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OnePath's income protection policy, OneCare Income Secure Protection, will give you peace of mind if you suddenly can't work. Its cover is suited to those who work full time, work in a high-risk job, have existing debts or dependents.
Our Verdict
OneCare Income Secure Protection pays up to 70% of your income if you need to take time off — on par with many insurers on the market.
OnePath's income protection policies have a 10% cancellation rate, the third-lowest of all 13 brands tracked on MoneySmart, the Australian government's consumer site.
It has a 93.4% claims acceptance rate, which is slightly below the average of 94%.
Onepath Income Protection offers a number of policy features, including as follows:
Monthly income benefit. With OnePath, you can replace up to 70% of your monthly income if you cannot work because of illness or injury. The minimum amount covered per month is $1,000, while the maximum is $30,000 monthly
Benefit period. This is the maximum period of time your policy will pay a benefit. You can choose from 2 years or 6 years for all occupations. Some jobs will be eligible for a benefit period of up to 65 years of age.
Waiting period. OnePath offers a choice of seven waiting periods: 30 days, 60 days, 90 days, or 2 Years. 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.
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.
Additional options to consider
OneCare Living Expense Cover. This insurance provides support income during times of significant illness or injury. It's set up to meet the needs of casual workers, home-makers, etc.
If you're self-employed, business expenses insurance can help your business keep running without you and pays a benefit if you're totally or partially disabled.
You must work a minimum of 20 hours per week in your principle job.
You can only hold Business Expense Cover in a policy held outside super.
You'll need to be aged between 19 and 60 to apply.
Applying for cover
Key points of applying for cover
With OnePath:
You'll need to be between 19 and 60 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.
Also, 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.
Note that there are a number of other conditons to meet to be eligible for cover. It's important that you read this insurer's Product Disclosure Statement (PDS) on its website before you apply.
What factors affect how much OnePath Income Protection costs?
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.
In order to receive a benefit payment under your OnePath OneCare Income Secure 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.
Exclusions to be aware of
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.
What else should I know about OnePath income protection?
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 28 days of the policy acceptance date. After this 28-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 OneCare Income Secure 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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Interested in receiving a quote for OnePath Income Protection?
If you are in the market for income protection and the features of the OneCare Income Secure Cover 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.
Why you can trust Finder's income protection experts
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Unlike other comparison sites, we're not owned by an insurer. Our opinions are our own and all guides must meet our editorial standards.
We're here to help
Since 2016, we've helped thousands of Australians find income protection by explaining your cover options, simply and clearly.
Frequently asked questions
To apply for income protection cover with OnePath, you can complete an application form online or by contacting OnePath directly. The application process will require you to provide information about your occupation, income, health and lifestyle, and any pre-existing medical conditions. OnePath will assess your application and may request additional information or medical tests. Once your application is approved, you will receive a Product Disclosure Statement outlining the terms and conditions of your policy.
OnePath offers 3 types of benefit periods for their income protection insurance: the "benefit period to age 65", the "6-year benefit period" and the "2-year benefit period". The benefit period is selected by the policy owner at the time of application and is subject to the terms and conditions of the policy.
According to OnePath's Product Disclosure Statement, income protection insurance does not cover certain events or conditions, including self-inflicted injury, acts of war or terrorism, voluntary exposure to risk, criminal acts, drug or alcohol abuse, and pre-existing medical conditions (unless specified in the policy). It is important to review the specific terms and conditions of the policy to understand what is and isn't covered.
OnePath offers a range of waiting periods for their income protection insurance, ranging from 30 days to 2 years. During the waiting period, no benefit is payable. Once the waiting period is over, the policy will start paying out benefits if the insured is still unable to work due to illness or injury. The waiting period is chosen by the policyholder at the time of application and is subject to the terms and conditions outlined in the policy document.
OnePath Income Protection Insurance allows policyholders to choose the level of cover that best suits their needs. The maximum monthly benefit amount is generally up to 70% of the policyholder's pre-disability income, subject to a maximum of $30,000 per month. The actual percentage and amount of income covered will depend on the policyholder's occupation, income, and other factors.
Important note. These FAQs were generated by ChatGPT. A real-life human at Finder – James Martin, editor for insurance – reviewed the responses before publication.
Gary Ross Hunter is an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, news.com.au, The Telegraph, Explore Travel and Escape. Gary holds a Kaplan Tier 1 General Insurance (General Advice) certification and a Kaplan Tier 1 Generic Knowledge certification which meets the requirements of ASIC Regulatory Guide 146 (RG146).
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