Frequently Asked questions

Fraud Alert for an Insurance Bond Product falsely claiming to be issued by Allianz Australia Life Insurance Ltd

We have become aware of a scam in which third parties are falsely using the Allianz Australia Life Insurance Limited name in an attempt to commit fraud. This scam involves individuals purporting to be from Allianz Australia Life Insurance Limited, using false email addresses and circulating counterfeit Allianz Australia Life Insurance Limited investment product materials to induce individuals to invest in a non-existent insurance bond product. We are warning investors that this activity is completely unaffiliated with Allianz Australia Life Insurance Limited.

We strongly advise that, if you are contacted by persons whom you do not recognise, you do not take any action and in particular that you do not share any personal information including bank details.

If you believe you are a victim of this scam, you can also report the scam to a government agency (such as Scamwatch.gov.au) to help them identify the scammer and prevent the scam from spreading.

Coronavirus (COVID-19)

Your Allianz life insurance policy does not contain a specific policy exclusion for COVID-19 or for taking the COVID-19 vaccine.

If you apply for a new policy with us, we will assess you based on your individual health situation, lifestyle and occupation activities, and your policy documentation will confirm what cover you hold with us.

However, there is an exclusion which may apply if your claim relates to overseas travel. By this we mean, we will not pay any benefits to the extent a claim arises because you didn’t follow advice issued by the Australian government relating to an overseas location. This includes travelling when a ‘Reconsider your need to travel’ or ‘Do not travel’ alert is in place and not taking action to minimise or avoid any potential claim9. Please see the Allianz Life Plan PDS for further details.

If you are an existing Allianz life insurance customer who is currently overseas, or planning a trip overseas, we recommend that you contact us directly to understand how COVID-19 affects your policy, if at all.

Allianz recognises the important role frontline healthcare workers play in our society and especially at this critical time. We are committed to ensuring all healthcare workers can access life insurance cover.

We will not decline an application for cover, charge a higher premium, or apply a COVID-19 pandemic risk exclusion due to exposure or potential exposure to COVID-19. Your application is assessed based on your individual health situation, so exposure or potential exposure to COVID-19 may mean that you will not be immediately eligible for cover.

No, our Permanently Unable to Work cover assesses you against the same definition regardless of whether you experience a change in employment status or working hours at the time you become permanently unable to work. Please refer to your PDS for the definition details or contact us directly for more information.

We want to assist you keep your valuable life insurance cover in place if you are experiencing financial hardship.

If you are concerned about meeting your premium payments as a result of COVID-19, please contact us directly to discuss what options are available to you.

If you need to make a claim, we will support you during this stressful time making sure to handle your claim as sensitively and quickly as possible. You can contact our dedicated life insurance claims team on 1300 362 108, Monday to Friday, between 8am to 5pm (AEDT/AEST).

You can contact us by phoning 13 1000 or +61 2 8988 9581 if you are outside Australia, as well as via our website at www.allianz.com.au/contact.

What types of cover are available?

We offer three types of cover (subject to conditions): Life cover, which pays a lump sum on death or Terminal Illness10; Critical Illness cover, which pays a lump sum in the event that the Life Insured suffers one of the defined Critical Illness events5; and Permanently Unable to Work cover, which pays a lump sum if you are permanently unable to work due to sickness or injury6.

Life cover is also known as Term Life insurance, or Death cover. It provides a lump sum payment (subject to conditions) in the event of the Life Insured dies or is diagnosed with a Terminal Illness where death is likely to occur within 24 months10.

The funds can be used for any purpose you choose, such as cover mortgage payments, school fees, bills, groceries, other living expenses and funeral costs. Life insurance is a way of protecting the financial future of your loved ones if you were no longer around to provide for them. It can help your family cover debts and living expenses at a time when they need it most.

You must be aged 16 to 65 to apply for Life cover. As long as you pay your premiums, we guarantee to continue your cover until the policy anniversary after your 99th birthday, regardless of changes to your health condition.4,1

Permanently Unable to Work cover is also known as Total and Permanent Disability (TPD) Insurance. It provides a lump sum payment (subject to conditions) in the event that you are permanently unable to work due to sickness or injury6. Permanently Unable to Work cover must be taken out in conjunction with Life Cover.

The funds can be used for any purpose you choose, such as covering your debts and living expenses, provide for medical treatment or ongoing care, or to pay for any home modifications that are required as a result of your disability. Payment of a benefit under Permanently Unable to Work cover reduces the cover amount of any remaining benefits under Life cover and Critical Illness 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 Permanently Unable to Work claim.11

You must be aged 16 to 55 and working on a permanent basis in an eligible occupation type for at least 20 hours per week to apply for Permanently Unable to Work cover. Once you are accepted, as long as you pay your premiums, we guarantee to continue your cover until the policy anniversary after your 65th ‎birthday, regardless of changes to your health condition.4,1

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 your 70th birthday, regardless of changes to your health condition.4,1

How much cover is enough?

How much Life, Permanently Unable to Work and Critical Illness cover you need, will vary according to your individual circumstances. Some general considerations are:

  • What you can afford;
  • Whether or not you have dependents (e.g. spouse, partner and/or children) who are reliant on your income;
  • Whether or not you have a mortgage, or any other debts for which you are responsible such as credit cards and other loans; and
  • Do you hold any life insurance cover through your superannuation fund?

If you are unsure about the level of cover you require please speak with a financial adviser before deciding on appropriate insurance cover. Find out more about how much cover you may need by clicking here

Once your Policy is current, you can apply to increase your cover or add additional benefits at any time. Your application will be subject to our normal assessment process and eligibility criteria, so increases are not guaranteed.

Any cover you already have in place will be unaffected by future applications for increases, even where we decline ‎the increase or agree to cover you subject to special terms.

Life Event Benefit Increases may also be available, please refer to the ‘Life Event Benefit Increases’ section in the Product Disclosure Statement for more details. Limits, exclusions and other conditions apply.

In respect of the increase in cover, please note that exclusion periods and waiting periods apply to certain Critical Illnesses and Permanently Unable to Work benefits 5,6. Exclusions apply to all covers and in respect of the increase in cover, please refer to the ‘When is a benefit not payable (policy exclusions)?’ and under each cover section in the Product Disclosure Statement.

To apply for an increase, please contact us on 13 1000, Monday to Friday between 9.00am and 6.00pm (AEDT/AEST).

Do I need Life Insurance?

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:

  • The total benefit paid by your superannuation fund
  • Is the total benefit made up of your account balance and an insured benefit or may be limited to the insured benefit only
  • Will your insurance continue if you were to change employers in the future
  • What you are covered for

Self-employed people face similar needs in many instances to employed people – with a few additional challenges. Self-employed people may have business partners, personal guarantees on business loans as well as the standard mortgage, debts and dependents to consider. In addition, many self-employed people will find that their superannuation fund may not provide insurance.

We recommend you seek advice from a financial adviser on how life insurance can fit into your personal financial plan.

Applying for cover

You can apply for cover if you are a holder of Australian or New Zealand Citizenship or an Australian Permanent Residency Visa and you are permanently residing within Australia at the time of your application.

You must also be aged:

Yes, up to two people can be insured on one policy. This could be you and your spouse/partner, or another person.

Yes, but there cannot be more than two people covered on any one policy.

No, you must complete the application on your own behalf.

We will ask you some questions about your health, lifestyle, occupation and family medical history to determine whether or not we are able to offer you cover. Once a policy has been accepted and issued, and provided your premiums are paid as due, we guarantee to continue your policy until the Policy Anniversary after your 99th birthday for Life cover; 70th birthday for Critical Illness cover and 65th birthday for Permanently Unable to Work cover.4,1

We will not disclose your sensitive information such as details about your health for any purpose other than to underwrite your insurance cover or assess a claim.

No medical examinations or tests are required at the time of the application. In the event of a claim, as part of our assessment process, we may require additional reasonable evidence (including medical evidence or information from your employer) or we may do a full review of your medical records. Where reasonable, you may also be asked to undergo examinations or other tests to confirm the occurrence of an insured ‎event, at our expense.

Yes. If you have smoked tobacco or any other substance in the last 12 months, then you do need to tell us when you apply for insurance.

If you have a policy with us and you ceased smoking tobacco or any other substance more than 12 months ago you can contact us to arrange an update on your policy. Once we have received your completed non-smoker declaration form, we will be able to apply non-smoking rates to your policy and reduce your premium. You can access a smoker declaration form here.

No, currently the Allianz Life Plan product is not suitable for use within a SMSF.

No, only the Policy Owners have access to your Life Insurance Policy. To discuss adding an additional Policy Owner to your policy please call us on 13 1000, or access the request form here.

Policy premiums and paying for your policy

Premium rates are not guaranteed and may change from time to time. Any change, however, must apply to a group (for example all 35 year old females) and will not be made to individual policies regardless of any changes to your health, occupations or pastimes. Your premium is calculated each year based on the cover you have selected, any increase in your cover amount by way of Inflation Proofing Increases and your age at that time.3 You will be notified in writing at least 30 days prior to any changes in premiums taking effect.

Premiums are influenced by the following factors:

  • your age;
  • your gender;
  • whether or not you smoke;
  • the type and amount of cover you select;
  • any Inflation Proofing Increases applied;
  • your state of health;
  • pastimes; and
  • occupation (in the case of Permanently Unable to Work cover only).

Please note that premium will increase each year based on your age. Premium will also increase if your cover amount increases, for example due to inflation proofing. If you do not wish to have inflation proofing applied to your policy you can advise us to have it removed in a given year.3

If you have any questions about future premiums or inflation proofing increases, please contact us on 13 1000.

Premiums are payable annually or monthly (at no extra cost). This can be by Direct Debit from a Visa, Mastercard, or American Express credit card or from a bank account.

No. The total monthly or annual premium can only be debited from one account or credit card.

No, our premiums are stepped and increase each year based on your age, and due to increases in your cover amount, such as Inflation Proofing Increases3.

If you have any questions about future premiums or inflation proofing increases, please contact us on 13 1000.

When am I covered?

Your cover begins on the day we accept your application for cover and the ‘commencement date’ will appear on your Policy Schedule. Exclusion periods and waiting periods apply to certain Critical Illnesses and Permanently Unable to Work benefits.5,6 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 to all covers, please refer to the ‘When is a benefit not payable (policy exclusions)?’ and under each cover section in the Product Disclosure Statement.

Yes, however, the policy will not cover the Life Insured if any of the policy exclusions apply. For example, we will not pay any benefits to the extent a claim arises because you didn’t follow advice issued by the Australian government relating to an overseas location. This includes travelling when a ‘Reconsider your need to travel’ or ‘Do not travel’ alert is in place and not taking action to minimise or avoid any potential claim9. Please see the Allianz Life Plan PDS for further details.

If you are an existing Allianz life insurance customer contact us directly to understand how this affects your policy, if at all. You can do so by calling 13 1000 or +61 2 8988 9581 if calling from outside Australia, or via our website at allianz.com.au/contact.

Cancelling your policy

You may cancel your policy within 30 days of receiving your first policy schedule, which is accompanied with a letter from us confirming your purchase of the policy. This period is known as the ‘cooling off’ period. You need to do this by contacting us and we will refund any premiums paid unless a claim has been, or can be made under the policy.

No, the Allianz Life Plan is not an investment product and is only designed to pay a lump sum benefit in the event of death, Terminal Illness or in the case of Permanently Unable to Work cover, sickness or injury. If you cancel this policy at any time other than during the cooling off period you will not get any money back.

Claims

For all Life insurance claims, please call us on 1300 362 108 between the hours of 8:00am and 5:00pm, Monday to Friday AEDT/AEST (excluding public holidays), and speak with a Life Claims Consultant. Our Claims staff will ask for some details and send you a claim form to complete, sign and return to us. They will also advise you of any other supporting documentation reasonably required to assess your claim.

This may include :

  • a death certificate;
  • a medical report or test result;
  • a laboratory result; or
  • other documentation relevant to the claim we may reasonably require

To assist with the assessment of your claim, please contact us as soon as practicable regarding any insured event.

Your death benefit will either be paid to:

  • The surviving Policy Owner; or
  • Your personal legal representative (your estate).

Where a death claim is payable to your estate and the Cover Amount is more than $100,000, your estate must provide either a Grant of Probate or Letters of Administration certified by either a solicitor, notary public, or justice of the peace before a benefit can be paid.

There can be up to two Policy Owners on your policy. As a Life Insured you are also a Policy Owner. Policy Owners have full rights over the policy including cancellation, and they would receive any death benefit paid. To discuss adding an additional Policy Owner to your policy please call us on 13 1000, or access the request form here.

It is important to understand that the assessment process and the length of time it takes varies according to the circumstances of the claim, the type of claim and how quickly we receive all the requested information. Our claims team will keep you updated on the progress of the claim and will assess each piece of information promptly as it’s received. You can assist by returning claim forms as quickly as possible and by encouraging your medical advisers to do so as well.

Where a Death Certificate is issued without a cause of Death a Coroner's Report may be required. Often this leads to a delay in the determination of the claim.

Your medical history helps us to look at the circumstances leading to the claim and to confirm that you have complied with your Duty of Disclosure. We will request medical histories in many instances, particularly where the claim occurs on a policy that is not very old, or where the diagnosis is not clear-cut. This does not mean that we do not believe your claim is valid. We are simply ensuring that the terms and conditions of the policy are met.

Allianz strives to resolve disputes as amicably and as quickly as possible. Find out more about our internal complaints procedure and the external disputes resolution scheme we subscribe to.

Complaints

Allianz strives to resolve disputes as amicably and as quickly as possible. Find out more about our internal complaints procedure and the external disputes resolution scheme we subscribe to.

About wills

A will is a legal document in which you state how you want your assets distributed after you die. A will directs how your assets are distributed according to your wishes and helps ensure your family’s needs are met. It also allows you to nominate an executor, who is the person responsible for making sure your wishes are met.

If you die without having made a will you are considered to have died ‘intestate’. This means that the Supreme Court must appoint an Administrator to allow them to distribute your assets, including life insurance benefits, which will be divided according to the Laws of Intestacy, which may not be in keeping with your wishes i.e. a payout from your life insurance policy may not go to the person intended if you do not have it stated in a will.

Where a death claim is payable to your estate and the Cover Amount is more than $100,000, your estate must provide either a Grant of Probate or Letters of Administration certified by either a solicitor, notary public, or justice of the peace before a benefit can be paid.
An executor is a person named in your will to look after your estate. Anyone can be appointed as an executor of the will providing they are over 18 years of age and have the ability to give an oath to the court. If no executor is named in your will, the Supreme Court will appoint an Administrator.
A beneficiary is someone who inherits an item in the will, and can be a person, group of people, or an organisation, such as a charity.

You can have a will written and updated by private trustees and solicitors who will usually charge a fee. You can also have your will written by some Public Trustees at no cost however, they must act as the executor of your will. Check with the state or territory at https://moneysmart.gov.au/wills-and-powers-of-attorney.

You can also purchase a do-it-yourself will kit at Australia Post, however it is essential that your will is signed and witnessed properly otherwise it will be invalid.

To obtain further information in regard to wills, please refer to the Australian Government website at www.australia.gov.au/information-and-services/family-and-community/wills-and-powers-of-attorney.

You have the option of adding an additional Policy Owner to your policy. Policy Owners have full rights over the policy including cancellation, and they would receive any death benefit paid. We do not list traditional beneficiaries. See About wills for more information.

To discuss adding an additional Policy Owner to your policy please call us on 13 1000, or access the request form here.

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 Financial Services Council website.

About Allianz Australia Life Insurance Limited

Allianz Life forms part of the Allianz Group of companies, a global financial services organisation.

In Australia, Allianz Life is a life insurer and is regulated by the Australian Prudential Regulation Authority (APRA).

Allianz Life is a related body corporate of Allianz Australia Insurance Limited and Allianz Australia Limited, and in turn we are all part of the Allianz Group of companies.

Allianz Life, Allianz Australia Insurance Limited and Allianz Australia Limited share the Allianz brand in Australia and a number of internal business services to support our customers and provide an integrated Allianz insurance experience.

Allianz Australia Life Insurance Limited ABN 27 076 033 782 AFS Licence No. 296559 is the insurer of any life insurance products offered on this website. Refer to the relevant Product Disclosure Statements and Policy Documentation and information provided on this website by Allianz Australia Life Insurance Limited for details.

Allianz Australia Insurance Limited ABN 15 000 122 850 AFS Licence No. 234708 is the insurer of any general insurance products offered on this website. Refer to the relevant Product Disclosure Statements and Policy Documentation and information provided on this website by Allianz Australia Insurance Limited for details.

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 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.

Existing Customers : If you are an existing customer, click here for up to date policy information and access to PDS, documents and forms.

Industry Awards and Code of Practice


Canstar's 5-Star Rating for Outstanding Value

Outstanding Value Direct Life Insurance 2018 - 2020


Risk & Life Insurer of the Year

Roy Morgan Research Customer Satisfaction Awards 2016


Life Insurance Code of Practice Subscriber

Life Insurance Code of Practice Subscriber since 2017