Permanently Unable to Work also known as Total and Permanent Disability (TPD) can be added onto your Life cover.
Our Permanently Unable to Work policy pays you a lump sum (subject to conditions) which can be used to help to minimise the impact Total and Permanent Disability has on your way of life. The funds can be used for any purpose you choose, whether to cover debts, replace lost income for daily living costs, or assist with ongoing medical and rehabilitation costs.
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. Additionally, 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. Please refer to the ‘Taking a combination of cover’ and 'Life cover Buy Back' sections in the Product Disclosure Statement for details.1, 11
Permanently Unable to Work cover can be added as an option to your Life cover policy and covers:
All Australian permanent residents aged 16 to 55 can apply.
| Age at application | Minimum | Maximum |
|---|---|---|
| 16 - 45 | $100,000 | $1,500,000 |
| 46 - 55 | $100,000 | $1,000,000 |
| 56 - 65 | Not eligible for cover | Not eligible for cover |
You can tailor the Permanently Unable to Work cover amount to suit your needs; by choosing any cover amount between $100,000 and $1.5 million depending on your age. It cannot exceed the Life cover amount.
Inflation Proofing Increases
Each year we will automatically increase your Permanently Unable to Work cover to stay ahead of inflation. Each policy anniversary we increase your cover amount by 5% or the change in the Consumer Price Index, whichever amount is greater, up until the policy anniversary after your 65th birthday.
Each year premiums will also be increased in accordance with the increase in your coverage. Any annual increase can be declined by contacting us 3
Guaranteed to continue cover
Once a policy has been accepted and issued, and provided premiums are paid as due, we guarantee to continue it until the Policy Anniversary after the Life Insured’s 65th birthday.1,4
Life cover Buy Back
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
All Australian permanent residents aged 16 to 55 may 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 have made important updates to your Allianz Life Insurance. Find up to date product information, and access to policy documents and forms. Go to more information
Find out more about how much life cover you need
You can apply for life insurance today in three easy steps
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 cover 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
How much Life, Permanently Unable to Work and Critical Illness cover you need, will vary according to your individual circumstances. Some general considerations are:
If you are unsure about the level of cover you require please seek advice from a financial adviser before deciding on appropriate insurance cover.
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:
Your cover begins on the day we accept your application for cover and the ‘commencement date’ will appear on your Policy Schedule. A 90 day waiting period applies if you claim a Permanently Unable to Work in Any Occupation benefit 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, please refer to the ‘When is a benefit not payable (policy exclusions)?' section in the Product Disclosure Statement.
This is a summary only. For terms, conditions, limits, definitions, exclusions, waiting periods, exclusion periods and taking a combination of covers, please refer to the Product Disclosure Statement.
Life cover is also known as life insurance or death cover. It is a way of protecting your family's financial future*.
*Conditions apply
Critical Illness cover is also known as trauma cover and pays a lump sum5 benefit if the Life Insured suffers one of the defined Critical Illness events5*.
*Conditions apply
Permanently Unable to Work cover is also known as Total and Permanent Disability (TPD) cover*.
*Conditions apply
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.
The Target Market Determination (a TMD) for this product describes the class of persons for which the product has been designed, as well as other prescribed information.
Existing Customers : If you’re an existing customer, visit our Policy Documents for up-to-date policy information and access to PDS, documents and forms.
Outstanding Value Direct Life Insurance 2018 - 2021
Roy Morgan Research Customer Satisfaction Awards 2016
Life Insurance Code of Practice Subscriber since 2017