The value of life insurance is the certainty it provides in protecting what matters most to you.
As your life insurer, we believe it’s our responsibility, along with your adviser, to help you maintain this certainty as long as you need it – which is why we offer support through periods of financial hardship.
Our flexible product and payment options
OneCare offers a range of flexible product and payment options to help give you breathing space or a lower premium when you need it. These options are summarised in the table below, to allow you to easily examine what options might feel right for you and the cover you have.
Further detail behind some of these options can be found throughout this website (you’ll find links in the table below), as well as in the OneCare Product Disclosure Statement. Your latest Policy Schedule will show you what you’re currently covered for.
What should you do next?
Take the time to read through these options. It is important you assess your options carefully – some changes can only be changed back subject to a reassessment of your personal circumstances e.g. your health, financial situation etc
If you’re considering taking up any of these options, if need further help with these options, or you would like to know anything else regarding your cover:
- We recommended speaking to your financial adviser first, if you have one. They will have an understanding of your personal needs and insurance objectives, and so they can discuss the best options for lowering your premium specific to your circumstances
- Additionally, you can contact us on 133 667. While we can’t talk to you about your personal circumstances in the same way your adviser can, we can talk to you about your policy, and the options available under your policy.
Product Available on all products
How it works
Most OneCare cover types offer different levels of cover. You may be able to reduce your premium by changing from a cover option with more in-built benefits to an option with fewer in-built benefits.
Product Available on all products
How it works
- Removing some of your extra-cost benefits and options will help to reduce your premium, but will reduce the breadth of your cover.
- Note, it’s always best to check in with your financial adviser to understand how alterations to your policy may impact you.
Product Available on all products
How it works
You can change your payment frequency. For example:
- To help with cashflow, you could switch your payment frequency to monthly or half yearly. Note: there is an additional charge for paying monthly or half-yearly.
- If you’re currently paying monthly or half yearly, you could switch your payment frequency to annual to remove the charge.
- Please note that if you’repaying for your cover via external rollover for OneCare Super, monthly and half-yearly options are not available.
Product Available on all products
How it works
Smokers generally pay a higher premium than non-smokers. If you’ve quit smoking for more than one year, you can apply to have this loading removed, which would reduce your premium. Read more
Product Available on all products
How it works
Poor health and/or dangerous pastimes may add what’s called a ‘premium loading’ to your cover – which means you pay a higher premium than someone who doesn’t have those risk factors. If your health has improved or your pastimes have changed, you may be able to get these loadings removed. Read more
Product Available on all products
How it works
Reducing your level of cover is a simple way to reduce your premium, bearing in mind this will reduce the benefit amount you will receive for a claim.
Note that:
- if you ever then want to increase it back up, you’ll need to apply and the application will be subject to our assessment of your circumstances (including your health and financial situation) at that time
- altering cover levels may impact any policy discounts, so it’s always best to check in with your financial adviser to understand how this may impact you
Product Available on all products
How it works
Indexation is an in-built benefit that increases your cover level each year to protect against inflation. Switching indexation off means your level of cover won’t increase at your next policy anniversary, which will reduce the increase in your premium. Read more
Product Available on Life, TPD and Trauma Cover
How it works
- This allows you to fix your premium so it won’t increase at your next policy anniversary. This means the amount you are covered for generally reduces so your premium can stay the same.
- Please note this option is only available if you pay stepped premiums.
Product Available on Income Secure Cover
How it works
- With an Indemnity benefit payment type, the amount you receive will be determined by your actual income in the two years before the claim (which could mean you receive less than the amount insured).
- This is opposed to a ‘Guaranteed’ or ‘Agreed’ payment type where, at claim time, your amount insured won’t be adjusted if your income has decreased.
- Choosing an Indemnity payment type typically reduces your premium. Read more
Product Available on Income Secure Cover
How it works
The waiting period is the number of days before you become eligible to claim, starting from the date the doctor confirms you are injured or disabled.Choosing a longer waiting period reduces your premium. Read more
Product Available on Income Secure Cover
How it works
The benefit period is the maximum amount of time you can receive income protection payments for the same or related illness or injury. Choosing a shorter benefit reduces your premium. Read more
Product Available on Income Secure Cover
How it works
This extra-cost option means your benefit payments will increase while you’re on claim to help keep up with inflation. Removing this option will reduce your premium but will mean while you are on claim your benefit will not increase.
Product Available on Income Secure Cover
How it works
When you hold income protection outside superannuation, those premiums are generally tax-deductible,which can make it significantly more cost-effective to get the cover you need. You may also be able to hold an income protection policy inside super, meaning you can use tax-effective super contributions to pay your premiums. However, with in a superannuation policy, features are generally more restricted. Read more
Product Available on Income Secure Professionals
How it works
If you become unemployed or take long-term leave from work, you can request to pause your premium payments for up to 12 consecutive months. Please note you won’t be covered for any conditions apparent during the period your premiums are paused, as well as for the 90 days following your premium payments starting up again.
Product Available on Income Secure Essentials and Severity Trauma Cover
How it works
Your premiums will be waived for up to six months if you are pregnant. Your cover will continue during this time.
Product Available on Income Secure Essentials and Income Secure SuperLink
How it works
You can suspend your premiums for up to 12 months if you are:
- Unemployed
- On sabbatical,maternity, paternity or long-term leave from work, or
- Experiencing financial hardship due to your household income for the last three months reducing by more than 30%.
Please note you won’t be covered for any conditions that develop or are apparent during the period your premiums are paused.
Product Available on TPD Cover
How it works
Generally there are two types of TPD definitions:
- Own occupation – Where your claim is assessed against your ability to perform the specific requirements of the job you currently do, or;
- Any occupation – Where your claim is assessed against your ability to perform any job you are qualified or suited to based on your education training or experience
Given it’s harder to qualify for a claim under an ‘Any Occupation’ definition,premiums for that type of cover are generally lower. Read more
Product Available on Trauma Cover
How it works
Trauma Cover comes in three cover types – Severity, Comprehensive and Premium – that offer different levels of protection. Different cover types cover a different number of trauma conditions that pay a full benefit, and trauma conditions that pay a partial benefit. Depending on the cover you currently have, you may be able to reduce your premium by switching cover types. Read more
This article has been prepared by OnePath Life Limited (OnePath Life) ABN 33 009 657 176 AFSL238341.
The information is current as at December 2020 but may be subject to change.
OneCare is issued by OnePath Life. OneCare Super is issued by OnePath Custodians Pty Limited(OnePath Custodians) ABN 12 008 508 496 AFSL 238346. OnePath Life is not a related body corporate of OnePath Custodians.
This information is of a general nature and has been prepared without taking account of your objectives, financial situation or needs. Before acting on the information, you should consider whether the information is appropriate, having regard to your objectives, financial situation and needs, and consider the OneCare Product Disclosure Statement and Policy Terms (PDS) before deciding whether to acquire, or to continue to hold, the product. Please visit onepath.com.au for a copy of the PDS.