OnePath EasyProtect Major Illness Product Review
Finances often dominate our thoughts and our motivations – we’re always working harder, advancing our career, carefully monitoring the grocery bill and turning off the lights at home to save and manage money.
If you suddenly suffer from a major illness, the last thing you want to be worrying about is how you’re going to pay your bills and cover your medical expenses. Unfortunately this is often the first thing you worry about, and stress is never helpful for a recovery. With OnePath Easy Protect Major Illness insurance, you can receive a lump sum benefit payment if you suffer from a major illness or injury defined in your policy.
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Features and Benefits of OnePath Easy Protect Major Illness Insurance
Having the financial stress removed when you have suffered a major illness or injury is a significant benefit and makes major illness insurance a valuable policy. Plus, with OnePath you can also benefit from:
- Pay the bills, medical treatment costs and more: When you suffer a major illness or injury, you want to recover as quickly as possible, and you’re not going to do that by skimping on treatments because you’re worried about the cost, or by stressing about money and your everyday living expenses. That is why OnePath allows you to use your lump sum benefit for any bills you choose, whether you want to seek the latest modern treatments, or take a restorative holiday while you recover.
- Coverage for major illness and injury: OnePath provides coverage for a range of illnesses and injuries, including: cancer, chronic kidney failure, coronary artery bypass surgery, heart attack, multiple sclerosis, paralysis, severe burns, and stroke.
- Easy eligibility: If you are between 18 and 59 years old, and you are an Australian or New Zealand citizen who has permanent residency in Australia, you can apply for major illness insurance with OnePath. If you are eligible, you can apply online or over the phone and you don’t need to take a medical test or blood test. Once your application has been processed and approved, you’ll be covered immediately.
- Family cover: Your family relies not only on you, but on your partner or spouse too, so take out combined cover with your partner and you’ll be eligible for discounted premiums.
- Choose your benefit amount: Choose a major illness benefit from $25,000 and up to $750,000 to suit your family’s financial obligations. Also remember the amount of cover you can apply for will depend on your age – and the higher the cover amount, the higher your premiums.
- Automatic benefit increases: OnePath will automatically increase your benefit amount each year in line with inflation. This means that no matter when you claim, your benefit will be relevant to the costs at the time of the claim, not back when you applied.
- Choose your payment frequency: You can choose to pay your premiums monthly or fortnightly, whichever best suits your budget and cash flow. Plus, if you choose to pay your premiums annually, you’ll receive a discounted premium rate.
- Rewarding cover: You can earn Qantas Frequent Flyer points from your premiums, as every $1 you spend on your premiums can earn you 1 Frequent Flyer point. You’ll also remain covered and able to claim for major illness or injury wherever you are in the world.
- Comprehensive cover for your family: If you already have life insurance you may wonder why you need major illness insurance too, however, life insurance only pays your family a benefit when you die, and in the event of an illness or injury you can accumulate expensive medical bills, and be unable to work for an extended period of time, and major illness insurance make sure that your family and your finances don’t suffer too.
- Coverage according to your age: If you are 18 to 44 years old you can apply for up to $750,000 if you are 45 to 54 years old you can apply for up to $375,000 of cover and if you are 55 to 59 years old you can apply for up to $125,000. When you choose your level of cover, consider how much you would need to pay out your mortgage, cover the ongoing household bills, and provide for the future, for example your children’s education. Plus, keep in mind that in the event of major illness or injury, you’ll also often be faced with significant medical bills, which may need to be paid for up front, before you receive a benefit back from your health insurance, or in case your health insurance policy has a gap in their benefits.