Allianz award-winning life insurance
No matter which stage of life you’re in, your family’s financial security is probably one of your main concerns — that’s why life insurance is so important. But with so many providers competing for your business, it can be difficult to find the right one.
To help you navigate the market, Mozo’s team of experts analysed pricing and cover information for 26 different providers as part of the 2021 Mozo Experts Choice insurance awards. Policies were judged on features, value and flexibility, with only the best taking out awards.
This year, Allianz proved to be a star performer, picking up wins in the Exceptional Value Life Insurance and Exceptional Value Life and Trauma Insurance categories. Read on for an overview of what Allianz has to offer.
Allianz provides support to over 100 million people across 70 countries, making it one of the world’s largest insurers. In Australia, it has built up a customer base of 3.5 million with its range of home, car, and life insurance options.
Allianz’s award-winning life insurance policy
Cover amounts start from $100,000 and go all the way up to $1,500,000 for those aged 16-45, $1,000,000 for those aged 46-55, and $500,000 for those aged 56-65. This could be paid out in the event of your death or diagnosis with a terminal illness (where a medical practitioner has determined you have less than 12 months to live).
There are also a few other benefits built-in to the policy. These include:
- Advancement for funeral expenses: in the event of your death, ANZ could advance $15,000 of the benefit to your family while the claim is being assessed to cover funeral costs and other similar expenses. To apply, you’ll need to provide reasonable proof of age and evidence of death. If accepted, your Life Cover Amount will be reduced by the amount of the advancement.
- Life event benefit increases: you can apply to increase your cover amount without further assessment of your health, up to the age of 65 and within 90 days of getting married, divorced, becoming a parent, or any other event specified in the policy. This benefit is subject to approval, and you will not be able to increase the Cover Amount more than the maximum Cover Amount that is applicable to you. The increase does not apply if you have received or are entitled to receive a benefit under the policy.
How to take out a life insurance policy with Allianz
To apply for Allianz life insurance, you’ll need to be an Australian or New Zealand citizen or an Australian permanent resident. You must also be permanently living in Australia and be between 16 to 65 years old.
You’ll be required to provide your age, gender, occupation and smoking status, along with any other information which may affect Allianz’s decision to insure you. No medical or blood tests are necessary.
If your application is accepted, Allianz will notify you and send you a policy schedule. Along with the policy document, this will outline the terms and conditions of your cover, so make sure to read over it carefully. You should also read and consider the Product Disclosure Statement available on the Allianz website prior to making any decisions about the product.
For more information about our awards, as well as the full list of winners, be sure to visit our 2021 Mozo Experts Choice Awards methodology page.