What is Life cover?
What our Life Insurance covers
What's not covered
Benefit limits and eligibility
You can apply for cover if you’re an Australian permanent resident aged between 16 and 65. This means if you’re an Australian or New Zealand citizen or you hold an Australian Permanent Resident Visa, and you’re permanently living in Australia at the time of your application.
We’ll ask you some questions about your health, lifestyle and family medical history to determine whether we’re able to offer you cover.
This product is not suitable for purchase within a superannuation fund.
Swipe to view more
|Age at application||Minimum cover amount||Maximum cover amount|
|16 - 45||$100,000||$1,500,000|
|46 - 55||$100,000||$1,000,000|
|56 - 65||
Make it a Life Plan
Life Insurance calculator
We understand that when you take out life insurance, it’s important the amount you’re insured for reflects what you’ll need to keep your loved ones financially secure when you’re no longer around to provide for them.
Get an estimate within 10 minutes of how much life insurance you may need.
Why choose us?
World's #1 insurance brand
Life Insurance Code
Frequently asked questions
The cost of your insurance is called a ‘premium’. Your premium will depend on several factors and can change each year at your policy anniversary.
There are several factors that determine how your Allianz Life Plan premium is calculated, including:
- 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
- any pastimes
- your occupation (in the case of Permanently Unable to Work cover only)
Premiums will increase each year based on your age. Premiums will also increase if your cover amount increases, for example due to inflation proofing. If you don’t want inflation proofing applied to your policy, you can ask us to remove it each year.
How much Life, Permanently Unable to Work and you need depends on your individual circumstances. Some general considerations are:
- What works within your budget
- Whether or not you have dependents, for example a spouse, partner or children, who are reliant on your income
- Whether or not you have a mortgage or any other debts, such as credit cards and other loans, that you’re responsible for
- If you hold any life insurance cover through your superannuation fund
Your cover begins on the day we accept your application for cover and payment is made - the ‘commencement date’ can be found on your Policy Schedule. Exclusion periods and waiting periods apply to certain Critical Illness and Permanently Unable to Work benefits.
Your claim is assessed against specific definitions, located in the , before it can be paid. Exclusions apply to all covers, refer to the ‘When is a benefit not payable (policy exclusions)?’ and under each cover section in the .
We don’t list traditional beneficiaries on policies. You have the option of adding an additional Policy Owner to your policy. Policy Owners have full rights over the policy, including cancellation and receive any death benefit paid.
We're here to help
Give us a call, or send us a message
Follow us on
“Risk & Life Insurer of the Year” Roy Morgan Research Customer Satisfaction Awards 2016 and 2021.
- Life cover and Terminal Illness
A Terminal Illness means a Sickness which is likely to result in your death within 24 months. This requires the written opinion of a Specialist supported by reasonable medical evidence in relation to your life expectancy.
Terms, conditions, limits and exclusions apply. Refer to Policy benefits ‘Life cover’ and ‘When is a benefit not payable (policy exclusions)?’ sections of the for full details.
- Advancement for Funeral Expenses
This benefit is only available where certain reasonable proof and documentation is provided. Any policy exclusions applicable to Life cover, will also apply to the Advancement for Funeral Expenses. If we pay the $15,000 Advancement for Funeral Expenses, the Life Cover Amount will be reduced by the amount of this advancement. Other conditions apply.
Payment of the Advancement for Funeral Expenses is not acceptance of a Life cover claim.
- Inflation Proofing Increases
Premiums increase from year to year in line with the increased cover amount. An Inflation proofing increase can be declined in a given year by contacting us.
Refer to the ‘Inflation Proofing Increases’, ‘Premium, fees and other charges’ and ‘Premium calculation and payment’ sections of the for full details.
- Guarantee to continue cover
Cover is guaranteed until you reach the age specified in the for the relevant cover, regardless of how your health may change. Applies subject to payment of premiums when due.
- Cover amounts
Maximum cover amounts apply and are dependent on your age at the time of application. The Critical Illness cover amount and Permanently Unable to Work cover amount can’t exceed the Life cover amount. The minimum cover amount for Critical Illness cover is $50,000, and $100,000 for Life cover and Permanently Unable to Work cover.
The maximum total amount payable under a policy is the Life cover amount listed on the Policy Schedule. Other conditions apply. Refer to the 'How much cover can I apply for?' and 'Maximum benefits payable' section in the for full details.
- Combination of cover and Life cover Buy Back
Policies must include Life cover; taking a combination of cover you can also apply to add Critical Illness cover and Permanently Unable to Work cover. If we make a full Life cover payment in the event of death or Terminal Illness, then that Life Insured’s policy will cease. Any payment for Critical Illness cover or Permanently Unable to Work cover will reduce any other covers by that payment amount. If a payment made under the Critical Illness cover or Permanently Unable to Work cover reduces any other cover amount to $0, then that cover will cease for that Life Insured.
If Critical Illness cover or Permanently Unable to Work cover is paid in full, we may reinstate the Life Cover Amount that was reduced as a result of the Critical Illness or Permanently Unable to Work payment after a 12-month waiting period.
Refer to the 'Taking a combination of cover' and the 'Life cover Buy Back' sections in the for full details.
- Critical Illness cover
Critical Illnesses covered under this product are certain types of Vascular Disease, Cancer of specified severity, Degenerative Diseases, Cardiac Surgery, and Major Organ Failure. Each has a specific definition as outlined in the .
In some cases, a 90-day exclusion period applies.
We won’t pay a Critical Illness benefit where the Critical Illness is intentionally self-inflicted.
Refer to the Policy benefits ‘Critical Illnesses cover’, ‘When a Critical Illness benefit will be payable’ and ‘When is a benefit not payable (policy exclusions)?’ sections of the for full details.
- Permanently Unable to Work cover
Provides cover if, solely because of Sickness or Injury, you suffer a defined Major Physical Impairment, or you have:
- been continuously unable to work for a period of at least 90 consecutive days; and
- are unlikely ever to work again in any occupation for which you are suited based on your work experience, education and any training you’ve 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.
We won’t pay a Permanently Unable to Work benefit where the condition is intentionally self-inflicted.
Refer to the Policy benefits ‘Permanently Unable to Work cover’, ‘When a Permanently Unable to Work benefit will be payable’ and ‘When is a benefit not payable (policy exclusions)?’ sections in the for full details.
Any advice here does not take into account your individual objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before making a decision about this insurance, consider the relevant for this insurance are available on this website. We do not provide any form of advice if you call us to enquire about or purchase a product.
Allianz Australia Insurance Limited ABN 15 000 122 850 AFS Licence No. 234708 is the insurer of any general insurance products offered, and Allianz Australia Life Insurance Limited ABN 27 076 033 782 AFS Licence No. 296559 is the insurer of any life insurance products offered. Each entity is responsible for any statements and representations made about its products, on this website.