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  • Better value banking icon Up to $1,500,000 total cover depending on your age1
  • npbs icon Insure up to 2 people on the same policy
  • mobile app Apply over the phone
Waiting periods and exclusion periods may apply to certain covers and benefits. Please refer to the Product Disclosure Statement for the standard terms, conditions, definitions, limits and exclusions.

Types of cover 

Choose Life Cover and your options1 

This is a summary only. For terms, conditions, limits, definitions, exclusions, waiting periods, exclusion periods and taking a combination of covers, please refer to the Product Disclosure Statement.
 Financial Services Guide - PDF 194kb

Life Cover pays a lump sum (subject to conditions) in the event of the Life Insured’s death; or on diagnosis of a Terminal Illness, where death is likely to occur within 12 months.  

You must be aged 16 to 65 to apply for Life Cover. 

Any payment of the Accidental Injury Benefit will reduce the Life Cover by the payment amount. Where this would cause the Permanently Unable to Work and/or Critical Illness Cover Amounts to exceed the Life Cover Amount, then the applicable Cover Amounts will be reduced to equal the reduced Life Cover Amount and the premiums will be adjusted accordingly.

  • Up to $1,500,000 cover depending on your age
  • Includes an Accidental Injury Benefit for loss of use of a hand or foot, or sight in one eye4
  • Insure up to 2 people on the same policy 
  • Benefit increases each year to help stay ahead of inflation5 

 *Conditions apply

Critical Illness Insurance, is also known as trauma cover. It provides a lump sum payment (subject to conditions) in the event the Life Insured suffers one of the defined Critical Illness events2

You must be aged 16 to 55 to apply for Critical Illness cover. 

Critical Illness cover must be taken out in conjunction with Life Cover. Any payment for Critical Illness cover will reduce any other cover under Life cover and Permanently Unable to Work cover by the payment amount. In certain circumstances this may mean the end of a cover or the Life insured’s policy.1  

  • Up to $500,000 cover
  • Cover for 14 Critical Illnesses as defined
  • Benefit increases each year to help stay ahead of inflation5

*Conditions apply

Permanently Unable to Work Cover pays a lump sum (subject to conditions) if the Life Insured either is diagnosed with a Sickness or suffers an Injury which means they are unlikely ever to be able to work again, or suffers from a Major Physical Impairment.  

You must be aged 16 to 55 and working in an eligible occupation for at least 20 hours per week to apply for Permanently Unable to Work cover.3  

Permanently Unable to Work cover must be taken out in conjunction with Life Cover. Any payment for Permanently Unable to Work cover will reduce any other cover under Life cover and Critical Illness cover by the payment amount. In certain circumstances this may mean the end of a cover or the Life insured’s policy.1 

  • Up to $1,500,000 cover depending on your age1 
  • Lump sum payment if you are never able to work again due to sickness or injury
  • Benefit increases each year to help stay ahead of inflation

*Conditions apply

How to claim

To make a claim call 1300 362 108 Monday–Friday, 8.00am-5.00pm AEST (excluding public holidays).

Life Insurance Code of Practice:
Allianz Life has adopted the Life Insurance Code of Practice, which contains minimum standards of service and minimum standard medical definitions that customers can expect from insurers. The Code can be found on the Financial Services Council website.



*Terms and  Conditions
1 A policy must include Life cover, and you can also choose to apply for Critical Illness cover and/or Permanently Unable to Work cover. Maximum cover amounts apply and are dependent on your age at the time of application. The cover amount of Critical Illness cover and 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. Please refer to the 'How much cover can I apply for?' section in the Product Disclosure Statement for details. The maximum total benefit amount payable under any policy is the Life cover amount listed on the Policy Schedule. If you take a combination of cover, your other benefits under the policy will reduce when a claim is paid by the payment amount. If we make a full Life cover payment in the event of death or Terminal Illness, then that Life Insured’s policy will cease. Any payment for Critical Illness cover or Permanently Unable to Work cover will reduce any other covers by that payment amount. If a payment made under the Critical Illness cover or Permanently Unable to Work cover, reduces any other cover amount to $0, then that cover will cease for that Life Insured. For example, if you had: $700,000 of Life cover; $200,000 of Critical Illness cover; and $500,000 of Permanently Unable to Work cover, then in the event a $200,000 Critical Illness benefit is payable, your Permanently Unable to Work and your Life cover amount would both reduce by $200,000. Therefore, your Permanently Unable to Work cover amount would then be reduced to $300,000 and your Life cover amount would then be reduced to $500,000. Payments of the Accidental Injury Benefit reduces the Life Cover by the payment amount. Where this would cause either the Permanently Unable to Work or Critical Illness cover amount (s) to exceed the Life cover amount, then the applicable cover amount(s) will be reduced to equal the reduced Life cover amount and the premiums will be adjusted accordingly. Please refer to the 'Taking a combination of cover' section in the Product Disclosure Statement for details. If a Life Insured holds policies with companies other than Allianz Life, this will only impact on the benefit payable by Allianz Life, where the Life Insured holds one or more Critical Illness or Trauma policies with another insurer. Where this occurs, the maximum aggregate benefit payable for a Critical Illness or Trauma claim is $2 million, being an aggregate of all Critical Illness and Trauma covers paid or payable by Allianz Life and other insurers on the Life Insured. Please refer to the 'Maximum benefits payable' section of the Product Disclosure Statement for details. 2 Critical Illnesses covered under this product are certain types of Vascular Disease, Cancer of specified severity, Degenerative Diseases, Cardiac Surgery, and Major Organ Failure. Each critical illness has a specific definition, you should read the Product Disclosure Statement for the specific definition. Please refer to the 'When a Critical Illness benefit will be payable' section in the Product Disclosure Statement for a full description of covered conditions and events. In some cases a 90 day exclusion period applies. In the case of Cancer of specified severity, Cardiac Surgery, and Vascular Disease we will not pay a benefit if the insured event occurs, is first diagnosed, the symptoms leading to the diagnosis become apparent, or the recommendation for surgery is made within 90 days of: the commencement of the benefit; or any increase in the benefit (but only in respect of the increase); or the reinstatement date where we have agreed to reinstate the benefit after it has lapsed. If one of these conditions or events occurs again after the 90 day exclusion period and is not related to the first occurrence, a benefit would then be paid. For defined Critical Illnesses Multiple Sclerosis and Parkinson’s Disease and Parkinson-Plus (atypical parkinsonian) Syndromes, we will pay 25% of your cover amount on definite diagnosis. Inflation Proofing Increases will continue to be applied to the remaining 75% of your Critical Illness cover amount. We will pay the remainder of the benefit when the disease has progressed to a point where your ability to stand and walk (with the assistance of devices such as two canes, crutches or a walker) has deteriorated to the point of becoming debilitating and function is progressively limited despite therapy. We will not pay a Critical Illness benefit where the Critical Illness is intentionally self-inflicted. Please refer to the Product Disclosure Statement for details of 'When is a benefit not payable (policy exclusions)?'. 3 We will pay a benefit when, solely because of Sickness or Injury, you have been continuously absent from work for a period of at least 90 consecutive days and due to that Sickness or Injury you are unlikely ever to work again in any occupation for which you are suited based on your work experience, your education and any training you have had. To apply for Permanently Unable to Work cover you must be working on a permanent basis in an eligible occupation type for at least 20 hours per week. Please refer to the ‘When a Permanently Unable to Work benefit will be payable’ section in the Product Disclosure Statement for a full description of covered conditions and events. We will not pay a Permanently Unable to Work benefit where the condition is intentionally self-inflicted. Please refer to the Product Disclosure Statement for details of ‘When is a benefit not payable (policy exclusions)?’. 4 If you have an Accidental Injury which causes the entire and irrecoverable loss of use of:  one hand or one foot or the sight in one eye, we will pay you 25% of the cover amount; or any combination of two or more of: one hand or one foot or the sight in one eye, we will pay you 100% of the cover amount. Your Life cover amount will be reduced by the amount of any Accidental Injury Benefit paid and premiums will be adjusted accordingly. Inflation Proofing Increases will continue to be applied to any remaining Life cover amount. As Accidental Injury may also be covered under Permanently Unable to Work cover, we will not pay an Accidental Injury benefit where you are eligible to receive a Permanently Unable to Work benefit for the same Accidental Injury. We will not pay an Accidental Injury Benefit where the condition is intentionally self-inflicted. Please refer to the Product Disclosure Statement for details of 'When is a benefit not payable (policy exclusions)?' and the section “Taking a combination of cover” for details of what will happen to any other covers you may have if we pay an Accidental Injury Benefit. 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 increase from year to year in line with the increased cover amount. Any annual increase can be declined, by contacting us. Please refer to the Product Disclosure Statement for details of ‘Premium, fees and other charges’ and ‘Premium calculation and payment’ for details. Important note: This product is not suitable for purchase within a superannuation fund. We would encourage you to speak to a financial planner or accountant who may be able to provide you with advice. Newcastle Permanent Building Society Limited ACN 087 651 992, AFS Licence No. / Australian Credit Licence 238273 (NPBS) is authorised to refer you to the insurer Allianz Australia Life Insurance Limited ABN 27 076 033 782 AFSL No. 296559 (Allianz Life) and to provide written general advice only on this insurance. We do not provide any advice based on any consideration of your objectives, financial situation or needs. Policy terms, conditions, limits, exclusions and underwriting criteria apply. Before making a decision, please consider whether or not this insurance is appropriate for you and the relevant Product Disclosure Statement. You should consider the PDS in deciding whether to buy or continue to hold this product. If you purchase this insurance, NPBS will receive a commission that is a percentage of the premium. Our staff earn a salary and may also be eligible for annual and other discretionary performance bonuses based on a number of factors including customer service outcomes. Discretionary bonuses may be of a monetary or non-monetary nature. Ask us for more details before we provide you with services.