OnePath Life Insurance Review

OnePath is one of Australia’s largest insurance, investment and advice companies providing:
OnePathLife Insurance, Investments, Personal Super, Employer Super and General Insurance.

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About OnePath

Formerly known as Mercantile Mutual and ING Australia, the company was re-branded as OnePath in 2010 becoming a wholly owned subsidiary of Australian and New Zealand Banking Group (ANZ).

ANZ employs 48,000 people world wide, servicing over 8 million clients in 32 countries across Asia, the Pacific, the Middle East, Europe and America as well as Australia and New Zealand.

OnePath OneCare

OnePath offer retail insurance products through their OneCare policy.

OnePath Life Insurance

OnePath Life Insurance provides a lump sum benefit to your beneficiaries upon your death or diagnosis of a terminal illness. It can provide a benefit from as little as $50,000, with no maximum amount. The policy comes with a number of built-in benefits, including:

  • Financial Advice Benefit
  • Accommodation Benefit
  • Indexation
  • Future Insurability

To further enhance your policy, OnePath offers additional cost options, including:

  • Business Guarantee
  • Premium Waiver Disability
  • Value Protector

OnePath Income Protection

OnePath Income Protection, known as Income Secure Cover, pays up to 75% of your salary if you are unable to work due to a sickness or accident, paying a maximum of $60,000 per month. The cover comes with a multiple waiting period and benefit period options, as well as a number of built-in benefits, including:

  • Rehabilitation and Retraining Incentive Benefit
  • Accommodation Benefit
  • Indexation, Waiver of Premium

Further additional cost options are also available, including:

  • Increasing Claims Option
  • Accident Option
  • Booster Option 

OnePath Trauma Insurance

OnePath Trauma cover pays a lump sum benefit upon diagnosis of a critical illness that is specified in the PDS. Covering up to 71 trauma conditions (depending on your policy type) the lump sum benefit can help pay for medical expenses, lost income and day to day living expenses while you are recovering. A number of built-in benefits are available, including:

  • Accommodation Benefit
  • Financial Advice Benefit
  • Indexation
  • Future Insurability

Additional cost options are also available, including:

  • Double Trauma
  • Baby Care Option
  • Business Guarantee Option
  • Trauma Cover Reinstatement Option

OnePath TPD Insurance

OnePath Total and Permanent Disablement Cover provides a lump sum benefit upon diagnosis of total and permanent disablement. Available in multiple definitions and up to $10 million in cover, the benefit can help:

  • provide an income for you and your family if you are no longer able to work
  • Pay for any modifications required for your home that are required due to your disability
  • Pay any mortgage, rent or other ongoing obligations
  • Pay for day to day living expenses

A number of built-in benefits are available, including:

  • Partial Payments
  • Accommodation Benefit
  • Indexation
  • Future Insurability

Additional cost option s available includes:

  • Double TPD
  • Life Cover Purchase Option
  • Business Guarantee Option

OnePath Business Expenses Insurance

OnePath Business Expenses provides cover for small business owners if they are unable to work due to a sickness or accident. It pays a monthly benefit of up to $60,000 for a maximum period of 12 months. It offers a number of built-in benefits including:

  • Total disability benefit
  • Partial disability benefit
  • Waiver of premium
  • Increasing expenses
  • Indexation

Additional cost options include the Accident Option and the Premier Accident Option.

OnePath Superannuation

OnePath’s superannuation product still maintains its previous brand from ING, labeled OneAnswer. OneAnswer provides innovative choices to enable you, or your financial adviser to tailor an investment to suit your needs. This flexibility, combined with online account management, makes this product convenient and well equipped to meet your retirement needs.

Find Better Life Insurance
Published: July 30, 2013

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