Allianz Australia is the country’s fourth-largest insurance company with over 3 million policyholders to date. It is a subsidiary of Allianz SE, a global financial services organisation headquartered in Munich, Germany that has been known to have more than 85 million customers worldwide.
Allianz has been rated ‘Most Trusted Brand’ by Readers Digest for four consecutive years from 2015 to 2018.
The Allianz life cover pays your family a lump sum of up to $1.5 million if you die or are diagnosed with a terminal illness, where death is likely to occur within 24 months.
Beyond basic life insurance, Allianz also offers critical illness insurance and TPD cover. You can take out any of these three insurance plans separately or combine them into a single policy.
• Critical illness cover. This is a benefit that pays a lump sum of up to $500,000 if you are diagnosed with one of the defined medical conditions that are serious but not necessarily terminal. Critical illness cover includes heart attack, stroke, cardiac surgery, some forms of cancer, major organ failure, and degenerative diseases such as Parkinson’s or Multiple Sclerosis.
• Permanently unable to work cover. This benefit pays a lump sum of up to $1.5 million if you are unlikely to ever work again due to illness or injury. This covers you when you’ve missed work for 90 consecutive days and are unable to return to any occupation that you are reasonably qualified. You will also receive a benefit if you lose two or more limbs, permanent eyesight, or hearing loss.
• Terminal illness benefit. If you are diagnosed with a terminal illness with a prognosis of less than 12 months to live, you can claim an additional benefit of up to $1.5 million.
• Life event benefit increase. Allianz allows you to increase the value of your life insurance due to certain events in your life. This includes getting married, taking out a mortgage, or receiving a huge salary increase.
• Funeral advancement benefit. While your death benefit claim is still being assessed, Allianz may pay up to $15,000 of your total benefit to help cover your funeral costs.
• Indexation of benefits. To keep pace with market value and inflation, your insured sum will automatically increase by 5% or the Consumer Price Index every year.
• Renewable for life. You can renew your life insurance coverage until age 99.
• Joint policies. Allianz allows you to take out a single life insurance policy for two people.
Unfortunately, Allianz does not offer trauma cover, and the maximum benefits you can claim are expected to decrease significantly with age.
All permanent Australian residents between the ages of 16 to 65 may apply for Allianz cover. Upon application, you will be asked questions about your health, lifestyle and family medical history to determine what level of cover is best for you.
Although you don’t need to undergo any medical or blood tests in order to apply for cover, Allianz may require a full review of your medical records in the event of a claim.
You may apply for a life insurance policy with Allianz by asking for a quote on their website. Your premiums will depend on your current health, lifestyle, family history, age, gender, occupation, and other factors.
Once Allianz approves your application, your life insurance cover begins immediately. You will then be given a 30-day cooling-off period after taking out a policy. If you change your mind during this time, you could get a refund on any premiums you paid for.
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