OnePath life insurance

OnePath Life Insurance

Compare life insurance and income protection policies from OnePath.

OnePath, formerly known as ING DIRECT and Mercantile Mutual, is an insurer that operates under ANZ Bank with a strong emphasis on customer service and comprehensive insurance products that deliver outstanding value for money. OnePath has won many awards, as has their flagship OneCare life insurance product, but their greatest achievement to date is successfully covering thousands of Australians with life and income protection insurance.

Interested in OnePath and OneCare? Get a quote to join the thousands of Australians who are already covered by it.

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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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

Life Insurance Policies Available from OnePath

All the former life insurance policies made available by ING and before that by Mercantile Mutual are now available through OnePath. OnePath Life Insurance helps in making certain that your debts and your dependants are fully taken care of in the event of your death. It gives you the flexibility of choosing the most appropriate product that will best suit your individual situation.

OnePath offers three types of life insurance plans to meet the different protection needs of all Australians:

  • OneCare offers comprehensive protection for you and your family.
  • Direct insurance from OnePath EasyProtect offers fast and affordable coverage you can arrange yourself.
  • Group Risk insurance is designed for employers or superannuation funds wanting to provide their employees or fund members with insurance cover.

OnePath OneCare

OneCare is a flexible insurance option that can be tailored to provide the right level of cover to you and your family. It offers a complete range of covers, benefits and features to give you the peace of mind you need. There are eight types of OneCare cover available:

  • OneCare Life Cover: This type of cover pays out a lump sum or instalments if you die or are diagnosed with a terminal illness.
  • OneCare Total and Permanent Disablement (TPD) Cover: This pays a lump sum to help you manage your long-term financial needs if you become totally and permanently disabled.
  • OneCare Trauma Cover: Trauma Cover offers a lump sum payment designed to help you recover from a range of serious medical conditions, such as a heart attack or cancer.
  • OneCare Income Secure Cover: Income Secure pays up to 80% of your income if you can’t work because of sickness or injury.
  • OneCare Business Expense Cover: This type of insurance pays a benefit to cover your business expenses if you are totally or partially disabled.
  • OneCare Living Expense Cover: Designed for retirees and homemakers, this cover pays an agreed monthly benefit if you are significantly disabled.
  • OneCare Child Cover: This type of cover protects your family against the financial impact of childhood accidents and illness.
  • OneCare Extra Care Cover: This is a top-up option that lets you take out additional cover for things like terminal illness and accidental death on top of other OneCare policies.

All OnePath OneCare policies include the following standard built-in features:

  • Qantas Points: You may be eligible to earn Qantas Points for the premiums you pay on your policy.
  • Guaranteed upgrade of benefits: OnePath will automatically add any future improvements it makes to any of the features and benefits available under your policy as long as they do not result in a premium increase.
  • Premium discounts: OnePath Life offers premium discounts when you combine all of your insurances. The size discount is based on the amount of cover you take out, the multiple cover discount applies when you take out a combination of cover types, and the multiple life discount applies if you link your policy with an eligible family member or business partner.
  • Interim cover: This means you’ll be covered while your application is being processed.
  • Flexible cover: Your level of cover increases each year to keep up with inflation, or when certain major events happen to you, without any additional medical checks.
  • Guaranteed continuing cover: Your policy will continue when you pay your premium each year, regardless of any changes to your health.
  • Grief Care program: If you make a death or terminal illness claim, OnePath may offer you and/or your family free access to counselling.

OnePath EasyProtect

OnePath’s EasyProtect Life Insurance offers a simple way to protect your family from the financial impact of your death. This do-it-yourself option lets you tailor your cover to ensure your family’s financial future when you’re gone.

There are five types of cover available through the OnePath EasyProtect product range:

  • EasyProtect Life: This cover is an easy way to protect your family’s finances when you die. It pays a lump sum which can be used to pay off debt and cover your family’s day-to-day expenses, providing them with security and peace of mind.
  • EasyProtect 50+: This type of cover is designed to help your family cover the expenses that arise when you pass away. It provides a lump sum payment to cover funeral expenses, bills and other costs.
  • Accident Cover Plus: Accident Cover Plus is designed to help maintain your family’s financial security in the event of your accidental death or if you suffer an accidental injury.
  • EasyProtect Income: This offers a monthly payment to help pay the bills if you are unable to work due to illness or injury.
  • EasyProtect Major Illness: Major Illness cover pays out a lump sum to protect you from the financial impact of a major illness or injury.

Key Features of OnePath EasyProtect Life

OnePath EasyProtect Life offers the following key features:

  • Affordable premiums. You can choose a level of cover that suits your circumstances and budget.
  • Combined cover discount: Get a discounted premium if you take out cover for you and your partner.
  • Easy application process: You can apply for cover online or over the phone, with no medicals or blood tests required.
  • Cover up to $1,500,000: The maximum cover level of cover available depends on your age.
  • Immediate acceptance: Cover starts as soon as your application is accepted.
  • Worldwide cover: You’re covered anywhere in the world.
  • Other benefits: These include inflation indexation, flexible payment options, and the ability to earn Qantas points.

Features of OnePath EasyProtect for Over 50

OnePath EasyProtect 50+ offers the following features:

  • Choose your cover: You can choose cover up to $15,000 for the Life Benefit, with up to a further $15,000 if your death is caused by an accident.
  • Quick claim payments: Claims are usually paid within two business days.
  • Premium freeze: OnePath guarantees that your premiums will never increase.
  • Easy application: No health questions, blood tests or medicals are involved in the application process.
  • Other benefits: These include renewability, standard and capped premium payment options, a 21-day cooling-off period and the ability to earn Qantas Points.

Features of OnePath EasyProtect Accident Cover Plus

OnePath Accident Cover Plus offers a wide range of features, including:

  • Guaranteed acceptance: People aged between 18 and 74 years are guaranteed acceptance without any medicals.
  • Choose your level of cover: The maximum Death Benefit payable is $1million.
  • Optional Accidental Injury insurance benefit: For an extra cost, this benefit provides cover for specified accidental injuries such as paralysis or broken bones.

Benefits of OnePath EasyProtect Income Cover

Features of EasyProtect Income include:

  • Major illness and injury benefit: This monthly payment is up to 75% of your monthly pre-claim earnings.
  • Choose your benefit period: The options are six, 12 and 24 months.
  • No medicals: You will have to answer a few general health questions but no medicals are required.
  • Other benefits: Premiums can be paid monthly, fortnightly or annually, while you can also earn Qantas points.

Features of OnePath EasyProtect Major Illness Insurance

OnePath EasyProtect Major Illness includes the following features:

  • Combined cover discount: Get a discounted premium if you take out cover for you and your partner.
  • Easy application process: You can apply for cover online or over the phone, with no medicals or blood tests required.
  • Cover up to $750,000: The maximum cover available to you depends on your age.
  • Immediate acceptance: Cover starts as soon as your application is accepted.
  • Worldwide cover: You’re covered anywhere in the world.
  • Other benefits: These include inflation indexation, flexible payment options, and the ability to earn Qantas points.

OnePath Group Life Insurance

OnePath Group Life Insurance is designed for employers or superannuation funds wanting to provide their employees or fund members with insurance cover. There are three products in the OnePath Group Life Insurance range:

  • Group Life: This cover pays a lump sum if you die or are diagnosed with a terminal illness.
  • Group TPD: This cover pays a lump sum if you are diagnosed with a total and permanent disability.
  • Group Salary Continuance: Group Salary Continuance cover pays out a monthly benefit of up to 75% of your regular income if you can’t work because of sickness or injury.

Some Features and Benefits of OnePath Group Life Insurance Plans

OnePath Group Life Insurance policies offers some of the following features and benefits:

  • Death Cover: Your cover will pay a lump sum benefit if you die.
  • TPD Cover: You will receive a lump sum benefit if you become totally and permanently disabled.
  • Transfer Terms: OnePath may agree to take over the cover provided by your previous insurer and provide equivalent benefits on certain terms
  • Worldwide cover: Cover applies anywhere in the world.
  • Flexible cover: Cover applies if you are taking paid or unpaid annual leave for up to two years, as well as if you are employed overseas for up to five years.
  • Death Cover Continuation Option: If your Death Cover ends because you are no longer gainfully employed, you can apply for an individual policy providing Death Cover without any medical underwriting.
  • Other benefits: These include limited cover for death and TPD that occurs as a result of an accident, premium discounts, guaranteed continuing cover and future insurability.

Background of OnePath Australia

OnePath Life Insurance's parent body ANZ is a leading global and local bank that has a presence in 32 countries around the world. Its main operations take place in Australia, New Zealand, Asia, the Pacific, America, Europe and the Middle East. It delivers services to over 5.7 million retail customers throughout the world and employs more than 39,000 people. OnePath itself has a most comprehensive range of wealth and insurance products on offer that are made available through a network of financial advisers or directly to its customers making it easier for you to find a suitable solution.

Since Mercantile Mutual was first launched in Sydney over 130 years ago it has changed its head office locations, acquired new businesses, been acquired by others and changed brands more than once. Despite the outside changes, on the inside it has remained dedicated to the freedom of Australians, helping people shape and protect the quality of their lives and that those they leave behind. Being a part of ANZ is the next exciting step for OnePath Insurance, letting them bring new opportunities to and better share the future with their loyal customers.

OnePath Life Insurance timeline

A run down of the past history of OnePath Life Insurance shows its 'bloodline' being second to none other in the life insurance business in Australia, as the following time scale shows:

  • 1878 – Mercantile Mutual life insurance formed in Sydney after three Sydney businessmen decided to go ahead with the need to begin a distinctly Australian insurance company, as distinct to mainly English life companies operating here at the time. They sought and received sufficient support for their idea from friends and supporters during a cricket match in 1877.
  • 1950, 1960 and 1970 - The company continue to grow with the taking over of Oceanic Insurance, Australian General Insurance and the Australian Metropolitan Life Company.
  • 1982 – Mercantile Mutual became a part of the ING Group when ING acquired 50% of the company.
  • 1987 – ING acquired the remaining 50 percent and became the sole owner.
  • 2001 – Mercantile Mutual changed its name to ING Australia.
  • 2002 – ANZ acquired 49 percent of ING making ING a funds manager and life insurance joint venture.
  • 2009 – ANZ acquired the remaining 51 percent giving it 100 percent ownership of ING Australia.
  • 2010 – The ING brand name was changed to OnePath. The name OnePath being chosen in recognition that people take different paths in life. It is OnePath see it as their role to assist these people shape and protect the quality of their chosen path through life.

Claims Paid by OnePath

  • Claims paid in 2014. In 2014, OnePath paid out over $660 million to more than 10,800 customers with both group and retail life insurance policies.

Find the breakdowns below. These numbers have been rounded off to the nearest million for total claims paid and nearest thousand for average payment per claim.

What the payment was forTotal value of claims paidAverage payment per claim
Retail: Life benefit$102 million$263,000
Retail: Terminal illness$25 million$313,000
Retail: Total and permanent disability$31 million$209,000
Retail: Trauma and serious illness cover$100 million$191,000
Retail: Income protection and business expenses$100 million$34,000
Group: Life benefit$89 million$116,000
Group: Total and permanent disability$97 million$80,000
Group: Terminal illness$20 million$139,000
Group: Salary continuance$95 million$23,000

How to make a claim with OnePath

OnePath takes pride in their award winning claims process, and tries to keep it easy whenever possible.

  • In the event of a claim, notify the OnePath claims team with your policy number and details of the event. Depending on what you are claiming this may be the date and cause of death, details of when an illness was first diagnosed or symptoms became apparent, or the date when the policyholder became unable to work.
  • Send in completed claim form and copies of identification and the appropriate event documentation. This might be a death certificate, blood test results, medical test results and others.
  • The OnePath team will review the claim and make a decision within five business days.

OnePath Added Exciting New Features to OneCare

When it comes to insurance solutions, one of those insurance companies who walks the extra mile for their clients is OnePath. The company offers innovative insurance solutions to make their clients get the most out of their policies.

Their life insurance package, the OnePath OneCare solution, is filled with features which you can customise according to your needs. Recently, the company has introduced new features and changes that will further benefit their clients:

  • Instalment Options: For those who have difficulty paying their insurance premiums in cash, this option gives you comprehensive cover through an easy instalment scheme. It also allows partial payments on some trauma events as they made some enhancements on the definition of trauma.
  • SuperLink: If you are looking for tax breaks, this feature allows you to divide your TPD cover between your superannuation and non-superannuation policy. This does not only give you tax breaks but a more convenient payment option as well.
  • Third Tier TPD Definition: This feature which is included in the Income Secure Cover, together with the third tier definition of partial disability, puts into consideration the effect of an illness or injury to your capability to generate income. Therefore, the type of disability each person has will be dealt with in a different level.
  • Business TPD: This type of TPD feature is especially designed for business owners. If you have a business and you get this type feature, you are allowed up to $10 million worth of TPD cover which protects both your personal and business investments in the event of disability.
  • 24/7 Tele-claims: If you suddenly have questions about your policy in the middle of the night, this customer service enhancement allows you to track the status of your application. Moreover, it also allows you to place a claim more conveniently any time of the day in the comforts of your own home.

Aside from these latest enhancements, OnePath OneCare has other features such as an Increasing Indexed Cover, Instalments Benefit, Living Expenses Cover, and Qantas Frequent Flyer Points.

  • Increasing, Indexed Cover: Sometimes, you might worry if the benefit you will get when you make a claim will not be enough. This feature quells all those fears because it increases your insurance cover if you have life changes that require more protection. The cover increases minus the hassle of providing additional medical proof. Aside from this, your cover is also indexed with the cost of living every year according to the Consumer Price Index.
  • Instalments Benefit: You are not just given the option to pay your premiums which is in line of your financial capabilities, but also the option how to receive your benefits. If you opt to receive your benefits in instalments rather than in lump sum, then you can add this feature in your policy.
  • Living Expenses Cover: This feature works like income protection but is designed for people without income, such as retirees and homemakers. With this feature, you will receive an income benefit payment for a maximum of two years when you get disabled because of an illness or injury.
  • Qantas Frequent Flyer Points: What has flying got to do with your insurance, you might be asking. If you like to travel and a member of the Qantas Frequent Flyer, this is a welcome surprise because every $1 of the premiums you pay earns you 1 point and is credited to your Qantas Frequent Flyer membership.

Onepath Life Insurance has indeed got a long history in providing insurance to Australian policy holders, beginning with Mercantile Mutual over 130 years ago. The most recent name change recognises this relationship as it assists its customers along the OnePath of life together.

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