Life cover

Your loved ones deserve the best: We’re the world’s #1 insurance brand1
Our Life cover pays a lump sum in the event of your death or if you're diagnosed with a Terminal Illness where death is likely to occur within 24 months.2 The lump sum payment can be used however you choose, and can help cover things like mortgage payments, living expenses such as school fees, bills or groceries, and funeral costs.
Need to make a Life cover claim? We’re here to help. There are two steps to lodge a Life Insurance claim with us.
Find out what’s covered under our Life cover, as well as optional cover you can buy for added protection.

  • Death or Terminal Illness

    Life cover of up to $1.5m depending on your age. Pays a lump sum for death, or Terminal Illness where death is likely to occur within 24 months.2
  • Advancement for funeral expenses

    We’ll advance $15,000 of the Life cover amount while your claim is being assessed, to help with the funeral costs or other similar expenses.3
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  • Inflation Proofing Increases

    We increase your cover amount by 5% or the change in the Consumer Price Index, whichever amount is greater, each policy anniversary up until the policy anniversary after your 65th birthday.4
  • Guarantee to continue cover

    Once you’re accepted, we guarantee to continue your Life cover5 until the policy anniversary after your 99th birthday, regardless of how your health changes.
  • Cooling off rights

    We offer a 30-day cooling off period where you can cancel your policy and receive a full refund, unless a claim has been or can be made by you under the Policy.

  • Suicide within the first 13 months
  • We won’t pay a Life cover benefit if you commit suicide within the first 13 months of the commencement of the cover, any increase in cover that you request (but only in respect of the increase), or where we’ve agreed to reinstate the policy after it has lapsed.
  • Pre-existing sicknesses
  • We won’t pay a Life Cover benefit for Terminal Illness if you suffer the Sickness before the start of the policy and before the benefit was current.
  • Special events or conditions we agree on

    We won’t pay any benefit where we’ve agreed with you a special term in respect of your cover that specifically excludes the event or condition leading to the claim. Any such special term will be agreed with you before your policy is issued and will appear on your Policy Schedule.
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  • If you don’t follow travel advice overseas
  • We won’t 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 claim.

  • Critical Illness cover

    Provides cover for 14 defined Critical Illness events.8 Apply for up to $500,000 cover depending on your age.6,7
  • Permanently Unable to Work cover

    Provides cover for if you’re unlikely ever to work again because of sickness or injury, or a Major Physical Impairment.9 Apply for up to $1.5m cover depending on your age.6,7

This is a summary of only some of the features and benefits available on Allianz Life Plan. Before deciding on a policy, read the Product Disclosure Statement (PDS) which sets out the standard terms, conditions, limits, definitions, exclusions, waiting periods, exclusion periods and information about taking a combination of cover. If you consider it appropriate, speak with a financial adviser before deciding on any cover.

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.

The maximum Life cover amount6,7 you can apply for is based on your current age and is listed below:

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 $100,000
$500,000
You can apply for Life Insurance online in three easy steps, without the need for a medical or blood test. Or if you prefer, give us a call on 13 1000.
We offer Critical Illness cover and Permanently Unable to Work cover within our Allianz Life Plan, which can be added on to your Life cover.7
Woman giving a girl a piggyback
Apply for up to $500,000 depending on your age to cover defined Critical Illness events.6,7,8
Man in a wheelchair with his dog
Apply for up to $1.5m depending on your age to cover if you’re unlikely to ever work again because of sickness or injury, or a Major Physical Impairment.6,7,9
This is a summary of only some of the features and benefits available on Allianz Life Plan. Before deciding on a policy, read the Product Disclosure Statement (PDS) which sets out the standard terms, conditions, limits, definitions, exclusions, waiting periods, exclusion periods and information about taking a combination of cover. If you consider it appropriate, speak with a financial adviser before deciding on any cover.

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.

Allianz Life is part of Allianz Group, which has been recognised as the world's top insurance brand by Interbrand's Best Global Brands 2023
When you buy or renew, you have the flexibility to pay annually or monthly at no extra cost
Our team of specialists understands the importance of Life Insurance and is here to help
We’ve been a Life Insurance Code of Practice Subscriber since 2017

The cost of your insurance is called a ‘premium’. Your premium will depend on several factors and can change each year on 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
  • pastimes
  • your occupation (in the case of Permanently Unable to Work cover only)

Premiums will increase each year based on your age or a change in premium rates. Premiums will also increase if your cover amount increases, for example due to inflation proofing4. If you don’t want inflation proofing applied to your policy, you can ask us to remove it each year.

If you have any questions about future premiums or inflation proofing increases, contact us on 13 10 00.

How much Life, Permanently Unable to Work and Critical Illness cover 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

If you’re unsure about the level of cover you need, speak with a financial adviser before deciding. Find our more or get an estimate from the Life Insurance calculator page.

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 Illness8 and Permanently Unable to Work benefits.9

Your claim is assessed against specific definitions, located in the Product Disclosure Statement, 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 Product Disclosure Statement.

Premium rates aren’t guaranteed and may change from time to time. Any change will apply to a group, for example all 35-year-old females, and won’t be made to individual policies regardless of any changes to your health, occupation, or pastimes.

Your premium is calculated each year based on the cover you’ve selected, any increase in your cover amount by way of Inflation Proofing Increases and your age at that time.4 We’ll notify you in writing at least 30 days prior to any changes to your premium taking effect.

Premiums are payable annually or monthly, at no extra cost, subject to minor adjustments (upwards or downwards) due to rounding. This can be by direct debit from a Visa, Mastercard, or American Express credit card or from a bank account. Financial Institution transaction fees may apply.
No, the total monthly or annual premium can only be debited from one bank account or credit card.

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.

To discuss adding an additional Policy Owner to your policy, call us on 13 10 00 or access the Addition of policy owner form.

  1. World’s #1 insurance brand
    Allianz Life is part of Allianz Group, which has been recognised as the world’s top insurance brand by Interbrand’s Best Global Brands 2023.

  2. 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 Product Disclosure Statement for full details.

  3. 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.

  4. 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 Product Disclosure Statement for full details.

  5. Guarantee to continue cover
    Cover is guaranteed until you reach the age specified in the Product Disclosure Statement for the relevant cover, regardless of how your health may change. Applies subject to payment of premiums when due.

  6. 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 Product Disclosure Statement for full details.

  7. 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. Critical Illness cover and Permanently Unable to Work cover won’t be reinstated as part of the Life cover Buy Back feature. This feature is not included in all policies.

    Refer to the 'Taking a combination of cover' and the 'Life cover Buy Back' sections in the Product Disclosure Statement for full details.

  8. Critical Illness cover
    Critical Illnesses covered under this product are certain types of Vascular Disease, Cardiac Surgery, Cancer of specified severity, Degenerative Diseases, and Major Organ Failure. Each has a specific definition as outlined in the Product Disclosure Statement.

    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 Product Disclosure Statement for full details.

  9. 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 Product Disclosure Statement for full details.

  10. Pay by instalments
    Premiums payable by instalments may be subject to minor adjustments (upwards or downwards) due to rounding, and financial institution transaction fees may apply.
Allianz acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Custodians of the lands on which we live and work across Australia. We pay our respect to First Nations Elders past and present.



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 Product Disclosure Statement (PDS)/Policy Wording and Supplementary PDS (if applicable). Where applicable, the PDS/Policy Wording, Supplementary PDS and Target Market Determination (TMD) 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.