Allianz Life Insurance Review

Key points of Allianz Life Insurance

You don't need to undergo any medical or blood tests in order to apply for life insurance with Allianz, but they will ask you questions about your health, lifestyle, and family history to determine what cover they can offer. Your premiums will depend on these answers, as well as age, gender, and other factors. Allianz life insurance includes the following:

• Life cover up to $1,500,000. This is how much Allianz would pay your family or beneficiaries if you die.
• Terminal illness benefit up to $1,500,000. If you are diagnosed with a terminal illness where you likely have less than 12 months to live, you can also claim on your policy.
• Life event benefit increase. Certain events in your life may prompt you to increase the value of your life insurance, such as getting married, taking out a mortgage, or receiving a significant increase to your salary. Outside of the events Allianz specifies, any application for an increase in your benefit is subject to Allianz's approval, which is not guaranteed.
• Funeral advancement benefit. While your life insurance claim is being assessed, Allianz may advance up to $15,000 of your total benefit to help cover the costs of your funeral or similar costs. After the assessment is completed, any amount advanced is subtracted from the total benefit paid.
• Automatic inflation indexation of benefits. To make sure your cover keeps up with rising inflation, your total benefit will automatically increase by 5% or the Consumer Price Index every year. Your premiums will grow in line with these increases.
• Renewable for life. Or almost - you can renew your life insurance cover up until after your 99.
• Joint policies. Life insurance policies can be taken out for just one person, or 2 people together.

Key points of Allianz Critical illness cover

Along with Life cover, you can be insured for a lump sum benefit in the event the insured suffers one of a defined list of critical illness events. This is sometimes referred to as trauma insurance.

• ​​Critical illness cover up to $500,000 – paid if you are diagnosed with a serious but not necessarily terminal illness
• 14 critical illnesses covered including vascular diseases like strokes, major organ failure, cardiac surgery, some forms of cancer, and degenerative diseases like Parkinson's or Multiple Sclerosis
• Can be renewed until you are 70 years of age
• Inflation proofing automatically increases your cover amount each year. This is so you avoid having less cover after inflation is factored in
• Guaranteed to continue cover (provided premiums are paid) until the Policy Anniversary after insured's 70th birthday
• Life cover Buy Back feature lets you reinstate your life cover amount after full payment of a critical illness claim

Key points of Allianz Permanently Unable to Work cover

Allianz's Permanently Unable to Work cover pays a lump sum benefit when you've missed work for 90 consecutive days and you are unlikely to ever be able to return to any occupation for which you're reasonably qualified or educated. This is more commonly known as Total and Permanent Disability cover.

• Cover up to $1,500,000 depending on your age if you are unlikely to return to work
• Major Physical Impairment benefit also covers in the event of loss of limbs, sight, hearing or paralysis
• Get cover increases every year of at least 5% to stay ahead of inflation
• ​​Life cover Buy Back feature allows you to reinstate your Life cover amount 12 months after a Permanently Unable to Work claim
• Guaranteed to continue cover as long as premiums continue to be paid up to the policy anniversary after the insured's 65th birthday