OnePath Life Insurance

OnePath is one of the more well-known brands in the market. They have been trading for over 134 years, and up until December 2017, were a wholly owned subsidiary of ANZ Bank. At this point, Zurich acquired ANZ’s OnePath life insurance business, while keeping OnePath’s long-standing and respected reputation at the core of future plans.

OnePath at a glance

• OnePath is the fifth-largest life insurer, with $865m+ claims paid in 2016.
• OnePath is affiliated with Qantas Frequent Flyer Club. If you’re a Frequent Flyer member, you will receive one Frequent Flyer point for every one dollar you pay in premiums.
• They are winners of the 2016 AFA Life Company of the Year: Term/TPD Award, and Trauma Award.

Which products does OnePath offer?

OnePath offers a comprehensive range of wealth and insurance products, including:

Life Cover. This type of cover is designed to provide a benefit if you pass away or are diagnosed with a terminal illness.

Some key benefits and features may include (depending on your plan’s PDS):

• Death Benefit, where the Life Cover sum insured is paid if the life insured dies while cover is in force.
• Terminal Illness Benefit, where if you are diagnosed with a specified terminal illness while cover is enforced, you will receive the Life Cover sum insured.
• Advance Assistance Benefit, which may be payable if you die with a Life Cover lump sum amount insured greater than $25,000.
• Serious Disability Premium Waiver, where the premiums for Life Cover are waived if you suffer an illness or injury that permanently prevents you from being able to perform at least two of the specified activities of daily living without physical help from another adult.
• Future Insurability, where if a specified event occurs, you can apply to increase the sum insured, without providing further medical evidence (however, you may require financial evidence).

Total and Permanent Disability (TPD) Cover. This cover is designed to provide financial support if an illness or injury stops you from returning to work or normal domestic duties. It is generally available to be linked with other covers, or as a stand-alone product.

Some benefits and features may include (depending on your plan’s PDS):

• Total and Permanent Disability (TPD) Benefit, where a lump sum is payable if you become totally and permanently disabled.
• Single Loss of Limb or Eye Benefit, where if you suffer a single loss of limb or eye and then survive at least 14 days, you may receive a specified amount.
• Guaranteed Future Insurability, where you can increase Total and Permanent Disability (TPD) Cover without the need for future medical evidence if you meet the insurer’s specifications as set out in the policy.
• Premium Freeze Option, where if you’re paying stepped premiums, you can opt to freeze the premiums on your Cover at any time. This option generally reduces the amount insured for the Cover.

Trauma Cover. This type of cover offers peace of mind in the event you are diagnosed with one of the listed conditions, like a heart attack or cancer,  as set out in the policy’s Product Disclosure Statement (PDS), so you can focus on your road to recovery, lessening the financial burden of medical costs, debt, and lifestyle changes.

Subject to the assessment of your trauma condition, Full or Partial payments may be available. These can vary from 10% to 100% of your sum insured.

Income protection. The ability to earn an income is an important asset. An injury or illness that prevents you from working can have a significant financial impact, both short and long-term. This cover can replace up to 80% of your monthly income if you cannot work because of illness or injury.

You can choose between four levels of Income Secure Cover that provide varying degrees of protection at different premiums. The cover available will depend on your occupation and whether your cover is held outside, or through, your super.

Some key benefits and features may include (depending on your plan’s PDS):

• Total Disability Benefit, which may be payable if you are totally disabled and meet the policy’s conditions for Total Disability.
• Partial Disability Benefit, which may be payable if you are partially disabled and meet the policy’s conditions for Partial Disability.
• Unemployment Benefit, which can be payable for up to 3 months if you become involuntarily unemployed.
• Specific Injury Benefit, where a lump sum payment can be made for specific injuries.
• Premium and Cover Suspension Benefit, where if you become unemployed or take long-term leave from work, the policy owner can ask to pause their premiums for up to 12 consecutive months, with the option to recommence cover at the end of the 12 months (so long as you meet the policy’s requirements).

This information is a guide only. For further information on benefits, features, limits, terms, and conditions, please carefully read the OnePath Product Disclosure Statement (PDS). Always read the PDS for each policy before making a decision to buy.

Why choose OnePath?

OnePath has an exceptional approach to helping Australians in need, with a commitment to deliver on all legitimate claims. On top of this, OnePath offers differing levels of discounts to further reduce premiums.

Use our life insurance comparison service to find the policy that suits your needs and budget. It takes only minutes to compare a range of policies from strong providers like OnePath.