Insur ance
PathWay
November 2012
Be proactive about
your health
Why OnePath Life is your
trusted insurance provider
Do your adult
children have
a back-up plan
(other than you)?
PathWay
In this issue
Page
Sarah’s welcome
Why OnePath Life is your trusted insurance provider
3
4-5
Win! Win! Win!
6
Last issue’s winners
7
Men’s and women’s health – why it pays to be proactive
8-9
How to make fitness part of your daily lifestyle
10-11
Do your adult children have a back-up plan (other than you)?
12-13
We’ve got your changing lifestyle covered
MyWord – let us know what you think
14
Back cover
We’re here to help:
Phone: 0508 464 999 Online: onepath.co.nz/insurance Email: insurance@onepath.co.nz
Important notice
This magazine is for information purposes only. Its content is intended to be of a general nature, does not take into
account your financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers
Act 2008. It is recommended you seek advice from a financial adviser which takes into account your individual
circumstances before you acquire a financial product.
2
Sarah’s welcome
I am very excited to be working
with the OnePath Life team and,
through PathWay, I look forward
to sharing all of our achievements,
new initiatives, interesting articles
and tips that will help you to get
the most from your OnePath Life
insurance policy.
Sarah joined the
OnePath Life team
in October bringing
over 20 years of
insurance experience,
including seven years
in OnePath
Management. Sarah’s
knowledge and
understanding of the
OnePath business and
our customers means
she is perfectly
positioned to ensure
we continue to help
you protect the things
you value most.
In this issue of PathWay we are
delighted to share with you our
latest news that we are sure will
add to your confidence in choosing
OnePath Life as your trusted insurer.
In late September OnePath Life
acquired an insurer financial
strength rating of AA- (very strong)
from independent rating services
organisation Standard & Poor’s
(Australia) Pty Limited1. This means
that OnePath Life has a very strong
ability to pay claims, and reinforces
our message that we will be here
for you if you ever need us.
I encourage you to read pages
4 and 5 to find out more about
what this means for you.
We all know that it’s important
to stay fit and healthy no matter
how busy life gets, and that’s why
we encourage our staff to exercise
regularly by providing different
on-site fitness classes.
If you need encouragement see
our tips on pages 10 and 11 to help
you to fit exercise into your busy
lifestyle. We’re also giving away
12 Rebel Sport vouchers, valued
at $200 each, to help you get the
gear you need to make it happen.
See page 6 for more information
and to enter the competition.
Check out our thought-provoking
article on pages 12 and 13 to see
whether you need to talk to your
adult children about insurance
and why it’s a good idea to do this.
Also, November is an important
month for both men’s and women’s
health, so read on to find out why
and to learn some interesting facts
about how we’ve helped our
customers in their time of need.
If you have any questions about
your insurance we encourage
you to talk to your adviser, or you
can call us anytime Monday to
Friday (8.30am -5.00pm) to talk
to our team. You can reach us on
0508 464 999. We’re here to help.
Have a safe, enjoyable and
healthy summer.
1
summary of Standard and Poor’s rating
A
scale is on page 4.
3
PathWay
Why OnePath Life is your
trusted insurance provider
OnePath Life’s new insurer financial strength rating means
we’ll be here when you need us most – at claim time.
It’s our job to provide you with the insurance cover you need to protect your life and your
lifestyle, and to be there for you if you ever need us. With our recently acquired insurer
financial strength rating from independent rating services organisation Standard & Poor’s
(Australia) Pty Limited, you can feel even more confident with your decision to choose
OnePath Life as your trusted insurer.
What is OnePath Life’s insurer financial
strength rating?
What is the purpose of an insurer’s
financial strength rating?
OnePath Life has an AA- (very strong)
Insurer Financial Strength Rating from
Standard & Poor’s (Australia) Pty Limited.
This means that OnePath Life has a very
strong ability to pay out claims.
The purpose of the rating is to provide a
means of enabling the public to distinguish
between higher and lower risk insurance
companies so that they are able to make
more informed decisions when choosing
their insurer. It is common all around the
world for insurance companies, banks and
other companies in the financial services
industry to have such a rating.
Why is it important to know about an
insurance company’s financial strength?
Standard & Poor’s rating scale is:
AAA
Extremely strong
AA
Very strong
A Strong
BBB Good
BB Marginal
B Weak
CCC Very weak
CC Extremely weak
R
Regulatory action
4
Ratings from “AA” to “CC” can be modified by the addition
of a plus or minus sign to show relative standing within
the major rating categories.
There are many factors involved in
choosing an insurance provider. For
example, does the product meet my
needs? Is it good value for money?
Ultimately, the real value and benefit of
insurance is demonstrated if and when you
need to claim. For longer-term insurance,
such as life insurance, that time could
come next week, in five years or in 20 years.
Having a financially strong insurer gives
you peace of mind knowing that both
your short-term and your long-term
insurance needs can be met.
For more information about our financial
strength rating you can visit our website
onepath.co.nz/insurance.
Our financial strength is just
one of the great reasons why
you can trust OnePath Life as
your insurance provider. Here
are some more good reasons
why you can have peace of mind
as a OnePath Life customer.
Our claims philosophy puts you first
We’ve been paying claims for over ten years
and throughout this time we have remained
committed to our philosophy to do what’s
right for our customers every time. That
means we look for ways to pay claims –
not how to get out of paying claims.
In 2011 OnePath Life paid over $34 million
in claims.
Experience and expertise
OnePath Life is one of New Zealand’s leading
insurance providers. Owned by ANZ New
Zealand, part of the Australia and New
Zealand Banking Group, we have access to
strong expertise in technology, governance
and training & development to support us
and, more importantly, our customers.
A unique service that sets us apart
from the rest
We provide additional services that
can help prevent minor problems from
becoming major ones. OnePath Life’s
Client Membership Benefits service is
independent, free of charge and includes:
•• Budgeting advice
•• Career counselling
•• General counselling and more.
This service has allowed many of our
customers to solve problems in their lives
and find greater health and happiness as a
result. That’s something we’re really proud of.
That’s a lot of people who placed their trust
in us; and we were there for them when
they needed us most.
OnePath insurance solutions include:
• Personal insurance such as life cover and income protection
• Business insurance covering director protection, loan repayment protection
and key person protection
• Medical insurance such as cover for major medical expenses and specialist costs.
Talk to your adviser today if you have any questions about your insurance cover, or if you want
to find out about the different insurance solutions OnePath Life offers. Or, you can call us
on 0508 464 999.
5
PathWay
Win! Win! Win!
To get in shape for summer and make fitness part of your daily lifestyle we recommend
you try Sally Feinerman’s tips on pages 10 and 11. Of course it also helps if you have the
right gear, so in this issue of PathWay we are giving away a $200 Rebel Sport voucher
to 12 lucky winners.
To enter, all you have to do is complete the MyWord form at the back of this magazine
and return it to us by 5pm Friday, 14 December 2012.
Terms and conditions apply; see below.
*
Terms and conditions
The prize is not transferable or redeemable for cash. If for any reason the prize/s become unavailable, OnePath Life (NZ)
Limited (“OnePath”) may substitute an alternative equivalent prize/s without notice. Entries are limited to one entry per
person. The first 12 entries drawn that comply with the eligibility requirements will win the prizes. Staff, their immediate
families and agents of OnePath are not eligible to enter the competition. OnePath’s decision shall be final and no
correspondence will be entered into. The information that you provide to enter this competition will be held by OnePath
and will be used for the purposes of administering the competition. You have the right to access and request correction
of this information. To the extent permitted by law, OnePath Life (NZ) Limited and its related companies will not be liable
for any costs, expenses, damage or injury which any participant in the prize draw may suffer or incur.
6
Last issue’s winners
In the last issue of PathWay we gave away 20 annual subscriptions
to the Healthy Food Guide magazine. We received some fantastic
feedback and, as always, we encourage you to tell us what you
think about our service and your OnePath Life insurance policy.
Here’s some feedback from our latest winners:
Candace Lorcet:
“I found the article about John Brown a real life story (May 2012 issue) really
interesting and eye-opening. After we
chose our insurance package, I haven’t
thought much about it since. This story
reminded me how financially scary an
illness can be and made me go back
and review our policy. Thank you for
an informative magazine.”
Cyrus Khambatta:
“My family has been a loyal customer
for many years. I am very happy with
the services provided by OnePath as
well as my adviser. I could not ask for
more. Thank you very much.”
Mary Dekker:
“I am impressed with the stress-free service
we have received at OnePath. When you
are in the middle of a stressful situation
you need your insurance provider to make
it all run as smooth as possible – and that’s
what OnePath did.”
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PathWay
Men’s and women’s health –
why it pays to be proactive
October and November are important months for men’s
and women’s health.
Breast Cancer
TAKE ACTION month
If you happened to notice an abundance
of pink last month, there was a good reason
for this – it was Breast Cancer Take Action
month. This gave us a great excuse to dress
up in all things pink for a worthy cause
– to increase breast cancer awareness
and raise funds for the New Zealand
Breast Cancer Foundation (NZBCF).
The NZBCF encourages women to
be proactive and make breast cancer
awareness part of their life. The Foundation
recommends all women follow three
‘Priorities in Breast Awareness’:
1.Have a regular screening mammogram
2.Know your breasts
3.Talk to your family doctor.
For more information about breast
cancer and Take Action Month visit
www.takeaction.org.nz
New Zealand women
have a 1 in 9 chance of
developing breast cancer during their lifetime*
8
Movember
During November each year, Movember is
responsible for the sprouting of moustaches
on thousands of men’s faces in New Zealand
and around the world. The aim of this is to
raise vital funds and awareness for men’s
health, specifically prostate cancer and
depression in men.
The reasons behind the current state of
men’s health are numerous and complex,
but it appears the biggest issue is the Kiwi
bloke “she’ll be right” attitude. Rather than
visiting a health professional, too many men
choose to ignore a health issue – and sadly,
sometimes they leave it until it’s too late.
Movember wants men to take responsibility
for their health, prevent illness by leading
a healthy lifestyle and understand the
symptoms and signs in both themselves
and others so they can appreciate when
and how to seek help if needed.
For more information about
Movember and men’s health visit
www.movember.org.nz
get
1 in 10 NZ men will prostate cancer in their lifetime**
Insurance is another way you can
be proactive about your health
Being proactive about your health isn’t just
about staying healthy and having regular
check-ups. Unfortunately illnesses such as
breast or prostate cancer can strike anyone
at any age, regardless of their lifestyle –
and when it does, it pays to be protected.
Having the right insurance in place means
that you will have funds available to make
the best choices for your health if the
unexpected happens.
If you already have Major Medical Cover
or Trauma Cover with OnePath, read on
to find out how these benefits will work
for you in your time of need.
and it covers the cost of expensive surgery
and treatments like prostate removal,
mastectomy and reconstruction and
radiation therapy.
Trauma Cover pays a lump sum in the
event of a trauma condition such as cancer,
heart attack or stroke. It also includes
special cover for low-grade gender-specific
cancers like breast and prostate cancer.
You decide how you spend the lump sum
payment – whether it is to cover medical
costs and treatment, subsidise a lost
income, pay for alterations, rehabilitation
and home help, paying off the mortgage
or going on a holiday.
Major Medical Cover provides funds
for access to a private hospital and the
treatment you need. It allows you to
bypass the public hospital waiting list
Here’s how Major Medical Cover and
Trauma Cover have helped two of our
customers recently:
Female aged 37
Male aged 60
Diagnosis: Breast cancer
Diagnosis: Prostate cancer
Major Medical covered:
Major Medical covered:
•• Specialist$4,117
•• Radiology$3,021
•• Surgeon$42,900
•• Hospital$42,747
•• Anaesthetist$12,369
•• Radiation Therapy
$33,015
Specialist
$607
Biopsy
$795
Oncologist$490
Brachytherapy$26,509
Trauma Cover paid:
Lump sum
Total claim paid Total claim paid $28,401
$26,748
$164,917
* New Zealand Breast Cancer Foundation, April 2011
** Movember New Zealand – Men’s Health, 2012
9
PathWay
How to make fitness part
of your daily lifestyle
With summer fast approaching, many of us will now be thinking
about getting in shape after a long winter (and in the hope of
a better summer than last year!). But after a busy day juggling
multiple responsibilities, it’s hard to fit in exercise and quite
frankly it’s often the last thing we feel like doing.
So, we asked fitness expert Sally Feinerman
to give us her top three tips to make it
easier for you to incorporate fitness into
your daily lifestyle.
Tip 1.
Make incidental exercise count
Even if you do manage to fit exercise into
your life it’s still really important to lead an
overall active lifestyle. I refer to this as
incidental exercise and there are a number of
ways it can be added in to your day on
autopilot e.g. gardening, housework, walking
to the shops, to name a few.
By adding short bursts of incidental exercise
into your day you will end up feeling fitter,
stronger, and full of energy, plus you will
burn more calories which will help you
control your weight.
Tip 2.
Strength train once per week
Traditional strength programmes are not
based on individual lifestyle requirements so
they set up the average person to fail. Rather
than asking how long do I have to train let’s
ask how little do I need to train to achieve
my results?
10
Why strength train once per week?
•• Everyone has time to train once a week
•• You can train harder when the emphasis
is on quality and not quantity
•• It is easier to keep motivated and you
can reach your goal easily as you are
more likely to stick to the programme
•• You have less chance of getting bored.
Misconception:
You have to work out hard every
day to see any difference.
The truth:
Since your muscle tone is enhanced
through the ‘healing’ process after
strength training, you only need to work
the muscles hard once a week for half
an hour to see results. Your body needs
time to recover and rest after a hard
workout, but you will see your flabby
body turn firmer and more contoured
over a period of time.
Tip 3.
30 minutes of exercise per day
•• Strength train 30 minutes once per week
and build muscle so that you turn your
body into a fat-burning machine.
•• 30 minutes of high intensity exercise
can give you the same results in terms
of fat loss as working out for 1 hour at
a moderate pace.
•• Short and sweet and you will actually do
it. Let’s face it, a 30-minute circuit class is
over quickly, is brief and when done with
intensity will get great results.
•• Start circuit training and reap the
time-saving benefits of combining
your strength training with ‘huffy puffy’
exercise to jump-start your metabolism.
Aim to add cardio into your day 4-5 times per
week and strength train once per week. Write
down 10 ways that you can start adding
incidental exercise into your day. Then record
your exercise each day for the next 30 days.
Did you know that Coronary heart disease kills almost four times as many women as breast cancer? 3 Women need to be as vigilant about the
health of their hearts as they are about their breasts.
Sally Feinerman is the director of successful training studio,
Fitness Fix. She provides women who previously lacked
motivation, support or courage to fit fitness into their lives
with an opportunity to achieve amazing results in a way that
is easy and effective.
You can learn more about
Sally and what she offers at
www.fitnessfix.co.nz.
Sally’s inspirational
personal story
If you currently maintain a healthy lifestyle
then give yourself a pat on the back!
Healthy people are at less risk of illness
such as cancer and heart disease. But
that doesn’t mean you’re immune –
Sally Feinerman is a testament to this.
During the 2011 Auckland Half Marathon
Sally collapsed and shattered her hopes of
gaining a qualifying time for the New York
Marathon. She was admitted to hospital
and diagnosed with a heart block,
subsequently requiring a pacemaker.
However, earlier this year Sally received
some exciting news. She had won an entry
to the New York Marathon through the
non-guaranteed entry process (an 8%
chance of selection) and she is now back
on track to achieving her dream of running
in this month’s race. We wish Sally the best
of luck!
3
New Zealand Heart Foundation, 2012
11
PathWay
Do your adult children have a
back-up plan (other than you)?
Picture this:
You’re aged 60 and semi-retired
Regular contributions to your retirement
scheme over the years will soon pay off and
you’re feeling quietly confident that in five
years you’ll be ready to retire completely.
You’ve worked hard during your long
career; you’ve paid off your mortgage and
made every effort to generate a good level
of savings along the way. A comfortable
retirement has been well-earned.
Now imagine your 35-year-old daughter,
a single mother of two, comes over to tell
you she’s been diagnosed with breast
cancer. After talking more about it, you
discover she doesn’t have any trauma cover.
Or income protection. And she forgot to
renew her private health insurance.
So much for a comfortable retirement!
With all the focus on saving and preparing
for your twilight years, it’s easy to forget
about one of the biggest potential
financial hazards any pre-retiree can
face – your own children.
It’s a natural instinct for a parent to do
whatever it takes to help their children
when they need you. And luckily for
the baby boomer generation, and their
children, many have the financial resources
to help out.
But what if ‘helping out’ meant you had
to stay in the workforce longer, or cut back
on your retirement lifestyle to help fund
your child’s mortgage, medical expenses
or living costs?
Or what if you had to provide for your
grandchildren? What would that mean
for your own financial situation –
both now and in the future?
Revenue came up with a round figure for raising a child until the age of 18 of $250,000, or about $14,000 per year 2
In 2009 Inland
2
12
Sorted.co.nz
Do your children have it covered?
Generations X and Y are comfortable with
the idea of using debt to achieve their
goals. And to get into the housing market,
they often have to take on a considerable
mortgage, which can take a decent bite
out of their income.
Of course, all of this is sustainable when
they’re working full-time. But if your
children don’t have adequate protection
for their income, their debts, and their
dependants, they could be vulnerable to
serious illness or injury. Their own families
(if they have one) can also be considerably
exposed if they die.
Help your children help themselves –
talk to them about life and lifestyle
insurance
Many adult children will discuss their
major financial decisions with their parents.
Major events like getting married, buying
a house, or even changing jobs are good
opportunities to talk to your children about
life and lifestyle insurance.
One of the good things about taking
out life insurance from a younger age is
that premiums are often very affordable.
The best way to help your children get the right level of protection for themselves (and you) is to encourage them to discuss their life insurance circumstances with a financial adviser.
13
PathWay
ClubRoom
We’ve got your changing
lifestyle covered
So much can happen in a year and often it’s hard to
keep track of everything – especially things like insurance.
Did you know?
It’s easy to apply
OnePath makes it easy to keep
your insurance up to date with your
changing lifestyle, regardless of any
changes to your health.
It’s quick and easy to increase your
cover under this benefit because you don’t
have to provide any medical information,
which can be a time-consuming process.
Furthermore, if you’ve had a health event
since your policy started then this is a
golden opportunity to increase your cover
without being penalised in any way. Just
bear in mind, you need to apply for this
benefit within 180 days of the relevant life
event occurring.
Your policy includes a built-in ‘Lifestyle
Events Benefit’ which allows you to increase
your cover by up to $250,000 without the
need for further underwriting if one of the
listed events happens.
Events include:
•• Marriage or civil union
•• Divorce or legal separation
•• Full-time care of a dependent relative
•• Birth or legal adoption of a child
•• Purchasing a new home,
residential investment property
or land, or holiday home
•• The commencement of full-time tertiary
education by a dependent child.
14
Talk to your adviser if you’ve recently
experienced a life event or if you have
any questions about our Lifestyle Events
Benefit. Or, you can call us on 0508 464 999
FreePost Authority 169215
OnePath Life (NZ) Limited
Private Bag 92131
Victoria Street West
Auckland 1142
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MyWord
We’d like to know whether we are
delivering what you really want in the
areas of product features and benefits,
customer service and information.
Let us know what you think
Name:
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competition section of the next edition of PathWay, should you be one of the lucky winners.
good or bad,
If you’ve got something to tell us,
please complete the form above and return it to us freepost. Alternatively, email us at insurance@onepath.co.nz or give us a call on 0508 464 999.
OnePath Life (NZ) Limited
205 Wairau Road, Glenfield, Auckland 0627
Private Bag 92131, Victoria Street West, Auckland 1142
Toll Free T 0508 464 999 F 0508 464 777
onepath.co.nz