OnePath income protection review
A OnePath income protection policy can pay you up to 80% of your income — that’s 5% more than most.
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With OnePath income protection, you can choose from 4 different cover types. They're all tailored to different individuals: full-time workers, business owners and even homemakers.
- OnePath Income Secure pays up to 80% of your income if you need to take time off — the majority of insurers only pay you up to 75% of your income.
- 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%.
Review by our insurance writer Gary Hunter
What's in this guide?
- What does the OnePath OneCare Income Secure Cover?
- Additional options to consider
- How Much Will OnePath OneCare Income Secure income insurance cost?
- Conditions for benefit payment
- What is the age of eligibility for OnePath OneCare Income Secure income insurance?
- Exclusions to be aware of
- What you need to know about OnePath OneCare Income Secure income insurance
- Awards received by OnePath
- Interested in receiving a quote for OnePath Income Protection?
What does the OnePath OneCare Income Secure 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 2 year, 6 year, 10 year, or benefits up to the age of 55, 60, 65 or 70.
- Waiting period. OnePath offers a choice of seven waiting periods: 14 days, 30 days, 60 days, 90 days, 180 days, 1 year, 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.
- 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.
- OneCare Business Expense Cover. 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.
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 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.
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 70 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.
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 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 70 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.
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.
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