Personal insurance

Life insurance (sometimes called term insurance or death cover) aims to protect your loved ones when you’re gone. Life insurance pays a lump sum after the death of the insured, so you may want to ensure there’s sufficient cover to eliminate debt as well as fund the family's ongoing living expenses.

Many people only cover the major breadwinner, but if you have a young family and one parent is staying at home to raise them, you may need to consider how the surviving partner would cope if the homemaker died tomorrow.

This insurance pays up to a certain percentage of your income on a monthly basis if you’re unable to work because of a sickness or injury that is covered in your policy. This can help you to manage your finances such as rent, mortgage and bills, while you recover from the injury or illness. There are generally a variety of waiting and benefit payment periods to choose from to suit your situation.

This insurance usually pays a lump sum about six months after diagnosis of a disability covered in your policy. You should consider having enough to pay out debt and provide for ongoing income. It can also be used to pay for costly changes to your home and lifestyle such as wheelchairs, widening of hallways and doors, ramps and altered bathrooms. You may also need to consider how much it would cost for assistant services such as in-home nursing care, help with personal hygiene, cooking, cleaning and gardening.

This insurance is designed to cover you in the event of a serious illness such as cancer or a stroke, and pays a lump sum to the insured upon diagnosis. This type of cover can be used to ease financial burden or even take the family on a well-earned break while you recover.

This has become an increasingly popular type of cover in recent years. Unlike a life insurance policy, this cover is designed to be a cost effective way to provide a smaller amount of funds (generally up to $15,000) to cover the cost of your funeral, outstanding bills or as a small inheritance. There is often an accidental death benefit as well. Ideally the funds will be released within days of your death (given the insurer receives the right documentation), allowing your family to cover the expenses without needing to find the money at a time of great stress.

ANZ offers a comprehensive range of insurance solutions along with specialist advice to help you manage your personal insurance needs cost effectively.

• ANZ 50+ Life Cover* is a straightforward life insurance policy that helps you get on with your retirement without the need to worry about your family having to pay the cost of your funeral and other expenses, if the worst should occur.
• An ANZ Financial Planner can offer tailored advice on suitable personal protection for your needs and budget. Your first appointment is complimentary and without obligation. 
• Make an appointment with an ANZ Financial Planner.