ANZ Income Protection Insurance

ANZ is a provider of income protection, as well as savings accounts, credit cards, personal loans, personal insurance, and home loans.

Compare ANZ income protection

Considering ANZ income protection insurance? The table below displays a snapshot of ANZ income protection policies on Canstar’s database. These results are based on a 30-39 year-old non-smoking male in a medium blue collar occupation, such as trades.  

Click here to compare more policies based on your circumstances.

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What income protection does ANZ offer?

ANZ offers one income protection product, which provides a monthly Income Benefit for those unable to work due to serious illness or injury.

What features does ANZ income protection offer?

As a provider of income protection, ANZ offers the following features:

  • A maximum benefit period of 5 years
  • A maximum monthly benefit of $10,000
  • A maximum entry age of 59
  • Phone-based support and an online application process
  • Other features, such as:
    • Involuntary Unemployment Cover in case of redundancy, bankruptcy, or insolvency
    • Family Care Cover, for if you take time away from work to take care of your ill or injured child

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What does ANZ income protection cost?

The cost of your income protection insurance will vary depending on several different factors such as:

  • Your age and gender
  • Occupation
  • Benefit period and waiting period

You can get a quote for ANZ income on its website before applying to see what you might need to pay.

In 2018, Canstar’s research team calculated the average monthly income protection premiums for non-smoking male and female workers aged 27 and 52. Click here to see how the premiums differed.

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ANZ FAQs

The ATO (Australian Taxation Office) states that you can claim the cost of premiums you pay that cover the loss of your income. You can’t, however, claim a deduction for premiums that compensate you for physical injury or are taken out through your super fund. Ask your tax accountant or financial adviser for more details on this.

Generally speaking, premiums for other forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible.

Lodging a claim for income protection with ANZ can be a straightforward process if you have your policy number and details of your condition on hand.

ANZ advises that in order to make a claim with them, you should:

  • Call them on 13 16 14 and tell them the details of your claim
  • Download and complete the necessary forms, which can be found on this page
  • Send the completed forms, along with supporting information (identification and tax returns) to ANZ – address details can be found on their website

You can apply for ANZ income protection after comparing your options in Canstar’s comparison tables and generating a quote on ANZ’s website.

ANZ may ask you:

  • Your name, date of birth and gender
  • Your smoker status
  • Your occupation details (salary, how many hours you work etc.)

ANZ’s PDS document states that you must satisfy the following criteria to be eligible for an income protection policy:

  • You must be between 18 and 59 years old
  • You must be either an Australian or New Zealand citizen or be an Australian Permanent Resident
  • You must be currently employed in a standard or special risk occupation and work at least 20 hours a week
  • You must be able to demonstrate a previous working history
  • You must not have an existing ANZ Income Protection policy at the time you apply

ANZ has a long history, founded in 1835 in London and Sydney as the Bank of Australasia and moving into Melbourne in 1838. As one of the Big 4 Banks in Australia, ANZ is the largest banking group in the Pacific and New Zealand region, and is ranked among the top 50 banks in the world.

ANZ supports the Australian community through initiatives such as the GIVE program, which stands for ANZ’s activities in Giving, Investing, Volunteering, and Emergency Relief, and funding worthy causes through three types of community grants.

ANZ Income Protection Insurance

Canstar Research
Rating:
Award: Outstanding Value Income Protection Insurance

Written by: James Hurwood | Last updated: June 21, 2018