Review ANZ Life Insurance Products in Australia
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Whether you currently have an ANZ life policy or are curious about their offering because you want protection from the same bank that's providing your home loan or personal loan, it’s generally a good idea do an annual ANZ life insurance review and then compare life insurance policies from other top Australian insurers.
ANZ sells direct life insurance policies to Australians looking to protect their loved ones by being prepared for worse case scenarios.
Compare ANZ life insurance policy options
The company’s life insurance products include death cover, critical illness insurance, accidental death and injury insurance, ANZ income protection and funeral cover.
Provides a lump sum benefit in the event of your death or diagnoses of a terminal illness. You can choose from a minimum cover of $50,000, up to the maximum of $2 million.
Important: Your age and gross annual income usually determines your maximum cover amount for life and critical illness. Carefully read the company's PDS to calculate the amount of cover you qualify for.
Advanced assistance benefit
- Should you pass away, an advanced benefit of $15,000 will usually be paid to your nominated beneficiaries 5 business days after receiving a full Australian death certificate. This is generally used to cover the cost of your final expenses. The remainder of your life cover benefit will be paid once your full claim has been accepted.
Future insurability benefit
- You can increase your life and critical illness cover once in any 12-month period without having to provide additional medical evidence when a specific major life event occurs. For example, you're getting married, starting a family, your partner dies, or you took out or increased your mortgage.
Premium pause benefit
- Should you experience financial hardship, you can pause your premiums and cover for up to 12 months. This is also valid for persons on parental leave, in which case you can pause your premiums and cover for up to 24 months.
ANZ Recover Well
Critical illness insurance is an optional extra you can add to your life cover and provides a lump sum payment should you suffer an illness or injury listed in your product disclosure statement (PDS), for example:
- Loss or paralysis of a limb
- Heart attack
- Chronic kidney failure
Cover starts at a minimum of $25,000 and goes up to a maximum of 50% of your selected life cover. You’ll usually have to wait 90 days before a benefit is payable.
The insurer also makes partial payments, 10% of your critical illness cover or up to $10,000, for certain conditions, like severe endometriosis and carcinoma in situ.
Generally, the insurer only provides cover for Australian citizens between the ages of 18 and 59 and will not pay a benefit if a claim arises directly or indirectly from:
- Suicide within the first 24 months of your policy starting.
- War, hostilities and civil commotion.
- Contracting HIV or AIDS.
- Pre-existing medical conditions.
Accidental death and injury cover
Up to $1 million worth of protection should you die because of an accident. People up to the age of 74 can apply. No medicals, blood tests or lifestyle questions are required.
Bed care benefit
- Receive $100 a day for up to 10 days if you are under the care of a registered nurse and a certified medical practitioner declares you to be confined to bed because of an accident.
Optional accidental injury benefit
- You can add this benefit and receive up to $50,000 worth of cover for injuries, burns or fractures that are caused by accident. Available up to your age 74.
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ANZ income protection
Income protection insurance provides you with a monthly benefit when you're unable to work due to an injury or illness. Receive up to 75% of your gross income, up to $10,000 per month or $3,000 if your occupation is classified as special risk. You can choose a benefit period of 1, 2 or 5 years and a waiting period of 30 or 90 days.
To apply for this cover, you must be employed for more than 20 hours a week in your primary occupation.
Involuntary unemployment cover
- For an extra fee, you can add this benefit which pays you 50% of your income cover amount, to a maximum of $3,000, for 3 months if you’re continually involuntarily unemployed throughout the waiting period and registered with Centrelink or a recognised recruitment agency, while actively seeking work.
Family care cover
- Pays up to 50% of your cover amount, up to $3,000, per month if your dependent child is ill or injured. Check your PDS for specifics.
General income protection exclusions
The insurer will not pay a claim if you're unable to work because of:
- A pre-existing medical condition in the 2 years before your policy start date.
- Mental illness conditions.
- War, hostilities and civil commotion.
- Participation or training for professional sports, including motorsport speed contests.
- You were engaged in unlawful acts or under the influence of alcohol or drugs.
ANZ funeral insurance
ANZ 50+ life cover provides payment of up to $15,000 when you pass away. Acceptance is guaranteed from age 50 to 70, no medicals or health checks required. Premiums will stop at age 90, while your cover continues for free.
Frequently asked questions and answers
Take note; you are not eligible to apply for an ANZ policy if you have an existing ANZ life insurance policy or life cover with OnePath that exceeds $2 million worth of life cover or $1 million of critical illness insurance.
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