What does OnePath EasyProtect income protection cover?
OnePath EasyProtect income insurance offers financial peace of mind if you are unable to work due to illness or injury. If you are unable to work for an extended period of time, the policy pays a monthly benefit equivalent of up to 80% of your regular income. You can use the money you receive to keep paying the mortgage, pay off credit card debt, buy groceries, meet other ongoing expenses and provide for yourself and your loved ones.
Read on to learn more of the benefits of the OnePath Easy Protect income protection or enter your details in the form below to receive a quote for the policy from a specialised insurance consultant. A consultant will explain any of the features of the policy you are not sure about and assist you with your application. If you find it's not the policy for you, a consultant will help you compare other options available.
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What does the OnePath Easy Protect Policy Cover?
- Monthly income benefit. You can choose a monthly benefit of between $1,000 and $10,000, or between $1,000 and $3,000 if you work in a high-risk occupation.
- Benefit period. This is the maximum period of time your policy will pay a benefit. You can choose from six months, 12 months or 24 months.
- Waiting period. OnePath offers a choice of two waiting periods: 30 days or 90 days. This is the amount of time you will have to wait after suffering your injury or being diagnosed with your illness before you will be eligible to receive a benefit.
- Waiver of premium. This ensures you don’t have to continue paying your premiums while you are receiving a benefit.
- Indexation. The sum insured will automatically increase at every policy anniversary to keep pace with inflation.
- Healthy Living benefit. If you’ve paid all your premiums when due and haven’t made a claim during the first year of your policy, you will receive a one-time Healthy Living Bonus of $100.
- Recurring claims. If your injury or illness recurs within six months of your last benefit payment and you need to make another claim on your policy, it will be treated as a continuation of your previous claim and you will not have to re-serve the usual waiting period.
- Total and Permanent Disability Benefit. This optional benefit offers a lump-sum benefit payment if you are assessed by OnePath as being totally and permanently disabled. Not available to those who work in special risk occupations, this option pays a benefit of between $50,000 and $500,000. The sum insured for this benefit will be displayed on your policy schedule. If you have received this benefit, it will no longer be offered on your policy and your premium will be recalculated.
There are several factors that influence the cost of your income protection premiums, including:
- Your age. The older you are, the more likely you are to suffer illness and the longer it takes you to recover from health problems.
- Your gender. Premiums tend to be slightly higher for women than men.
- Your occupation. Those who work in more hazardous occupations will be exposed to a greater risk of injury or illness and will usually have to pay more for cover.
- The sum insured. The greater the monthly benefit amount you stand to receive when you make a claim, the more you will have to pay in premiums.
- Your hobbies and interests. Participating in certain sports and activities increases the likelihood of you making a claim, so you’ll have to pay more for cover.
- Stepped or level premiums. Level premiums are determined based on your age when you take out cover and will stay the same year after year. Stepped premiums start out lower but will increase each year at every policy anniversary.
- How often you pay your premiums. You will receive a discount if you pay your premiums annually.
- Your health. Those with an unblemished medical history will pay less for cover.
- Whether you smoke. There are countless health risks and illnesses associated with smoking, so giving up cigarettes can save you money when it comes to your income protection premiums.
In order to receive a benefit payment under your OnePath EasyProtect income insurance policy, you will need to be assessed by the insurer as disabled and unable to work in your usual occupation. You will need to show that you were:
- Disabled after you were accepted for cover
- Disabled throughout the duration of the waiting period
- Continuously disabled following the end of the waiting period (except in the case of recurring claims)
When you make a claim, you’ll need to provide OnePath with satisfactory proof of your pre-claim earnings. Even if you suffer more than one illness or injury, you are only eligible to receive one income benefit at any time.
You will stop receiving a benefit when you are no longer disabled or when your benefit period ends, whichever occurs first.Back to top
You’ll need to be between 18 and 59 years of age in order to apply. Cover is available up until the policy anniversary after you reach 65 years of age.
You’ll also need to be an Australian or New Zealand citizen or the holder of a permanent residency visa, and be working more than 20 hours per week in your main occupation. Finally, you’ll need to have been continuously employed for 12 months in Australia or New Zealand in the 24 months leading up to your application.Back to top
OnePath will not pay if income protection claim:
- Arises due to a pre-existing medical condition that occurs in the two years prior to you being accepted for cover.
- Is for a mental illness condition.
- Arises due to war, revolution or civil insurrection.
- Arises because of pregnancy, giving birth, miscarriage or having a pregnancy terminated.
- Relates to an intentional act or omission by you.
- Relates to your participation in or training for professional sports or speed contests.
- Arises because you visit a country for which the Department of Foreign Affairs and Trade has issued a ‘Do Not Travel’ advisory.
- Cooling-off period. Although you may cancel your policy at any time, you will be refunded any premiums you have paid (provided you haven’t made a claim) if you do so within 21 days of the policy acceptance date. After this 21-day cooling-off period ends, premiums cannot be refunded.
- Premium payment options. Premiums can be paid fortnightly, monthly or annually. You receive a discount if you pay annually. Your premiums are also generally tax deductible.
- Policy start and end date. Cover begins on your policy acceptance date and ends when one of the following occurs:
- The policy anniversary after you turn 65 years old
- You cancel your policy
- OnePath cancels your policy
- You do not pay your premiums when they are due
- Worldwide cover. OnePath EasyProtect income insurance provides cover 24 hours a day, seven days a week, anywhere in the world.
- Frequent Flyer Points. If you satisfy eligibility requirements you may qualify to earn 1 Qantas Frequent Flyer Point for every $1 paid in premiums.
- Claims. If you need to make a claim, phone OnePath’s customer service team to find out the necessary requirements and which forms to fill out.
OnePath is a wholly owned subsidiary of Australia and New Zealand Banking Group Limited (ANZ).
Awards received by OnePath
- 2013 Risk Company of the Year / Choice Risk Award - Money Management/DEXX&R
Interested in receiving a quote for OnePath Income Protection?
If your in the market for income protection and the features of the Easy Protect product sound like a good match for you, you can make a secure enquiry via the form above. A qualified insurance consultant will explain each of the policy features and provide you with a quote based on your details. If you are happy with what the policy offers, you can submit your application with the help of a consultant.