Glossary of Terms

Note: The following is a guide only. Please refer to the Product Disclosure Statement for the standard terms, conditions, limits and exclusions of the cover.

  • Beneficiaries

    A Beneficiary is someone who inherits an item in the Will, and can be a person, group of people, or an organisation, such as a charity.

  • Benefit

    An amount of money paid to you as the result of a claim you made under the policy.

  • Benefit Limit

    The maximum cover amount for claims by an individual insured under the relevant type of cover. Check the PDS and your policy document for details of the benefit limits and the terms, conditions and exclusions that apply to your cover.

  • Claim

    A request for payment of a benefit under the terms of your insurance policy. You will need to notify Allianz of the event which gives rise to your claim and supply supporting evidence such as a death certificate or medical reports.

  • Commencement Date

    The date you first take out cover, as shown on your policy schedule.

  • Cooling Off Period

    The period of time after you buy your policy, during which you can return your policy and receive a full refund of any premiums you have paid unless a claim has been or can be made under the Policy. Allianz LifeCover Plus policies have a 30-day cooling off period.

  • Cover

    The life, critical illness or permanently unable to work insurance cover you have taken out, as shown on your policy schedule.

  • Cover Amount

    The amount you choose to insure under your life insurance policy, which will be paid out as a lump sum when you die, suffer a defined critical illness or become permanently unable to work due to sickness or injury. With Allianz LifeCover Plus you can apply for up to $1.5m life cover if you are aged between 16-45 with maximum life cover reduced after that, up to $500,000 critical illness cover for all age brackets and up to $1.5m permanently unable to work cover if you are aged between 16-45 with maximum permanently unable to work cover reduced after that, depending on your age at time of application1.

  • Critical Illness Cover, also known as Trauma Cover

    A lump sum is paid to you in the event that you suffer a defined serious illness, such as ‎cancer or a heart attack3. A three-month waiting period applies to certain types of serious illnesses. The funds can be used to pay for treatment and other medical costs, or any associated costs related to lifestyle ‎changes (such as reducing working hours). This will help relieve your family’s financial burden at a very stressful ‎time. You must be between the ages of 16 and 55 to apply for Critical Illness cover and you must also take out Life cover. The cover amount for Critical Illness cover cannot exceed the Life Cover amount. Once you are accepted, as long as you pay your premiums, Allianz will guarantee to renew your Critical Illness cover until your 70th ‎birthday2, regardless of changes to your health condition.

  • Death Benefit (Also known as Life Cover or Term Life Insurance)

    A type of insurance which pays a lump sum benefit when you die or are diagnosed with a terminal illness where death is likely to occur within 12 months. The maximum cover amount depends on your age at time of application1. Life Cover allows you to provide for your loved ones if something happens to you.

  • Duty of Disclosure

    Before and up until you enter into this insurance, you have a duty to tell the insurer anything that you know, or could reasonably be expected to know, may affect their decision to insure you and on what terms. If the policy covers another person’s life, a breach by them is a breach by you. It doesn’t require you to tell the insurer anything that reduces the risk insured, is common knowledge, the insurer knows or should know as an insurer or the insurer waives your duty for.

    If you breach the duty, the insurer can choose to:

    • avoid the policy at any time if the breach is fraudulent, or within 3 years of entry if the insurer would not have insured you had you complied;
    • reduce the amount you are insured for at any time, using a formula that determines the premium payable had you complied. If you have death cover, the insurer must do this within 3 years of entry; or
    • vary the policy to place the insurer in the same position they would have been in had you complied, except where you have death cover.

    In exercising these rights, the insurer may consider whether different types of cover can constitute separate life policies and apply the rights separately to each.

    Please refer to the PDS for further details of your Duty of Disclosure before applying for a policy with Allianz.

  • Eligibility Criteria

    The conditions which you must meet in order to qualify for Allianz LifeCover Plus. For example, critical illness cover is only available to people aged 16 - 55. Check the PDS for details of eligibility criteria for each type of life insurance cover.

  • Expiry Date

    The date upon which your cover ceases. The Expiry Date is shown on your policy schedule.

  • Exclusion

    Circumstances in which you will not be covered under your life insurance policy, for which you are not able to claim any benefit, for example if death is due to suicide during the first 13 months. Check the PDS and policy document for details of the standard exclusions which apply to each policy and any special terms and conditions included on your policy schedule.

  • Life Cover (Also known as Death Benefit or Term Life Insurance)

    A type of insurance which pays a lump sum benefit when you die or are diagnosed with a terminal illness where death is likely to occur within 12 months. The maximum cover amount depends on your age at time of application1. Life Cover allows you to provide for your loved ones if something happens to you.

  • Life Insured

    The person whose circumstances the insurer assesses and accepts as a life insured and who is named as such in the Policy Schedule.

  • Permanently Unable to Work (PUW) Cover, also known as Total and Permanent Disability or Disablement (TPD) Insurance

    Provides a lump sum payment in the event that you are permanently unable to work due to sickness or injury. Permanently Unable to Work cover can help you to cover debts and living expenses. You could use the benefit payment to provide for medical treatment or ongoing care or to pay for any home modifications that are required as a result of your sickness or injury. Allianz Permanently Unable to Work cover will also pay a lump sum if you suffer from a defined Major ‎Physical Impairment such as loss of sight or hearing, regardless of your future ability to work4. You must be between the ages of 16 and 55 to apply for Permanently Unable to Work cover and you must also take out Life cover. The cover amount for Permanently Unable to Work cover cannot exceed the Life Cover amount. Once you are accepted, as long as you pay your premiums, Allianz will guarantee to renew your Permanently Unable to Work cover until your 65th ‎birthday2, regardless of changes to your health condition.

  • Policy Disclosure Statement (PDS)

    Document setting out the standard terms, conditions, limits and exclusions of an insurance product. It is important that you read and understand the PDS before taking out any form of insurance. You can download the Product Disclosure Statement for Allianz LifeCover Plus here.

  • Policy Schedule

    A document which sets out the details of your particular policy including who is the policy owner, who is the life insured, which benefits you have applied and been accepted for, any special terms the insurer has agreed with you and your cover commencement and expiry dates.

  • Policy Owner

    The person who applies and is accepted for a life insurance policy and who is so named in the Policy Schedule. The Policy Owner is the person who is entitled to receive benefits under the policy and is the only person who may extend, vary, cancel or otherwise exercise any rights under the Policy. However, you can nominate someone else in addition to yourself, such as your spouse. You can also opt to hold a policy jointly with someone else.

  • Policy Period

    The period of time during which your insurer will provide cover, as specified in your policy document. The first policy period starts on the commencement date and ends on the expiry date.

  • Premium

    The amount you pay for your insurance cover. The cost of your premiums will depend on the type of insurance you take out and factors such as your age , the amount you choose to insure (including any increases due to inflation each year5), your health and lifestyle and whether or not you smoke.

  • Terminal Illness

    An illness which, in the written opinion of the specialist registered medical practitioner and verified by Allianz, is likely to result in your death within 12 months. If you are diagnosed with a terminal illness you may be able to claim benefits under your life cover policy. You can use the money to help pay for your medical care and to secure your family’s future.

  • Term Life Insurance (Also known as Death Benefit or Life Cover)

    A type of insurance which pays a lump sum benefit when you die or are diagnosed with a terminal illness where death is likely to occur within 12 months. The maximum cover amount depends on your age at time of application1. Life Cover allows you to provide for your loved ones if something happens to you.

  • Trauma Cover, also known as Critical Illness Cover

    A lump sum is paid to you in the event that you suffer a defined serious illness, such as ‎cancer or a heart attack3. A three-month waiting period applies to certain types of serious illnesses. The funds can be used to pay for treatment and other medical costs, or any associated costs related to lifestyle ‎changes (such as reducing working hours). This will help relieve your family’s financial burden at a very stressful ‎time. You must be between the ages of 16 and 55 to apply for Critical Illness cover and you must also take out Life Cover. The cover amount for Critical Illness cover cannot exceed the Life Cover amount. Once you are accepted, as long as you pay your premiums, Allianz will guarantee to renew your Critical Illness cover until your 70th ‎birthday2, regardless of changes to your health condition.

  • Total and Permanent Disability or Disablement (TPD) Cover, also known as Permanently Unable to Work (PUW) Cover

    Provides a lump sum payment in the event that you are permanently unable to work due to sickness or injury. Permanently Unable to Work Cover can help you to cover debts and living expenses. You could use the benefit payment to provide for medical treatment or ongoing care or to pay for any home modifications that are required as a result of your sickness or injury. Allianz Permanently Unable to Work cover will also pay a lump sum if you suffer from a defined Major ‎Physical Impairment such as loss of sight or hearing, regardless of your future ability to work4. You must be between the ages of 16 and 55 to apply for Permanently Unable to Work cover and you must also take out Life cover. The cover amount for Permanently Unable to Work cover cannot exceed the Life Cover amount. Once you are accepted, as long as you pay your premiums, Allianz will guarantee to renew your Permanently Unable to Work cover until your 65th ‎birthday2, regardless of changes to your health condition.

  • Will

    A will is a legal document in which you state how you want your assets distributed after you die. A will directs how your assets (including benefits under your life insurance policy) are distributed according to your wishes. It also allows you to nominate an Executor, who is the person responsible for making sure your wishes are met.

1 For customers aged 16-45, the maximum Life Cover amount is $1,500,000. For customers aged 46-55, the maximum Life Cover amount is $1,000,000. For customers aged 56-65, the maximum Life Cover amount is $500,000. The cover amount of Critical Illness cover and Permanently Unable to Work Cover cannot exceed the Life Cover amount. Please refer to the PDS for further details.

2 Renewal of cover is guaranteed until the insured reaches the age specified in the PDS for the relevant cover, regardless of how their health may change. Applies subject to payment of premiums when due.

3 Conditions covered under this cover are certain types of Vascular Disease, Terminal Cancer, Degenerative Diseases, Cardiac Surgery, and Major Organ Failure. Three month waiting period applies for certain illnesses. Please refer to the ‘When a Critical Illness benefit will be payable’ section in the Product Disclosure Statement which sets out the standard list of covered conditions and events.

4 Conditions covered under Major physical impairment are Loss of Limbs or Paralysis, Loss of Sight, and Loss of Hearing. Please refer to the ‘When a Permanently Unable to Work Benefit will be payable’ section in the Product Disclosure Statement which sets out the standard list of covered conditions and events.

5 Cover amounts are automatically increased on each policy anniversary by 5% or the change in the CPI, whichever is greater. Increases to cover amounts only applicable until age 65. Premiums may increase from year to year in line with the increased cover amount. Please refer to the PDS for details.

1300 Insurance Pty Ltd ABN 50 124 845 727 AR Number 327609 is authorised to refer you to the insurer Allianz Australia Life Insurance Limited ABN 27 076 033 782 AFSL 296559 (Allianz Life) and to provide written general advice on this insurance as the insurer’s agent. We do not provide any advice based on any consideration of your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before making a decision, please consider the Product Disclosure Statement. If you purchase this insurance, we will receive a commission which is a percentage of the premium. Ask us for more details before we provide you with services.