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.