OnePath Life Insurance Review

OnePath has been around for over 130 years and offers a number of life insurance products to Australians. They're also affiliated with Qantas Frequent Flyer Club, so you can earn 1 point for every $1 of your premium you pay.

• A quick summary of One Path Life Insurance

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OnePath Life Insurance: Our verdict

• What additional benefits are available?

  Aside from these latest enhancements, OnePath OneCare has other features such as:

  • Increasing Indexed Cover.
  • Instalments Benefit.
  • Living Expenses Cover.
  • Qantas Frequent Flyer Points.

Find out more about OnePath's life insurance options

Am I eligible for cover with OnePath?

• Life cover: Be aged 15 to 75 and an Australian resident or in the process of applying for permanent Australian residency.
• TPD: On top of the Life cover requirements, you must be employed and working at least 20 hours per week for Own Occupation TPD cover, or 15 hours per week for Any Occupation TPD.
• Income Protection: Be aged 19 to 60 and an Australian resident or in the process of applying for permanent Australian residency. You must also be employed and working at least 20 hours per week (24 hours for fixed term contractors and casual workers).

If you have a pre-existing health condition or engage in high-risk pastimes, you may be declined.

How do OnePath life insurance rewards programs work?

OnePath offers a range of loyalty discounts as well as the chance to earn one Qantas Frequent Flyer point for every dollar spent on eligible life insurance policies.

The loyalty rewards include the following:

• Size discounts. You can get discounts for taking out larger amounts of cover, in dollar terms, with OnePath. This applies even when you have split the amount insured across multiple policies.
• Packaging discounts. You can get up to 10% off by linking your OneCare policies with those of eligible family members or business partners.
• Multiple cover discounts. You can get an additional 5% off on OneCare Life Cover, TPD Cover and/or Trauma Cover by also taking out OneCare Income Secure Cover or OneCare Business Expense Cover at the same time.

The OnePath and Qantas Frequent Flyer rewards program

For a limited time, you may be able to receive Qantas Frequent Flyer points whenever you pay OneCare premiums on a policy where you are the policy owner and the insured individual. Earn one point for every dollar spent (including GST) on this cover, up to 20,000 per year.

To start earning points, you need to be a member of the Qantas Frequent Flyer program and provide your membership details to OnePath. After your Qantas membership details have been received by OnePath, you can start earning points on premiums paid in the future. Both the Qantas membership and the OnePath policy need to be under the same name.

Points will not be awarded if your policy lapses or if you breach the terms of either OnePath or Qantas Frequent Flyer. Should you receive a refund or account credit, such as by signing up for a policy and then cancelling within the cooling off period, you may lose any points you earned.

Note that any Qantas points held in an account are cancelled in the event of a policyholder’s death and cannot be claimed by someone else.

Who can sign up?

You will only earn points for premiums paid towards a OneCare, OneCare Super or World of Protection policy. Because you need to sign up for Qantas Frequent Flyer membership first, you will also need to meet the eligibility requirements of that program, which may involve paying joining fees.

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Frequently asked questions about OnePath life insurance

• What awards has OnePath one for its life insurance?

  OnePath as a life insurance brand has dominated industry awards for several consecutive years.

  • Winner: Risk Company of the Year 2008, 2010, 2011, 2012, 2013 - Money Management/DEXX&R Adviser Choice Risk Awards
  • Winner: Claims Team of the Year 2012 - AFA/Plan For Life - Life Company Awards

  Meanwhile, its products, particularly OneCare, have won praise from all corners for delivering exceptional overall value for money.

  • 2012 Gold Winner Term Life, TPD and Trauma - Money Management/DEXX&R
  • 2012 Trauma/Critical Illness Product Award - Plan for Life/AFA Awards

• How are my premiums paid?

  You can pay your premiums using the following methods:

  • Cheque, unless you are paying premiums monthly
  • Credit card
  • Direct debit
  • Transfer authority, for premiums paid annually with OneCare Super only

  Where possible, it’s more cost effective to pay premiums yearly. Paying monthly will incur a 6% premium loading, while paying half-yearly will incur a 3% loading.

  Your premiums will be largely dependent on your chosen premium structure. The two options are stepped premiums and level premiums.

  • Stepped premiums
  • Level premiums

  These are recalculated each policy anniversary and are based on your age and the policy fee at the time. The premium increases are also based on changes to your sum insured, regardless of whether you requested the increase or the increase is due to inflation.

  Your premium for a particular level of cover will only change in relation to the policy fee. If you increase your cover on a level premium plan, the premium for the increase will depend on your age at the time of the increase and the level premium rate for that age.

  Level premiums are not available with Child Cover, Extra Care Cover or after age 65. If you are on a level premium plan, it will convert to stepped premiums at age 65.

• What are the policy fees?

  The policy fee is a fee that applies to each life insured under the policy. It is quoted alongside the premium at the time of application and will increase in line with the inflation indexation factor. It makes up a significant portion of your annual premiums.

  The minimum annual premium, across all covers and including the policy fee, is $300 for each life insured. As of November 2016, the policy fee was $86.25 for each life insured.

  Factors affecting your premiums

  The following factors affect your premiums:

  • Your sum insured. You can expect higher premiums with more cover in terms of the total dollar value. This may be partially offset by OnePath discounts for larger sums insured.
  • Your policy options. This includes optional inclusions, more types of cover and other decisions.
  • Lifestyle and personal factors. Your age, gender, smoking status, health and occupation all affect your premiums.

  What other charges are there to be aware of?

  Your policy fees are part of the premium and will not need to be paid separately. It’s important to note that your costs may increase if you stop being eligible for discounts or if additional loadings apply for some reason.

  Portions of your payout may be withheld if OnePath is required to do so for tax purposes or other reasons. Additional charges may apply in the form of charges or taxes such as stamp duty or GST.

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• What policy exclusions apply with OnePath life insurance?

  OnePath may not pay a claim if exclusions apply. For example, the company may not pay out if the insured person dies as a result of the insured’s intentional act or omission (ie, self-inflicted injuries). This exclusion applies for 13 months following new cover, reinstatement of cover or an increase of cover at the policy owner’s request. This exclusion applies to all death benefits, including the limited death payouts that may be found in TPD, Trauma and other policies.

  These exclusions do not apply if the OnePath policy is replacing a former life insurance policy as long as you meet the following conditions:

  • The former policy was in force for at least 13 months before the start date of the current policy.
  • The policy that was replaced was cancelled immediately after the start date of the current policy.
  • All similar policy exclusions under the replaced policy have expired, including new exclusions applied as a result of cover reinstatement or increases.
  • No claim is payable or pending under the policy to be replaced.

  Benefits are also not payable if your cover has lapsed. Your cover will lapse if you have not paid in full the premium and any applicable fees, taxes and charges for all lives insured under your policy.

• How do I make a claim with OnePath?

  If you need to make a claim, contact OnePath as soon as you are able. Within 24 hours of receiving your call, you will be sent a claims form along with an information pack to help guide you through the process.

  If you hold your insurance cover through a super fund, the trustee of your fund will likely be managing your claim, and you should notify them as soon as possible in the event of a claim. Benefits will be paid to the trustee, and the trustee is legally only allowed to release payment to you if you meet one of the conditions of release. If you do not meet a condition of release, benefits can instead be paid into an eligible super fund of your choice.

  For all claims, OnePath will generally require the following information to process it:

  • You will need to provide proof of the claimable event's occurrence, such as a death certificate.
  • You will need to provide proof of policy ownership.
  • You will need to provide a birth certificate for proof of age.
  • You will need to undergo medical examinations as required. This will typically be done at the expense of OnePath, unless costs are recoverable from another source.

  • Conditions of release for super fund insurance policies

    In order to receive superannuation life insurance payouts directly, you need to meet one of the following conditions. If you do not meet these conditions, payments can only be made to an eligible superannuation fund.

    • You have reached your preservation age. If you meet only this condition of release, payments can only be made directly to you as an income stream.
    • You have reached your preservation age, are less than 60 years old and are no longer gainfully employed, with the trustee being satisfied that you don't intend on being gainfully employed ever again.
    • You have reached age 60 and are no longer gainfully employed.
    • You have reached age 65, regardless of whether you're still employed.
    • You are permanently or temporarily incapacitated.
    • You are suffering from a terminal medical condition or have passed away.
    • You are in severe financial hardship or on other specified compassionate grounds. Conditions and limitations may apply to payouts made under these conditions of release.

  • Conditions for income protection and other policies

    If you are making a claim under Income Secure Cover, Business Expense Cover or Living Expense Cover, you must also do the following:

    • Inform OnePath in writing if the insured person is disabled for more than 7 days.
    • Lodge completed claim forms within 30 days of the injury or illness occurring.
    • Provide any medical reports from people who have treated the insured person for the injury or illness.
    • Make sure the insured person seeks regular medical advice and treatment as long as they are claiming benefits.
    • Provide evidence of continued disability at the request of OnePath.

  To carry out its due diligence, OnePath may also request specific additional information which you will need to provide.