Allianz Life Insurance

Allianz is a provider of life insurance in Australia. At the time of writing, the Allianz Life Plan offers three different types of cover.

Allianz Australia logo

  • Life cover: pays a lump sum upon death or diagnosis of a terminal illness where death is likely to happen within 12 months.
  • Critical Illness cover: pays a lump sum if you suffer one of the defined critical illness conditions such as cancer, heart attack or stroke to specified severity.
  • Permanent Unable to Work cover (or TPD cover): pays a lump sum if you are unlikely to ever work again due to sickness or injury.

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How much does Allianz Life Insurance cost?

The cost of your life insurance may be influenced by several different factors such as your age, occupation and choice of insurer. You can get a quote for Allianz Life Insurance by comparing direct life insurance on Canstar’s website.

You can also compare the quoted premiums to the average premiums for direct life insurance on our database.

Eligibility to apply for Allianz Life Insurance

According to Allianz, all permanent Australian residents between the ages of 16 to 65 (inclusive) may apply for an Allianz Life Insurance policy. Upon application, you’ll be asked some simple questions about your health, lifestyle and family medical history to determine what level of cover Allianz is willing to offer to you.

How to apply for an Allianz Life Insurance policy

If you fit the eligibility criteria, you can get a quote and apply for Allianz Life Insurance by clicking on an Allianz Life Insurance product in the Canstar direct life insurance comparison tables having specified your occupation and age, and confirming your choice of policy type. If you need help obtaining a quote, call Allianz on 13 1000, or make use of its instant chat option on the Allianz website.

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Allianz Life Insurance FAQs

Allianz policy holders can manage their policy online through its dedicated online portal. Using the portal, Allianz says you can access statements, update your policy and make payments.

You or your beneficiaries can claim with Allianz Life Insurance by calling Allianz on 1300 362 108.

Before you submit a claim, you should aim to have these details at hand:

  • Your policy information
  • Medical report or test results
  • Laboratory results
  • Death and/or birth certificate
  • Any other documentation relevant to the claim

If your insurance claim is approved, Allianz will arrange the payment of your benefit.

Generally speaking, premiums for forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible, according to ATO (Australian Taxation Office). Ask your tax accountant or financial adviser for more details on this.

Allianz Life Insurance charges stepped premiums, which increase as you age.

When you apply for Allianz Life Insurance, your insurance premium is calculated based on factors including your chosen benefits and level of cover, your age, your occupation, your gender, whether you smoke, your health, family history and whether you engage in hazardous activities. The cost of your policy is recalculated each year on your policy’s anniversary, so your premium may increase for your particular age bracket or your occupation category.

According to Allianz Life Insurance, inflation proofing increases also apply to its policies. This means that each policy anniversary (up until the anniversary after the policy holder’s 65th birthday) cover amounts are automatically increased by 5% or the change in the Consumer Price Index (the official measure of price changes across a variety of goods and services), whichever is greater. Premiums also increase in line with the increased cover amount, but policy holders can decline an annual increase by contacting Allianz.

Allianz does not require you to complete medical tests to apply for its life insurance.

However, in the event of a claim, Allianz may require additional evidence or carry out a full review of your medical records at its expense.

When you make a claim, Allianz will contact you if a medical examination is required throughout the claims process.

After buying an Allianz Life Insurance policy, you can apply to increase the amount of your cover at any time. Your application to increase your cover will be subject to the same eligibility criteria, Allianz says.

You should be able to change your level of cover by adding or removing features or coverage, and by increasing or decreasing your sum insured for each type of cover included in your life insurance policy. If you wish to change your policy inclusions, contact Allianz on 13 1000 to discuss your options.

Keep in mind that increasing your level of cover or adding your spouse or children to your policy is likely to mean you pay a higher insurance premium.

When applying for Allianz Life Insurance, you must answer questions relating to your health, family health and lifestyle. Allianz will advise you whether it is unable to cover any pre-existing medical conditions.

 

Allianz Australia Life Insurance forms part of the Allianz Group of companies, a global financial services organisation headquartered in Munich, Germany.

Allianz Australia is one of the country’s largest general insurers, with over 3 million customers according to its website.

 

Written by: Regina Collins | Last updated: September 11, 2019