to the 'How much cover can I apply for?' section in the Product Disclosure Statement for details.
   
   The maximum total amount you can be paid under a policy with more than one type of cover is the Life cover amount before any other benefits have been paid.
   
   Payment of all or part of a benefit under one type of cover reduces the cover amounts of all remaining benefits. For example, if you had: $700,000 of Life cover and $200,000 of Critical Illness cover and $500,000 of Permanently Unable to Work cover; then in the event you suffered a Critical Illness as defined by the policy and we paid you a $200,000 Critical Illness benefit, your Permanently Unable to Work cover amount would reduce by $200,000 and your Life cover amount would reduce by $200,000. Therefore, your Permanently Unable to Work cover amount would be reduced to $300,000 and your Life cover amount would be reduced to $500,000. Please refer to the 'Taking a combination of cover' section in the Product Disclosure Statement for details.
   
   If an insured or policy owner holds policies with companies other than Allianz, this will not impact on the benefit payable by Allianz, except where the insured holds one or more Critical Illness or Trauma policies with another insurer. Where this occurs, the maximum aggregate benefit payable for a Critical Illness or Trauma claim is $2,000,000, being an aggregate of all Critical Illness and Trauma covers paid or payable by Allianz and other insurers on the life of the insured. Please refer to the 'Maximum benefits payable' section of the Product Disclosure Statement for details.


2. "$9.50 a week": Provisional quote based on 39 year old, non-smoking male for $500,000 life cover. Premiums may vary depending on lifestyle and health risk factors.


3. Cover amounts are automatically increased on each policy anniversary by 5% or the change in the CPI, whichever is greater. Increases to cover amounts only applicable until age 65. Premiums may increase from year to year in line with the increased amount.


4. Renewal of cover is guaranteed until the insured reaches the age specified in the PDS for the relevant cover, regardless of how their health may change. Applies subject to payment of premiums when due.


5. Critical Illnesses covered under this product are certain types of Vascular Disease (Cardiovascular), Cancer of specified severity, Degenerative Diseases (Neurological), Cardiac Surgery, and Major Organ Failure. Each critical illness has a specific definition, you should read the Product Disclosure Statement for the specific definition. Please refer to the 'When a Critical Illness benefit will be payable' section in the Product Disclosure Statement for a full description of covered conditions and events.
   
   In some cases a three month waiting period applies. In the case of Cancer of specified severity, Cardiac Surgery, and Vascular Disease (Cardiovascular) we will not pay a benefit if the insured event 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 we have agreed to reinstate the benefit after it has lapsed.
   If one of these conditions or events occurs again after the three month waiting period and is not related to the first occurrence, a benefit would then be paid.
   
   We will not pay a Critical Illness benefit where the Critical Illness is a result of a self-inflicted injury. Please refer to the Product Disclosure Statement for details of 'When is a benefit not payable? (Policy exclusions)'.


6. "Never able to work again": We will pay a benefit when, solely because of Sickness or Injury, you have been continuously absent from work for a period of at least three consecutive months and due to that Sickness or Injury you are unlikely ever to work again in any occupation for which you are suited based on your work experience, your education and any training you have had. To apply for Permanently Unable to Work cover you must be working on a permanent basis in an eligible occupation type for at least 20 hours per week. Please refer to the ‘When a Permanently Unable to Work benefit will be payable’ section in the Product Disclosure Statement for a full description of covered conditions and events.
   
   We will not pay a Permanently Unable to Work benefit where the condition is a result of a self-inflicted injury. Please refer to the Product Disclosure Statement for details of ‘When is a benefit not payable? (Policy exclusions)’.


7. This benefit is only available where certain proof and documentation is provided. Other conditions apply. Payment of Advancement for Funeral Expenses is not an acceptance of a Life cover claim. Any Life cover amount we pay will be reduced by the amount of the funeral amount advanced.


8. You can return the Policy within 30 days of receiving the first Policy Schedule (“cooling-off period”) by writing to us and we will refund any premiums paid unless a claim has been or can be made under the Policy.


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


10. 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, 2018
    Voted Most Trusted Life Insurance brand by Australian consumers in the Reader's Digest Trusted Brands survey in 2015-2018

Important note:

The insurance is issued by Allianz Australia Life Insurance Limited ABN 27 076 033 782, AFSL 296559. The 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.