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OnePath Life Insurance Review
OnePath life insurance is part of OnePath Life Limited of the Zurich Insurance Group. They provide life insurance solutions to Australian residents.
NOTE: If you’re shopping for life insurance in the U.S., you cannot buy a policy from OnePath. U.S. shoppers are restricted to working with agents and carriers who sell products in the U.S. Luckily, we’re here to help! At LifeQuote, we work with A-rated carriers here in the United States. Need a policy? Start by getting a quote right here on our website.
OnePath has been around for over 140 years. They offer coverage for trauma, disability, and more. The company is also affiliated with Qantas Frequent Flyer Club, so you can earn one point for every $1 you pay on your premium. OnePath has won several awards, including:
- Risk Company of the Year 2008, 2010, 2011, 2012, 2013 – Money Management/DEXX&R Adviser Choice Risk Awards
- Claims Team of the Year 2012 – AFA/Plan for Life – Life Company Awards
- 2012 Gold Winner Term Life, TPD and Trauma – Money Management/DEXX&R
- 2012 Trauma/Critical Illness Product Award – Plan for Life/AFA Awards
In late 2017, ANZ agreed to sell OnePath to Zurich Insurance Group, and the sale was completed in 2019. Zurich Insurance operates in over 210 markets worldwide and employs over 50,000 people. Existing policyowners were not affected by the sale. OnePath continues to offer life insurance products. They also offer total and permanent disability coverage, trauma coverage, income protection, business and living expenses coverage, and group insurance coverage for employers.
OnePath Life Insurance
- Locked Bag 994
North Sydney NSW 2059
Advantages of OnePath Life Insurance
You can earn Qantas Points for premiums you pay on your policy. If you're a frequent flyer, your life insurance policy can help fund your travel while providing coverage.
When OneCare upgrades their policies, your existing policy will be automatically without an increase in premium. This ensures that even if you are an existing policyholder, you’re always receiving the maximum amount of benefits and coverage at no extra cost. OnePath also provides premium discounts when you combine all of your coverage.
While your application for a policy is being processed, OnePath provides you with interim coverage to make sure there is no gap in your protection. Coverage increases each year to keep up with inflation, without an additional medical exam. As long as you pay your premiums for your existing policy, your coverage will continue regardless of any health changes you experience.
OnePath also offers a grief care program. When you make a death or terminal illness claim, OnePath may offer you and your family free access to counseling. In addition to counseling services, OnePath also allows you to customize your death benefit payout to your beneficiary by allowing you to choose between a lump sum or installment payments. You can also add up to three benefits to your coverage – Accidental Death, Terminal Illness, and Extended Needle Stick Benefit. This flexibility allows you to find the policy that meets your needs; if an existing policy isn’t a perfect fit just yet, it could be with one of these added benefits.
Disadvantages of OnePath Life Insurance
As we mentioned earlier, OnePath serves Australian clients - so if you're a U.S. shopper, that's a disadvantage. The good news? We can help you shop for policies with similar features and benefits here. You can get a free quote from our website, or give us a call at (800) 521-7873 and we'll help you over the phone.
While OnePath offers flexible policies and automatically upgrades your existing policy if they upgrade an available plan after they issue your coverage, there are some downsides to their policies. Administration charges can be applied to cover the cost of administering government charges or taxes, which may come as a surprise if you’re not expecting an additional cost. Additionally, premium rates may be changed at any time, and may go up by several percent in one year. If your income and budget don't increase at the same rate as your premium payment, it may result in financial stress in order to keep your policy active.
OnePath is also reported to have the second-highest claims dispute (33.5 per 100,000) according to the government’s consumer site by MoneySmart and was recently made to pay $35 million to over 40,000 customers who were sold life insurance policies over the phone between 2010 and 2016. However, there has not been a similar consumer issue since.
Available Products
For Consumers
- OneCare Life Cover: The policyholder can choose between a lump sum or installments, payable if they die or are diagnosed with a terminal illness.
- OneCare Extra Care Cover: A top-up option that allows you to take out additional coverage. They offer terminal illness and accidental death on top of other policies.
In addition to life insurance products, OnePath provides trauma coverage. This will help you recover financially from a range of serious medical conditions. They offer total and permanent disability coverage. They also offer child coverage to protect from the costs of childhood accidents or illness. Income secure protection and living expense coverage are also offered. Additionally, they provide plans for business expenses. This is helpful in the event you become totally or partially disabled.
For Employers
If you are an Australian employer looking to provide employees with insurance coverage, OnePath has plans for Group Life, Group TPD, and Group Salary Continuance.
- Group Life: lump sum if you die or are diagnosed with a terminal illness
- Group TPD: lump sum if you are diagnosed with a total and permanent disability
- Group Salary Continuance: pays out a monthly benefit of up to 75% of your regular income if you can’t work due to sickness or injury
If you're an employee covered by a OnePath Group Policy, benefits include transfer terms of your policy, worldwide coverage, and flexible coverage if you take paid or unpaid leave or are employed overseas. If your life insurance coverage ends because you are no longer employed, you can apply for an individual policy. This provides death benefit coverage without any medical underwriting. Other benefits may include limited coverage for death and disability that occur as a result of an accident. You can also get premium discounts, guaranteed continuing coverage and future insurability.
OnePath Life Insurance Ratings
Around the time of OnePath’s sale, they had at least an A rating. To evaluate their current ratings, we need to look at those of the parent company, Zurich Insurance Company, Ltd.:
| Agency | Rating | Description |
| A.M. Best | A+/stable | Superior |
| Standard & Poor´s | AA/stable | Very Strong |
| Moody´s | Aa3/stable | Excellent |
| Fitch | N/A | -- |
Conclusion
OnePath provides a variety of insurance solutions to secure your finances. Their available life insurance products have several options that allow you to create the policy that's the best fit for your unique needs. With several built-in assurances, OnePath is a competitive and reliable option when shopping for a life insurance policy.
However, it’s always important to look at several options as you search for the policy that is best suited to your needs and financial goals. Working with an experienced agent can help you compare a variety of options and policies to determine which is best for you. Here at LifeQuote, we're dedicated to helping you find the perfect policy for you. Get a free quote today to begin comparison shopping to protect your financial future – and your loved ones.
