The main type of life insurance in Australia is term life insurance. Term life insurance covers you for a defined period of time (a term).

For Allianz Life Insurance, we offer Term Life insurance. This covers you for death and Terminal Illness likely to result in death within 24 months, until the policy anniversary after your 99th birthday. This applies as long as your premiums are paid on time.

Allianz Life Plan is only available outside a superannuation fund and is in addition to any life insurance you may have in superannuation. Maximum cover amounts apply.⁶

If you’re not sure of the level of cover provided through your superannuation fund, you may want to speak to the fund provider, a financial adviser, or an accountant.

Self-employed people face similar needs in many instances to employed people – and may have some 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 may find that their superannuation fund may not provide insurance.

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

Allianz Life Plan is a simplified product. Unlike some life insurance products, we don’t ask for a medical or blood test when you apply.

Because of this, we can’t look at extra health information, like test results from your doctor. This means we can’t offer cover if you've been diagnosed with HIV or AIDS.

You may still be able to get cover from another life insurer. Some other companies look at medical information and may be able to offer you cover.

The Allianz Life Plan policy doesn’t contain a specific policy exclusion for HIV/AIDS.

To learn more, see the HIV and life insurance fact sheet (PDF, 9.3 MB) from the Council of Australian Life Insurers (CALI). It explains how life insurers look at your details and seeking cover for HIV/AIDS.

We offer a variable age-stepped premium. This means your premium increases each year based on your age. It may also increase based on premium rates and policy fees, and increases in your cover amounts, such as by Inflation Proofing Increases.⁵

Premium rates and policy fees aren't guaranteed and may change from time to time. Any change we make must apply to a group, for example, all 35-year-old females, and won’t be made to an individual policy. Some, but not all, of the factors we’ll consider when determining price increases include anticipated future claims experience, and our internal and external costs. Any changes will apply from your next Policy Anniversary. We’ll let you know of any increases in your annual notice, at least 30 days before the new premium rates or policy fees apply.

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

No, only the Policy Owners have access to your Life Insurance Policy. 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, call us on 13 1000 or access the Addition of Policy Owner form.

If we make a full Life cover payment in the event of death or Terminal Illness, then the Life Insured’s policy will cease, including any cover for Critical Illness or Permanently Unable to Work.

We want to help you keep your valuable life insurance cover in place if you’re experiencing financial hardship.

f you’re concerned about meeting your premium payments, contact us on 13 1000 to discuss what options are available to you.

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.

In Australia, Allianz Life is a life insurer and is regulated by the Australian Prudential Regulation Authority (APRA) and holds Australian Financial Services Licence number 296559 from the Australian Securities and Investments Commission (ASIC).

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

Allianz Life offers a streamlined Direct Life Insurance product with a simplified underwriting process, enabling us to provide life insurance online without requiring medical tests or reports before coverage is offered.

We ask a series of medical questions to determine if we can offer coverage and under what terms. While certain pre-existing medical conditions or disorders may not be covered, we may provide coverage with special terms, such as exclusions or loadings.

Depending on the condition's status and your responses to our follow-up questions, we might also provide coverage for pre-existing conditions without any additional conditions.

Taking out life insurance may not be a requirement to get a home loan. However, it’s worth considering, especially if losing your income would make it hard for you or your partner to keep up with the home loan.

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 proofing.⁵ 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 1000.

How much Life, Permanently Unable to Work and Critical Illness cover you need depends on your individual circumstances. Some possible considerations include:

• 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 out more on the Life Insurance calculator page.

While your Policy is current, you can apply to increase your cover or add a benefit at any time. Your application will be subject to our normal assessment process and eligibility criteria, so increases aren't 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, refer to the ‘Life Event Benefit Increases’ section in your Product Disclosure Statement for more details and to see if this applies to your policy. Limits, exclusions and other conditions apply.

In respect of the increase in cover:

• exclusions apply to all covers
• exclusion periods apply to certain Critical Illnesses²
• waiting periods apply to Permanently Unable to Work³ benefits

Refer to the ‘When is a benefit not payable (policy exclusions)?’ section and information on each cover under the ‘Policy benefits’ section in your Product Disclosure Statement for full details.

To apply for an increase, contact us on 13 1000.

Your cover begins on the day we accept your application for cover and payment is made – which is the ‘commencement date’ of the policy which can be found on your Policy Schedule. Exclusion periods and waiting periods apply to certain Critical Illness² and Permanently Unable to Work benefits.³

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.⁵ 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.

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 1000 or access the Addition of policy owner form.