Life insurance, such as OnePath’s, provides a safety net, ensuring your loved ones are financially supported in unexpected circumstances. This essential service offers peace of mind amidst life’s uncertainties. Exploring all the options available within OnePath and comparing them with other insurers can help you find a solution that fits.
Key facts
- OnePath Life Insurance is part of Zurich Australia, a leading global insurance group.
- Offers Life, TPD, Trauma Insurance, Child’s Critical Illness, and Income Protection insurance options.
- Flexible benefits include Inflation Protection, Premium Freeze, and Guaranteed Future Insurability.
- Policy ownership options are available through superannuation, outside super, or via SMSF, impacting premiums and benefits.
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Types of Cover from NEOS
Understanding the different types of coverage available under OnePath Life Insurance is essential for choosing an option that’s right for you and your situation. Here’s an overview of the main types of cover provided by OnePath:
Provides a lump sum payment in the event of death or if you are diagnosed with a terminal illness. This benefit can cover outstanding debts, support dependents, or manage other financial obligations.
Offers financial protection if you become totally and permanently disabled due to illness or injury and cannot work again. The payout can help cover medical expenses, rehabilitation costs, or any home modifications you may need to make. OnePath offers TPD with ‘Any Occupation’ or ‘Own Occupation’ definitions.
Provides a monthly benefit, generally up to 70%, to replace a portion of your income if you cannot work due to sickness or injury. This benefit helps maintain your lifestyle and manage daily expenses during recovery.
Provides a lump sum payment if you’re diagnosed with a serious medical condition such as cancer, heart attack, or stroke. This benefit is intended to help cover medical costs, loss of income, and other expenses related to the illness.
Offers coverage for children diagnosed with specific serious conditions or in the event of death, helping to manage medical costs or care expenses. This coverage is typically limited to children between the ages of 2-15.
About OnePath
OnePath is a prominent provider of insurance solutions in Australia, with a heritage spanning over 140 years. Originally established to help Australians protect and grow their wealth, OnePath has developed a strong reputation for reliability and service. Acquired by Zurich Australia in 2018, OnePath now operates as part of Zurich, combining local expertise with the global insurance standards Zurich is known for.
At the core of OnePath’s mission is a commitment to customer service and maintaining high standards in the insurance industry. The company strives to provide clear, straightforward products that cater to various financial requirements. They focus on delivering quality service, ensuring transparency, and offering comprehensive support to help customers make informed decisions about their insurance coverage. This commitment to excellence is reflected in their continuous efforts to innovate and improve their offerings, aligning with the evolving needs of Australians.
OnePath Life Insurance, under its association with Zurich Australia, is positioned as a reputable insurer within the Australian market. According to recent financial reports, Zurich ranks 3rd among the top life insurance companies in Australia, holding a market share of 14.8% as per Plan For Life Actuaries & Researchers (Data published 12 February 2024) . This ranking demonstrates Zurich and OnePath’s robust presence and trust within the industry, indicating a reliable choice for Australians seeking comprehensive life insurance coverage.
How Much Does OnePath Insurance Cost?
Understanding the cost of life insurance is a crucial part of your decision-making process. The cost varies depending on factors like age, type of cover, and premium structure. For OnePath Life Insurance, premiums are influenced by several specific factors, including the amount of cover chosen, your age, health status, occupation, and lifestyle. For instance, a $1 million life cover for a 35-year-old non-smoking male residing in New South Wales starts at approximately $26.08 monthly. This rate is an example; actual premiums can vary based on individual circumstances and chosen coverage details. Fill in the quote form above and a specialist will get back to you to help you understand which option may be right for you.
Review OnePath Product Disclosure Statement
Selecting the right insurance coverage is vital for securing your financial future and protecting your loved ones. OnePath offers a range of insurance options tailored to meet various requirements, providing peace of mind when it matters most. It’s generally a good idea to consult with a life insurance specialist to provide you with assistance and guidance through the product selection set up process. Below is a review of the types of cover included under OnePath, as outlined in the PDS published on 1 October 2024:
Life Insurance
Life Insurance provides a lump sum payment should you be diagnosed with a terminal illness or pass away.. The primary benefits include the Death Benefit, which pays out if the policyholder dies, and the Terminal Illness Benefit, which is payable if the policyholder is diagnosed with a terminal illness with a life expectancy of less than 12 months.
Built in Benefits
- Death Benefit: A lump sum payment if the life insured dies during the policy term.
- Terminal Illness Benefit: A lump sum payment if the life insured is diagnosed with a terminal illness with a life expectancy of 12 months or less.
- Future Insurability: Allows you to increase your cover without further medical evidence following significant life events such as marriage or the birth of a child within the limitations of this feature as per the PDS.
- Indexation: Automatically increases your cover each year in line with the greater of inflation or 5% to help maintain the real value of your benefit over time.
- Premium Freeze: Allows you to freeze your premiums at their current level, though the sum insured may reduce over time to match the premium.
Optional Paid Benefits
- Premium Waiver Disability Option: Waives premiums if you become totally disabled, ensuring your cover remains active without the need for further payments.
Total and Permanent Disability (TPD) Insurance
TPD Insurance offers a payout if you become totally and permanently disabled and cannot return to work. Benefits under this cover include the TPD Benefit, which provides financial support if you are totally and permanently disabled, and the limited death benefit, which generally pays a lump sum of $10,000 if you pass away while your TPD cover is in force, you don’t have any attached life insurance to the TPD and you haven’t made a claim on your TPD cover. Additionally, there is an Advanced Payment Benefit for specific conditions, providing financial relief in certain cases.
Built in Benefits
- TPD Benefit: Pays a lump sum if you are totally and permanently disabled and unable to work. This applies to both super and non-super policies, with conditions based on the TPD definition (Own Occupation, Any Occupation, Home Duties or Non Working) and required medical evidence.
- Partial TPD Benefit: Provides a partial lump sum payout of 25% of the sum insured up to $500,000 for a partial and permanent disability, such as loss of limb or function. Available under non-super policies, subject to specific criteria outlined in the policy.
- Future Insurability: Allows you to increase your TPD Cover without medical evidence after significant life events (e.g., marriage or birth of a child). Limits apply to how eligibility, and much cover can be increased.
- Indexation: Automatically increases your TPD Cover annually in line with inflation or 5% (the greater of) to maintain the real value of your benefits. You can opt-out if desired.
- Premium Freeze: Freezes your premiums at their current level, but the sum insured may decrease over time to match the premium.
Optional Paid Benefits
- Life cover buyback: Allows you to restore a portion of your life cover 12 months after a full TPD or trauma insurance claim on a linked / super linked policy up to the amount paid out. No medical evidence is required, and premiums are based on current rates, ensuring continued protection without needing to reapply.
- Premium Waiver Disability: Waives your premiums if you become totally disabled, ensuring your cover remains active without further payments.
Income Protection Insurance
Income Protection Insurance is designed to provide a monthly benefit if you are unable to work due to sickness or injury. This cover includes the Totally Unable to Work Benefit for those who cannot work due to a disabling condition, and the Partially Unable to Work Benefit, which provides financial support if you can return to work in a reduced capacity after a period of total disablement.
Built in Benefits
- Total Disability Benefit: Pays a monthly benefit if you are unable to work due to a total disability, ensuring income protection during recovery. Available under both super and non-super policies.
- Partial Disability Benefit: Following a period of Total Disability, it pays a portion of the benefit if you can return to work in a reduced capacity following an injury or illness. Available under both super and non-super policies.
- Death Benefit (while on claim): Provides a lump sum payment if the policyholder passes away while receiving income protection benefits. Available under super and non-super policies.
- Rehabilitation and Retraining Expenses Benefit: Pays for approved rehabilitation and retraining services to help the policyholder return to work. The benefit is paid directly to the service provider. Available under non-super policies.
- Increasing Income: Automatically increases the insured benefit each year to keep up with inflation. Available under both super and non-super policies.
- Indexation (while not on claim): Automatically increases the sum insured in line with inflation if the policyholder is not on claim. Available under both super and non-super policies.
- Waiver of Premium (while on claim): Waives premiums while the policyholder is on claim, ensuring continuous coverage without payment. Available under super and non-super policies.
Optional Paid Benefits
- Day 14 Accident Option: Provides income protection payments from the 14th day after an accident, reducing the standard waiting period for accident-related claims. Available under both super and non-super policies.
- Indexation (while on claim) Option: Increases your benefit payments annually in line with inflation while you are on claim, ensuring your income keeps up with rising living costs. Available under both super and non-super policies.
Trauma Insurance
Critical Illness Insurance offers coverage for a range of serious medical conditions, such as cancer, heart attack, or stroke. It provides a lump sum payment that can help cover medical expenses, replace lost income, or support recovery.
Built in Benefits
- Benefit for Defined Trauma Conditions: Pays 100% of the sum insured for severe trauma conditions such as cancer, heart attack, or stroke. Partial payouts of 50%, 20%, or 10% are available for less severe conditions under the Severity cover only.
- Future Insurability: Allows you to increase your trauma cover without medical evidence after significant life events, such as marriage or the birth of a child. Subject to limitations as defined in the PDS.
- Indexation: Automatically increases your trauma cover annually in line with inflation.
- Premium Freeze: Freezes your premium at the current rate, although the sum insured will decrease over time to match the frozen premium.
Optional Paid Benefits
- Life Cover Buy-Back: Allows you to restore Life Cover reduced due to a full Trauma claim 12 months following the full payment without medical evidence.
- Premium Waiver Disability: Waives premiums if you become totally disabled, ensuring your cover remains active without the need for further payments. Available under Comprehensive and Premier levels.
Child Critical Illness Insurance
Child Critical Illness Insurance provides coverage for children diagnosed with specific serious medical conditions or in the event of death. This benefit offers a lump sum payment to help parents manage medical costs and other financial burdens associated with their child’s illness.
Built in Benefits
- Child Cover Benefit: Provides a lump sum payment if the insured child is diagnosed with a critical illness or passes away. Available under non-super policies only.
- Accommodation Benefit: Covers accommodation costs for a parent or guardian when the insured child is confined to a hospital more than 100 km from home.
- Conversion of Child Cover: Enables the conversion of Child Cover into an adult policy without medical underwriting when the child reaches 21.
- Indexation: Automatically increases the Child Cover each year to account for inflation, helping maintain the real value of the benefit.
How to Apply
To apply for OnePath Life Insurance, you’ll generally have tomeet certain eligibility requirements, including being an Australian resident and within the age limits for cover. The application process involves completing a form and undergoing underwriting, where the insurer assesses personal details such as health, occupation, and lifestyle.
It is important to provide accurate information during the application process to avoid misrepresentations that could affect your coverage, as you have a duty to disclose relevant information to the insurer. Fill in a quote form and a life insurance specialist will get back to you to discuss your requirements.
Cooling-Off Period
OnePath Life Insurance offers a 30 day cooling-off period from when the your policy is issued. During this time, youcan cancel their policy and receive a full refund of any premiums paid, provided no claims have been made. For policies held through superannuation, refunds are issued to the trustee, who may only release funds under specific superannuation laws.
This period allows individuals to reconsider their decision without financial penalty. To cancel within the cooling-off period, the policyholder must contact OnePath by phone or in writing. It’s an opportunity to ensure the policy aligns with personal insurance requirements without a long-term commitment.
Frequently Asked Questions and Answers
What factors affect the cost of a OnePath life insurance policy?
The cost of a OnePath life insurance policy depends on several factors, including the type of cover selected, the amount of cover, the insured’s age, health, occupation, and lifestyle choices such as smoking. Each factor impacts the risk level and, consequently, the premium rates.
Who owns OnePath Life Insurance?
OnePath Life Insurance is provided by Zurich Australia Limited, part of the Zurich Insurance Group, a global leader known for its comprehensive range of financial and insurance services.
How do I claim a OnePath life insurance policy?
To claim a OnePath life insurance policy, you must contact OnePath’s claims department, complete the necessary forms, and provide supporting documents such as medical reports and proof of the insured event. Depending on the claim, additional documentation may be required to ensure timely processing.
What happens if I miss a premium payment on my OnePath life insurance policy?
If you miss a premium payment, OnePath typically provides a 30-day grace period before the policy is at risk of cancellation. If payment is made within this period, coverage continues uninterrupted. After the grace period, the policy may lapse, but it can often be reinstated if the overdue premium is paid.
How to cancel my OnePath policy?
To cancel a OnePath policy, you must notify OnePath by phone or in writing. If you cancel during the 30-day cooling-off period, you are eligible for a full refund of premiums paid, provided no claims have been made.