Life cover

Life cover is also known as Term Life Insurance, or death cover and pays a lump sum if the life ‎insured dies or suffers a terminal illness where death is likely to occur within 12 months. Life cover plays an important role in most people’s insurance portfolio, it provides much needed financial security in a time of uncertainty and can help cover debts and living expenses and is applicable to all life stages.


Cover for death and terminal illness

Allianz Life cover provides a lump sum payment in the event of the Life Insured’s death or on diagnosis of a terminal illness where death is likely to occur within 12 months. If the Life Insured and the policy owner are the same person, then on the death of the life insured, any benefit payable will go to his/her estate. Life cover amounts are payable under Allianz LifeCover ‎Plus regardless of any other insurance you may have in place.

The maximum benefit payable for each life insured is the relevant Cover Amount shown on the ‎policy schedule for the relevant life insured.


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The minimum Life Cover Amount that can be applied for is $100,000. The maximum Life Cover Amounts you can apply for are based on your current age and are illustrated in the table below:

Age at applicationMinimumMaximum
16 – 45$100,000$1.5 Million
46 – 55$100,000$1 Million
56 – 65$100,000$500,000


Inflation Proofing

Life Cover Amounts automatically increase each year to keep pace with inflation (the increase ‎will be the greater of the increase in the CPI over the previous year or 5%). Each year ‎premiums will be adjusted to reflect this increase and any increase can be declined, by advising us in writing.

Accidental Injury Benefit

For extra protection, Allianz LifeCover plus provides lump sum payments for serious Accidental Injuries such as loss of sight or a limb. Full details of when a benefit would be payable can be found in the Product Disclosure Statement.

Guaranteed Benefit Increases

There are times in life when it’s important to review your life insurance needs – when you get married, have a child or take a mortgage for example. Allianz helps to make the process easy by guaranteeing to increase your Life Cover Amount within 90 days of the occurrence of any of the specified events (a full list of events and all terms and conditions are detailed in the Product Disclosure Statement).

Eligibility for Life cover

Anyone between the ages of 16 to 65 (inclusive) may apply for Life cover. Allianz will ask you some questions about your health, lifestyle and family medical history to determine whether or not they are able to offer you cover. Once a policy has been accepted and issued, and provided premiums are paid as due, Allianz guarantees to renew it until the life insured’s 99th birthday.

When we will not pay a benefit

There are circumstances in which Allianz will not pay a benefit for death or terminal illness. Benefits will not be payable if a claim that arises directly or indirectly from:

  • Suicide of the Life Insured that occurs within the first 13 months of the commencement of the cover, any increase in cover (but only in respect of the increase) or where Allianz has agreed to reinstate the policy after it has lapsed.
  • No Life cover benefits will be paid in any circumstances if the Life Insured has not applied for the cover personally or where the application was completed on behalf of another person.

Allianz may also decline a claim in circumstances of non-disclosure. For information on when we may refuse a claim due to non-disclosure please refer to "Important Information" section of the PDF Download Allianz LifeCover Plus Product Disclosure Statement and Policy Document (PDS).


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