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OnePath Life Insurance Review

OnePath is one of Australia’s leading life insurance providers with a long-standing commitment of improving the financial security of Australians, through quality insurance products, at the heart of everything they do.

OnePath is the proud winner of the AFA Life Company of the Year Awards – Claims Team of the Year Winner – 2017. 2018, 2019, 2020.

OnePath’s life insurance product, OneCare, offers a comprehensive range of cover:

  • Life Cover: pays a lump sum, or equivalent instalment, which can help support your loved ones if you pass away or are diagnosed with a terminal illness. 
  • Income Secure Cover: pays a monthly benefit of up to 80% of your income if you are unable to work because of sickness or injury.
  • Total and Permanent Disability (TPD) Cover: pays a lump sum, or equivalent instalments, if you are disabled as a result of sickness or injury which permanently affects your ability to work.
  • Trauma Cover: OnePath offers three levels of Trauma cover; Severity, Comprehensive or Premier to suit your circumstances and budget, providing a lump sum payment if you are diagnosed with one of several serious medical conditions.

To learn more about OnePath and its products, read the Product Disclosure Statement.

OnePath has eight different types of cover, and your benefit level will depend on your cover level and type. Read your policy information closely for the full details on your coverage. In general, OnePath offers the following key features for their policies:

  • Top up your life cover with Extra Care Cover, a choice of up to three additional benefits with a maximum of $1million insured: Death, Terminal Illness and Extended Needle Stick Benefit.
  • With OneCare Life Cover you can choose whether you’d like the benefit paid out as a lump sum or in instalments.
  • Discounts are available if you package multiple policies and if you package with a family member or business partner.

OnePath offers eight different types of life cover to suit your needs and budget. Several types of cover, such as Trauma and Income Secure, also have varying levels of cover for you to choose from.

OneCare Life Cover:

Secure your debts or leave money for your dependents if you pass away with OneCare Life Cover. Choose between stepped and level premiums, or a combination of both.

Total and Permanent Disability (TPD) Cover:

Insure your income in case you are totally and permanently unable to work due to illness or injury. Choose a definition that suits your job, whether you’re a business owner or a homemaker.

Trauma Cover:

Receive a lump sum if you are diagnosed with one of 44 listed trauma conditions, including cancer. Match your cover to your budget by choosing from Trauma Comprehensive or Trauma Premier.

Income Secure Cover:

If you are sick or injured and unable to work, income secure pays up to 80% of your income. Choose from four different levels of cover and enjoy a benefit period up to age 70 for white-collar occupations. High-risk occupations can also add special protection through Income Secure Special Risk.

Business Expense Cover:

Designed for business owners, this policy pays a monthly benefit if you are totally or partially disabled. Choose either a guaranteed benefit or base your benefit on your expenses at the time of claiming.

Living Expense Cover:

Pays a guaranteed monthly benefit of up to $5,000 to cover your household contribution if you are disabled. This cover is suited to retirees, homemakers, and part-time employees.

Child Cover:

Add Child Cover to your existing policy or take it out as standalone cover for financial protection if your child passes away or suffers certain traumatic conditions, such as severe burns or brain damage.

Extra Care Cover

Three benefit options that can be added to an existing OnePath policy:

  • Accidental Death Benefit: Paid if you die accidentally
  • Terminal Illness Benefit: Paid if you are diagnosed with a terminal illness
  • Extended Needle Stick Benefit: Paid if you contract HIV due to a needle stick injury

In 2020 OnePath OnePath paid over $960 retail, group, and direct claims to 5,119 customers, The average payment per claim was $401,784. In the past five years, OnePath has paid out more than $1billion in Group Insurance claims to over 20,000 Australian families

Reference: https://www.onepathinsurance.com.au/content/dam/onepath/documents/others/claims-infomation-brochure.pdf

Make a claim for OnePath life insurance through your financial adviser or by calling the OnePath Claims Hotline at 1300 555 250. You’ll receive a response within 24 hours with a claims form and specific details on what to do next.

If your OnePath life insurance is in your superannuation fund, you will need to claim through your fund. Contact your fund’s trustee as soon as possible to get the process underway.

OnePath members can earn Qantas Points and access premium discounts through three different schemes.

Qantas Points

Qantas Frequent Flyer members can earn Qantas Points on eligible OneCare premiums at a rate of 1 Qantas Point for every dollar spent.

Premium discounts
  • Size discounts: Rewards are based on the total amount of life cover you take out across multiple OnePath policies.
  • Multiple life discounts: Package your OneCare policies with family members or business partners and save up to 10%.
  • Multiple cover discounts: Get an extra 5% off when you take out more than one eligible policy at the same time.

Address: OnePath Head Office, 242 Pitt Street, Sydney NSW 2000
Phone: 1300 550 805 (for new customers)
Website: http://www.onepath.com.au

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