INSURANCE
Why OneCare Income Secure Cover
Because your income is your biggest asset
OneCare Income Secure Cover helps you protect your family’s lifestyle if
something happens to you. It can replace up to 80% of your income if you are
unable to work because of a serious illness or injury.
This money can help you stay on top of your mortgage
repayments, household bills and everyday expenses until you
can return to work.
Benefits of OneCare Income
Secure Cover
Award-winning protection
Choice of cover types
OnePath Life is one of Australia’s leading providers of life
insurance. We pride ourselves in providing comprehensive and
flexible protection that’s outstanding value for money
– a feature that’s been recognised by many major industry
awards including the fivestar CANSTAR ‘Outstanding Value’ for
Life Insurance award, which OneCare has been awarded for five
years running.
We live by our commitment to deliver on the promise
insurance provides. In 2012, OnePath Life helped 11,973 people
(an average of around 33 people per day) and their families by
paying over $634 million in claims.
To ensure your policy suits your working arrangements, we
offer four different types of Income Secure Cover:
Income Secure Standard. Provides core protection to a wide
range of occupations.
Income Secure Comprehensive. Provides comprehensive
protection to a wide range of occupations.
Income Secure Professional. Provides comprehensive
protection to white-collar occupations.
Income Secure Special Risk. Provides core protection to
high-risk occupations like miners and bricklayers.
Benefits for Standard, Comprehensive and
Professional Income Secure Cover only
Guaranteed benefit payment type
If you choose a ‘Guaranteed’ benefit payment type, your
monthly amount insured is guaranteed not to reduce in the
future – even if your income reduces.
Did you know?
Accidental falls, injuries and poisoning are
among the highest causes of claims for
OneCare Income Secure Cover – making up
31% of male and 19% of female claims in 2012.
Sadly, one in five families will be impacted by a
serious accident or illness that renders a parent
unable to work*.
This provides greater certainty for people who may fluctuate
between full and part-time employment to raise children. It
can also help cover your variable income such as bonuses,
commissions, or business income (if you’re self-employed) so
you’re less vulnerable to bad timing.
Benefit Period to age 70
If you work in a white-collar occupation, you can choose
a benefit period (i.e. the maximum length of time you can
continue receiving benefits) of up to age 70 – which is among
the most extensive in the market.
Other benefit periods available include two or six years, or to
age 55, 60 or 65 depending on the occupation.
* ‘The Lifewise/NATSEM Underinsurance Report’ – Understanding the social and economic cost of underinsurance, February 2010.
Three-tier total disability definition
Booster Option
OneCare Income Secure Cover features a generous three-tier
total disability definition. That means if you are ill or injured,
you can make a claim if you satisfy any of the following tiers of
the definition:
This extra-cost option increases the benefit you will receive if a
specified ‘trauma recovery event’ (Refer to the OneCare PDS for
details) occurs. The way it works depends on the type of policy
you own:
1. One important duty
This tier triggers where you are not working and cannot perform
at least ‘one important duty’ of your regular occupation.
•• Income Secure Standard and Special Risk. If you receive a
total or partial disability benefit, we will pay an additional 1⁄3
of the monthly amount insured payable for up to 24 months –
so long as you continue to be totally or partially disabled.
2. 10 hours definition
This allows you to keep your connection with work, or even test
the waters working up to 10 hours a week, without losing your
benefit payments.
3. Loss of income
This tier allows you to earn up to 20% of your pre-claim
income while still receiving your full monthly benefit. You can
be working in your regular occupation or any gainful occupation.
Specific Injury Benefit
If you suffer a specific injury event, the Specific Injury Benefit
pays you – regardless of whether you need to go on a total or
partial disability claim.
This type of benefit is often an extra-cost option on income
protection products, but it’s built in as standard in OneCare
Income Secure Cover policies (except Income Secure Special
Risk). Refer to the OneCare Product Disclosure Statement (PDS)
for details on these specific injuries and payment periods.
Priority Income Option
Generally, income protection cover replaces 75% of your
income. This extra-cost option allows you to increase your
maximum amount insured by an additional 5% of your
insurable income to cover either:
•• your mortgage repayments, or
•• your super contributions.
That means you can effectively increase your level of
protection to 80% of your monthly earnings, and it is available
if your mortgage repayments or super contributions represent
a minimum of 5% of your monthly earnings.
•• Income Secure Comprehensive and Professional. If you
receive a total or partial disability benefit, we will pay an
additional 1/3 of the monthly amount insured payable for
the first 6 months – regardless of whether you are totally
or partially disabled. After 6 months, this additional benefit
would continue to be paid as long as you are totally or
partially disabled (up to a further 18 months).
Structuring your premiums
Level vs Stepped premiums
To help you structure your premiums to suit your budget and
cash flow needs, OneCare provides two premium options:
1. Stepped premiums generally start off lower relative to
Level premiums and increase every year as you age.
2. Level premiums are averaged out over the policy duration,
which means you generally have higher premiums relative
to Stepped premiums during the initial years, but lower
premiums in later years.
OneCare’s flexibility gives you the choice to combine both
types of premium options on the one policy.
Premiums are also influenced by numerous factors including
age and amounts of cover held.
Funding your insurance using super
OneCare Income Secure Cover can be structured both outside
and inside super – where you can take advantage of the taxeffective super environment.
Holding your Income Secure Cover inside super may improve
affordability, while giving you a number of options for how you
pay your premiums:
1. You can pay for a OneCare Super policy using new
personal, spouse or employer contributions. The employer
contributions can even include Superannuation Guarantee
(SG) payments.
2. If you have a Self-Managed Super Fund (SMSF) you can use
OneCare as your insurance in your SMSF, using funds from
your SMSF account to pay your premiums.
3. If you have a OnePath OneAnswer or ANZ OneAnswer
account, you may conveniently use this account balance
to pay your OneCare Super monthly, half-yearly or
annual premiums.
4. We’ve also made it possible to annually rollover a premium
amount from any other Australian super fund to pay your
OneCare Super premiums.
Rewarding your loyalty
Premium discounts
1. Multiple life discounts. We provide packaging discounts
of up to 10% if you link your OneCare policies with those of
eligible family members or business partners.
2. Multiple cover discounts. We provide an additional 5%
Multi-cover discount on your OneCare Life Cover, Total and
Permanent Disablement (TPD) Cover and/or Trauma Cover
if you also take out OneCare Income Secure Cover at the
same time.
Qantas Points
You can earn Qantas Points on the premiums you pay for your
OneCare policy. You’ll earn 1 Qantas Point for every dollar
spent on eligible premiums*.
To find out more, visit onepath.com.au/qff
Not a Qantas Frequent Flyer member? You can join now with
no joining fee† at qantas.com/onepathjoin
information about our award-winning
OneCare range, talk to your financial adviser.
For more
* You must be a Qantas Frequent Flyer member and correctly register valid membership details with OnePath Life within 30 days of taking out a policy before you can start
earning Qantas Points on eligible OnePath Life premiums you pay. Qantas Points are earned in accordance with the ‘OnePath and Qantas Frequent Flyer Rewards Terms
and Conditions’ available at onepath.com.au/qff-terms-conditions. Membership and the earning and redemption of Qantas Points are subject to Qantas Frequent Flyer
program terms and conditions available at qantas.com/terms. Qantas Points are only earned on premiums you pay after OnePath Life has received your Qantas Frequent
Flyer membership details. Qantas does not endorse, is not responsible for and does not provide any advice, opinion or recommendation about this product or the
information provided by OnePath Life in this communication.
† Complimentary join fee waiver, a saving of $82.50, offered by OnePath Life. This complimentary offer may be withdrawn at any time.
Customer Services
Phone 133 667
Email customer.risk@onepath.com.au
Postal address
OnePath Life
GPO Box 4148
Sydney NSW 2001
OneCare is issued by OnePath Life Limited (ABN 33 009 657 176) (“OnePath Life”). OneCare Super, OnePath OneAnswer and ANZ OneAnswer are issued by
OnePath Custodians Pty Limited (ABN 12 008 508 496, RSE L0000673).
This information is of a general nature and has been prepared without taking account of your objectives, financial situation or needs. It does not represent tax
advice and you should seek independent financial and tax advice having regard to your objectives, financial situation and needs.
OnePath Life receives premiums for any insurance cover you obtain from us. Our employees and directors receive a salary from us. They do not receive
commissions, however, they may be eligible for performance related bonuses and other staff related benefits. You may request further information from
OnePath Life.
onepath.com.au
L7899/0913
We recommend that you read the OneCare Product Disclosure Statement, available by calling 133 667 or visiting onepath.com.au, before deciding whether to
acquire, or to continue to hold, these products.