Life insurance is what keeps your family’s finances secure if you die or are diagnosed with a terminal illness. Life cover pays out a lump sum to your nominated beneficiaries that can be used however it is needed, which allows your family to maintain their lifestyle without suffering financially. At a time when your loved ones are grieving, not having to worry about money can make a big difference.
What types of life insurance are there?
Term life insurance/Life Cover: A lump sum payment that goes to your beneficiaries if you pass away or are diagnosed with a terminal illness.
Trauma Cover: If you are diagnosed with a major medical illness or suffer an injury, trauma cover provides a lump sum that can cover your short-term expenses while you’re in treatment and recovery.
Total and Permanent Disability (TPD) Cover: If you become totally and permanently disabled and are no longer able to work, TPD insurance provides a lump sum payment.
Income Protection: If you are unable to work due to an injury or illness, income protection cover provides a monthly payment for a fixed period.
Before he came to us, Frank was paying for three separate insurance policies that were costing him over $10,000 a year. He was frustrated and disappointed with his insurers but didn’t know where to start.
With the help from one of our Senior Advisers he was able to amalgamate his policies into one comprehensive plan. With a new yearly premium of $6,000, and an insurer that has paid out over $2 billion in claims to Australians over the past two years Frank’s family was better protected and he was paying less.
Frank has since returned to us and we’re helping him with his Income Protection claim. As he recovers from knee surgery this money will help him support his family while he’s unable to work.
After years of paying premiums to the same insurer Maggie found herself in trouble when they suddenly refused to renew her policy. Due to a change in her health and her finances, she was told that no insurers would protect her. That’s when she came to us.
Our advisers were not only able to get Maggie the peace of mind that an underwritten life insurance policy brings; they also helped her save a few thousand dollars on her yearly premium. She was even able to save on her out of pocket expenses by opting to fund the new premium through her SMSF (self-managed super fund).
Maggie is now in the process of upping her cover to include a Trauma Insurance benefit with the help of one of our Senior Advisers.
With our help she’s making the journey from uninsurable to fully protected.
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Our team of life insurance advisers are here to help.
Our service is free to customers. We don’t mark up products.
In 1878, a company called Mercantile Mutual was formed and began providing insurance cover to Australians. Mercantile Mutual became ING Direct, but when ING Direct was taken over by ANZ Bank, OnePath stepped in to become the new life insurer for the company formally known as ING Life Insurance. OnePath’s entry into the Australian Insurance market made it possible for Australians to continue trusting the same providers a they have trusted for more than 130 years. OnePath today offers a wide range of coverage options to individuals, employers, and families so important protections against tragedy can be provided to those who need financial security and peace of mind.
Different policy types offer different coverage and benefits options so policyholders will need to read their policy information carefully to determine the features applicable to their coverage and the benefits offered to them by OnePath. Some of the key features many policyholders will enjoy include:
To determine features of specific policies you are considering and to ensure these and other features are available to you, you can also shop online or speak with a life insurance expert.
Cover options available through OnePath include:
OnePath also has targeted policies for people aged 50 and older, and for individuals who want guaranteed-approval cover to protect them from life’s tragic events.