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OnePath Life Insurance Review

Russell Cain Updated: 20 May 2020

We investigate the life insurer’s features, benefits and rewards.

OnePath life insurance is one of Australia’s leading life insurance providers, with over 130 years’ experience and 8 million customers from around the world. They offer a wide range of insurance solutions, focusing on life, trauma, TPD and income protection which you can customise to suit your specific requirements. When reviewing OnePath Insurance it’s important to carefully read through the OnePath OnceCare PDS to ensure you want what they have to offer before committing to an insurance policy.

The insurer offers flexible life insurance solutions through their trusted OneCare product range, so you only pay for the cover you want and can afford.

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About OnePath

OnePath was initially established in 1878 as Mercantile Mutual in Sydney. They were acquired by the ING Group in 1987, who changed their name to ING Australia. Several years later, in 2009, ING Australia was purchased by the ANZ Bank Group and rebranded as OnePath.

OnePath sold to Zurich

In 2017, the ANZ Bank Group agreed to sell their insurance arm, OnePath, to Zurich. Zurich intends to leverage OnePath’s long-standing heritage and respected reputation as part of its plans to expand its life insurance business in Australia. 

In June 2019, Zurich completed its acquisition of OnePath. Zurich is keeping the OneCare product range, so there will be no changes to existing policyholders’ policies. 

OneCare OnePath insurance products

Onepath offers a variety of personal insurance options for you to choose from, including life cover, TPD insurance, trauma insurance, income protection, and business expenses cover.

Life Cover

Pays out a lump sum should you pass away or be diagnosed with a specified terminal illness. This money can be used to pay for outstanding financial commitments, household expenses, and other costs that your loved ones will need covered in the event of your death.

Life insurance benefits for a OneCare policy:

You can apply for a life insurance policy between the ages of 15 and 75. However, you apply for Life Cover after the age of 60, then only stepped premiums will be available.

A key exclusion

OnePath won’t pay any benefit if the claim arises directly or indirectly from your suicide during the first 13 months of your policy commencing or being reinstated.

TPD Cover

You can choose how you want to structure your total and permanent disablement insurance. For example, you can combine your TPD policy with your Life or Trauma policy, or both, in the same policy.You’ll also have the Spouse Retaining Benefit, which reimburses your spouse with up to $10,000 if a TPD benefit is paid out. This benefit is to help your spouse pay for additional care and rehabilitation you might need.Choose the amount of coverage you want, and whether you want your benefit to be paid out in a lump sum or monthly installments.

The types of TPD available include:

  1. Any occupation: If you’re unable to perform ANY occupation that your education, skills, and training or experience have made you suitable for.
  2. Own occupation: If you’re unable to perform in your OWN specific occupation or field that you’ve specialised in and trained for.
  3. Home-maker: If you’re unable to perform ‘normal domestic duties’, like unassisted cleaning of your home, cooking meals, doing laundry, shopping for groceries, and caring for dependent children.
  4. Non-working: Provides cover if you lose a limb or sight, loss of independence, or cognitive loss as a result of injury or illness.

A key exclusion

The TPD benefit won’t be paid if a claim is due to an intentional act of self-harm, this includes disabilities resulting from attempted suicides.

Trauma Cover

You can customise your policy by choosing between 3 different types of OnePath Trauma Insurance: Severity, Comprehensive, or Premier. Your choice is dependent on the level of cover you want. The maximum amount of Trauma Cover that you can apply for is $2 million. You can also combine your Trauma policy with Life or TPD (or both) into a single policy.

Types of trauma cover:

Several additional benefits are included at no additional cost to you:

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Baby Care Option

Women aged between 16 and 40, with Trauma Premier, can purchase the Baby Care option.

  • Complication of Pregnancy Benefit: $50,000 is paid out if your pregnancy results in a specified pregnancy-related condition, including disseminated intravascular coagulation, eclampsia, and ectopic pregnancy.
  • Congenital Abnormality Benefit: $50,000 is paid out if you give birth at a minimum of 20 weeks’ gestation, if your prematurely born baby is diagnosed with a specified condition before their second birthday, and if your prematurely born baby survives without life support for 30 days after being diagnosed.
  • Death Benefit: $10,000 is paid out for the specified conditions as approved by a qualifying specialist medical practitioner, including infant death, neonatal death, and stillbirth

Key exclusions

No benefit will be paid if the condition is caused by an intentional action or non-disclosure. Additionally, no benefit will be paid for HIV (occupationally acquired/medically acquired) if a medical ‘cure’ that is approved by the Australian Government is found for AIDS or the effects of HIV.

Income Secure Cover

To help you cope with your financial obligations when suffering an illness or injury that prevents you from working for a specified period of time, Income Secure Cover can provide up to 80% of your monthly income and is available for a wide range of occupations.

Take note: If your monthly benefits are higher than $40,000, then the maximum entry age is 54 years old.All Income Secure Cover options include a Total Disability Benefit and a Partial Disability Benefit, in addition to several other built-in benefits:

Key exclusions

You will not receive cover if you have done something intentional that necessitates a claim (like quitting or resigning), or if you have HIV, Hepatitis B, or Hepatitis C and medical treatment is developed that is approved by the Australian Government.

Income protection insurance is generally available to those who work a minimum of 30 hours per week in their main occupation, however, if you don’t fit this requirement, OnePath offers an alternative option, like Living Expense Cover.

Living Expenses Cover

Pays a monthly benefit if you are significantly disabled and cannot meet your financial obligations and generally maintain your current lifestyle. It is specifically intended to help those who don’t qualify for Income Secure Cover, like home-makers, part-time employees, casual workers, and retirees.

Living Expense Cover automatically includes a Death Benefit, which pays out a lump sum made up of 3 times the monthly amount if you die or are diagnosed with a terminal illness. Your policy will expire when you turn 80 years old.

Key exclusions

No benefits will be paid if you have an uncomplicated pregnancy, miscarriage, or gave birth unless you spend more than three months significantly disabled from the date the pregnancy ends.

Business Expenses Cover

Specifically for business owners, this cover type pays out a monthly Total Disability Benefit and a Partial Disability Benefit if you become totally or partially disabled and can’t attend to your business at full capacity and keep it running successfully.

This policy is generally available if you are a business owner, a sole trader, or in a partnership and work a minimum of 30 hours per week in your main occupation. This policy includes additional benefits that are automatically built-in, including:

Key exclusions

No benefits will be paid if you no longer own or operate a business before the illness or injury caused your disability.

Child Cover

To help you cope with the financial ramifications of your child suffering from a terminal illness or death, you can purchase Child Cover for your children between the ages of 2 and 15 years old. The maximum amount of cover you can apply for is $200,000.

You can convert Child Cover to Life Cover, without providing updated medical evidence, and attach Trauma Comprehensive Cover or Severity Trauma Cover when your child turns 21.

Key exclusions

No benefit will be paid if your child has a congenital condition, which is defined as any condition present at birth.

Take note: For all the above mentioned insurance products, a full list of benefits and exclusions can be found in the OnePath OneCare PDS.

OnePath insurance rewards and discounts

The insurer includes several rewards with their offering, which adds tremendous value to your cover, including:

  • Qantas Points: You can earn up to 1 Qantas Point for every dollar that makes up your premiums for any policy from the OneCare product suite. To earn points, you must be a Qantas Frequent Flyer member and register your membership with OnePath on their website.
  • Grief Care Program: You have free access to grief counselling if there is a death or terminal illness claim made. To access this benefit, you must visit a counselling provider that is approved by OnePath and these costs will be reimbursed.
  • Premium discounts: You can get size discount which will reduce your premium based on the size of your cover amount. A multiple life discount amount applies when you link your policy with a family member or business partner. A multiple cover discount will apply if you take out a combination of OneCare policies.

EasyProtect products

OnePath understands that not everyone is in the financial position to take out comprehensive life insurance cover, but that you still want to make sure that your family is given some financial assistance should you pass away.

That is why OnePath developed EasyProtect, which offers 3 cost-effective life insurance options:

  1. 50+ Life Cover: This policy is designed for persons over the age of 50 and will help your family pay for your funeral expenses.
  2. Grief Care Program: You have free access to grief counselling if there is a death or terminal illness claim made. To access this benefit, you must visit a counselling provider that is approved by OnePath and these costs will be reimbursed.
  3. Accident Cover Plus: A budget-friendly alternative to life insurance which pays out a lump sum in the event of your accidental death or injury.

Frequently asked questions

  • When did Mercantile Mutual become ING?

    Mercantile Mutual was acquired by the ING Group in 1987 and their name was changed to ING Australia. They operated in this way until 2009, when they were rebranded as OnePath following their acquisition by the ANZ Bank Group.
  • Who owns OnePath?

    OnePath is currently owned by the ANZ Bank Group, however, in 2017 they agreed to sell their life insurance arm to the Swiss insurance giant, Zurich. The deal is expected to be completed in 2018, pending regulatory approval.
  • How can I cancel my policy?

    To cancel your OnePath insurance policy, you must provide the company with written notification and return your original policy schedule. They may request that you complete an insurance cancellation form and return as well, usually electronically.

    Please note that if your cancelled policy is linked to another OnePath policy, then the premium for the cover that you are keeping will usually reduce and the insurer will communicate this information to you.

Life Insurance Quotes

  • Protect your family
  • Easy and convenient
  • Free to use
  • Always at your service

Want to talk to a specialist? Call 1300 743 254

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