Review ANZ Life Insurance Products in Australia

Published: July 20, 2018

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.

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ANZ sells direct life insurance policies to Australians looking to protect their loved ones by being prepared for worse case scenarios.

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About ANZ life insurance

ANZ is one of the largest publicly listed companies in Australia, and their registered office is the ANZ Centre in Victoria, Australia.

In 2002, the banking group entered into a joint venture with the ING Group to sell life insurance in Australia and New Zealand. In 2009 they further expanded their reach by purchasing ING’s remaining shares, giving them 100% control of ING Australia, which they renamed OnePath in 2010.

In 2017, Zurich announced their agreement to acquire the ANZ’s life insurance business, OnePath. This is said to be another step in ANZ’s strategy to create a more straightforward, better-balanced bank.

As part of this agreement, ANZ and Zurich enter a 20-year alliance in which life insurance solutions will be sold through ANZ’s distribution channels. The transaction is still subject to regulatory approval, but the deal is expected to be completed before the end of 2018.

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.

Life 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.

Earn Qantas Points

You can earn 1 Qantas point for every $1 you pay in premiums for an eligible ANZ life or income protection policy (as at June 2018).

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:

  • Cancer
  • Stroke
  • 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.

General exclusions

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.

Please carefully review the ANZ life insurance PDS for a full list of benefits and exclusions and compare their benefits and features with other leading insurers in Australia. 

Frequently asked questions and answers

What does ANZ stand for?

ANZ is the abbreviation for Australia and New Zealand Banking Group Limited.

Do I need to go for blood tests or medical check-ups to apply?

Generally, no tests or check-ups will be required unless you have a pre-existing medical condition. However, the insurer might ask you some health, occupation and lifestyle questions during the application process. The more cover you purchase, the more questions will typically be asked.

Where can I get an ANZ quote?

You can get a quote online when visiting their website or calling them on 13 16 14. You can also apply for cover using the ANZ app.

How do I claim ANZ benefits?

To claim on your insurance, you must provide your full claim forms, proof of identification and information relating to your medical history.

Where can I find ANZ insurance contact information?

You can contact the insurer via phone, email, chat with customer service via their website chat, visit one of their branches or connect with them on social media.

  • Phone: 13 16 14
  • Email: Using their online enquiry form
  • Website: www.wealth.anz.com/insurance
  • Social media: facebook.com/ANZAustralia

How to cancel ANZ life insurance

If you are sure you want to cancel your life insurance policy you need to put your request in writing and send it to OnePath Life Limited, GPO Box 4148, Sydney NSW 2001 or email [email protected]

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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