OnePath Life Insurance Review Designed For You
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.
Insurance products from OnePath OneCare include:
The insurer has since operated as the ANZ life insurance arm, until 2017, when they agreed to sell to Zurich, as part of their plans to expand their life insurance business in Australia. Zurich intends to leverage OnePath’s long-standing heritage and respected reputation.
The deal is said to be completed in 2018, subject to regulatory approval, and all OnePath life insurance customers will become Zurich policyholders. However, Zurich is proposing to keep the OneCare product range and it is believed that there will be no changes to existing policyholders’ policies. More will be known following regulatory approval.
OneCare OnePath insurance products
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:
- The Advance Assistance Benefit is automatically included with your policy and pays an advance sum of up to $25,000 to help your loved ones cope with funeral expenses.
- Premium Freeze, which you can activate if you’ve chosen a stepped premium style. Your premiums will be fixed on your policy anniversary at the level it was at when you first applied. Your cover will be reduced to the amount for which the newly fixed premiums can pay, based on the premium rates that apply at the time.
- Premium Waiver Disability Option, waives your premiums from the date on which you become disabled until the policy anniversary when you turn 65 years old.
- Indexation benefit: Simply put, your policy will automatically increase on your policy anniversary by up to 5%, or a percentage to keep up with inflation. You can request to remove this benefit to keep your premiums more affordable
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.
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 instalments. The types of TPD available include:
- Any occupation: If you’re unable to perform ANY occupation that your education, skills, and training or experience have made you suitable for.
- Own occupation: If you’re unable to perform in your OWN specific occupation or field that you’ve specialised in and trained for.
- 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.
- 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.
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:
- Severity: This is the most affordable cover option and pays a full benefit on 33 specified conditions and a partial benefit for 38 conditions.
- Comprehensive: Covers you for 46 specified conditions and pays a partial benefit for 2 conditions.
- Premier: This is the most expensive and comprehensive option. You’ll receive cover for 44 conditions and a partial benefit for 16 conditions. You can also purchase an additional cover with Premier which you can’t add to first two options, like Baby Care.
Several additional benefits are included at no additional cost to you:
- Accommodation Benefit: Reimburses you for up to $500 (max 30days) if you are confined to bed and an immediate family member must travel over 100kms to help take care of you,
- Value Protector Option: For an additional fee you can increase your monthly instalment amount on every claim anniversary.
- 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.
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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:
- The Unemployment Benefit is available with Standard, Comprehensive, and Professional income protection cover, and pays up to $5,000 per month if you become involuntarily unemployed for at least 30 days and have signed up with a recognised employment agency.
- Converting cover: You are free to convert your Secure Income Cover to Living Expense Cover without medical underwriting if your policy expires.
- Family Cover Pause: Allows you to reduce the monthly amount insured to reflect your monthly earnings if they become less while you are pregnant or growing your family.
- 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.
- 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:
- The Death Benefit, which pays out a lump sum of 3 times the monthly insured amount up to $60,000 if you die or are diagnosed with a terminal illness.
- Increasing Expenses, allows you to increase the monthly payment amount each year on your policy anniversary without medical underwriting so that you can keep up with increases in your average business expenses.
- No benefits will be paid if you no longer own or operate a business before the illness or injury caused your disability.
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.
- No benefit will be paid if your child has a congenital condition, which is defined as any condition present at birth.
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.
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:
- EasyProtect Life: An affordable cover that pays a lump sum in the event of your death due to injury or illness.
- 50+ Life Cover: This policy is designed for persons over the age of 50 and will help your family pay for your funeral expenses.
- 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
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