Working Out How Much Cover You Need
When deciding how much cover you may need it is important to consider
every aspect of your life. The amount of cover required depends on your individual
needs and circumstances.
These may include, but are not necessarily limited to, the following factors:
- Whether you are single or married;
- Whether you have dependants such as children;
- Financial obligations such as a mortgage; school fees or personal loans;
- Current and accessible income, assets and any savings that you have; and
- Your lifestyle and how much money would be needed to maintain this it
(i.e. ongoing living expenses).
- It is important to think about these and any other relevant factors when
choosing your cover, to make sure it suits your needs.
The main questions you need to answer are:
- How much money will my family need to pay off debts, such as mortgage,
credit cards, personal loans?
- How much money will my family need after my death to meet immediate
expenses, like funeral expenses and unpaid medical bills?
- How much money would my family need, if I were to die or become
permanently unable to work, to maintain our current standard of living
over the long run?
- If I suffered from cancer, a heart attack or other critical illness,
what kind of lifestyle changes would I want to make?
How much cover can you apply for?
The maximum Cover Amounts you can apply for are based on your current
age (if you are applying for combined cover the Cover Amount of any Critical
Illness or Permanently Unable to Work cover cannot exceed the Life Cover
Amount.) The minimum Cover Amount is $50,000 for Critical Illness cover
and $100,000 for Life cover and Permanently Unable to Work cover.
Allianz LifeCover Plus applications are subject to underwriting acceptance is not guaranteed.
| Your Age |
Maximum Life cover |
Maximum Critical Illness cover |
Maximum Permanently Unable to Work cover |
| 16 - 45 |
$1,500,000 |
$500,000 |
$1,500,000 |
| 46 - 55 |
$1,000,000 |
$500,000 |
$1,000,000 |
| 56 - 65 |
$500,000 |
N/A |
N/A |
|
