OnePath Life Insurance
OnePath Life has a heritage of 140 years and is part of the Zurich Insurance Group.
by Gary Andrews
Last update 01 Nov 2021
OnePath Life Insurance has been offering insurance to Australians for more than 140 years.
With some policies you can choose to receive a one-off lump sum or be paid in equivalent instalments.
OnePath is the only insurer we came across that gives you the opportunity to earn Qantas Frequent Flyer Points on your premiums.
Nobody likes thinking about falling ill, having an accident or worse, but it’s important to be prepared if something were to happen to you.
It’s all about providing a secure financial future for anyone who depends on you.
If you’ve got no dependents but not much in the way of savings, you may simply want income protection to cover your bills.
Have a history of illness in your family?
You may want to consider trauma (critical illness) cover.
And if you have a growing family or big financial commitments like a mortgage, you might prefer the reassurance of life cover.
OnePath offers a wide range of options, some of which you can pay for with your super.
OnePath’s OneCare Life Cover¹ provides a one-off payment – or equivalent instalments – that can be used to pay off debts, cover day-to-day expenses and help with your beneficiaries’ future needs.
Trauma cover (Critical illness cover)
OnePath Trauma Cover¹ gives you a full lump sum benefit for up to 46 serious medical conditions, including cancer and heart disease.
You can choose from three products – Severity, Comprehensive and Premier.
Severity Trauma Cover key features:
Comprehensive Trauma Cover key features:
Premier Trauma Cover key features:
Total permanent disability (TPD)
TPD insurance¹ gives you financial security if an illness or injury stops you from working or doing everyday domestic duties.
You can choose this cover within or outside your super.
Our TPD guide has more information on how this type of cover works.
Income secure cover (Income protection)
Your ability to earn an income is an important asset.
OnePath Income Secure¹ can cover up to 70% of your monthly income if you can’t work because of illness or injury.
Choose between three products, from OneCare Income Secure Protection, OneCare Living Expense Cover and OneCare Business Expense Cover.
Income Secure key features:
Living Expenses cover key features:
Business Expense cover key features:
You can receive some interim insurance cover while OnePath assesses your application.
A range of premium discounts are also available, from sum insured, to multiple cover, to multiple life discounts.
Yes, you can get Life, TPD and Income Protection through your super.
Trauma/Critical Illness cover isn't available with your superannuation through any insurer.
Want to know more about how life insurance works with superannuation?
According to Moneysmart.gov.au, OnePath’s number of finalised claims between 1 July 2020 and 30 June 2021 is 2.0 months to settle a claim with an claims acceptance rate of 98.1%, which is higher than the industry average claims accepted rate of 96.6%².
OnePath has a 10.2% policy cancellation rate, which is lower than the industry average of 13.6%².
*Cover amounts are subject to financial underwriting.
OnePath has listed its key exclusions by product type. You can see them below.
A Life Cover claim will not be paid if the Life Insured’s death was caused or contributed by:
A TPD Cover claim will not be paid if total and permanent disablement is either caused, or contributed to, by,
A Business TPD claim will not be paid out if the illness or injury is a result of:
Trauma cover (Critical illness)
A Trauma cover claim will not be paid if:
An Income Secure Protection Insurance claim will not be paid if the claim is either directly or indirectly caused by:
A Business Expense Cover claim will not be paid if the claim is either directly or indirectly caused by:
A Living Expense Cover claim will not be paid if the claim is either directly or indirectly caused by:
Everybody’s different, so your premium will be based on your individual circumstances, including your age, occupation and your insurance needs.
That's where Compare Club's specialists can help, by working out what type of policy could be right for you at a cost that fits in with your budget.
Of course, it’s worth consulting a financial advisor before making any financial decisions.
Who owns OnePath Life?
OnePath Life Insurance is owned by OnePath Life Limited, part of the Zurich Financial Services Australia Group.
Do I need a medical exam to get life insurance with OnePath?
Possibly yes, as the underwriter may require blood tests to be done. If this is the case however, it will be at no additional cost to you.
Does smoking affect my premiums?
Yes. Smokers can pay up to 50% more for their premiums than non-smokers.
Does OnePath life insurance include funeral cover?
An Advance Assistance benefit that pays up to $25,000 is included with Life Cover insurance held outside of super.
Is it easy to cancel OnePath Life Insurance?
Yes. You can cancel in writing within the cooling off period, which is 28 days from the start date at no cost to you. You can cancel at any time after the cooling off period in writing; however, premiums paid through monthly instalments are not eligible for a refund.
Where can I buy life insurance with OnePath?
Compare Club’s life insurance experts can help you find an affordable policy quickly and easily, and take care of the paperwork for you.COMPARE & SAVE
OnePath Life, Critical Illness, TPD and Income Protection, accessed October 2021.
MoneySmart, Life insurance claims comparison tool, accessed October 2021.
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 program 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 of the information provided by OnePath Life in this communication.
The information contained in this guide is of general nature only and has been prepared without taking into consideration your objectives, needs and financial situation. As such, it is important that you consider the appropriateness of any advice and the relevant product disclosure statement (PDS) before proceeding. Any opinions expressed within an article are those of the author and do not specifically reflect the views of Life Insurance Comparison Pty Ltd.