OnePath Total and Permanent Disability Insurance

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OnePath Insurance products are all offered under their OneCare Plan. Please refer to the Product Disclosure Statement for further details.

Guaranteed upgrade of benefits

OnePath will automatically add any future improvements they make to any of the benefits available under the OneCare policy to your existing policy, if they do not result in a premium increase. Any improvements will apply to future claims.

Overview

OnePath Total and Permanent Disability (TPD) Cover provides a one-off payment or regular monthly payment, if you are totally and permanently disabled as a result of sickness or injury. TPD cover helps protect your lifestyle if something happens to you. The benefits can be used to eliminate your debts, pay any ongoing medical expenses, replace lost income and/or make any necessary modifications to your home.

Choice of two cover types

OnePath offers four definitions of total and permanent disablement – Own Occupation, Any Occupation, Home-maker and Non-working.

Built-in benefits

The following benefits are built into the TPD Cover Plan:

Total and Permanent Disability Benefit

If the life insured becomes totally and permanently disabled and meets the conditions of the TPD definition chosen at the time of application, OnePath will pay the amount insured. The life insured must survive without life support for 8 days from the date they satisfy the TPD condition. For those elements that state that the life insured must be unable to work for 3 months, no additional survival period applies.

Partial payment for specific loss

If the life insured suffers a specific loss (being the total and permanent loss of the use of one limb or one eye), OnePath will pay a partial amount of 25% of the TPD Cover amount insured to a maximum of $500,000.

Limited Death Benefit

This benefit applies to stand alone TPD Cover and TPD Cover selected as an option to Trauma Cover. If you die and the TPD benefit is not payable, OnePath will pay $10,000 to ensure expenses such as funeral costs can be taken care of.

Accommodation Benefit

If a medical practitioner certifies that the life insured must remain confined to bed due to terminal illness, OnePath will reimburse accommodation costs for an immediate family member of up to $150 per day for a maximum of 14 days.

Financial Advice Benefit

If OnePath pays a TPD claim, they will reimburse you up to $2,000 for the preparation of a financial plan by a financial adviser.

Built-in features

The following features are built into the TPD Cover Plan:

Life Cover Buy Back

This feature applies to TPD Cover taken with Life Cover only. If a TPD claim is paid, your Life Cover benefit will be reduced by the same amount. Life Cover Buy Back allows you to reinstate your life cover to its original level 12 months after a claim, without having to provide medical evidence.

Auto Conversion

At age 65, OnePath will automatically convert your TPD definition to a Non-working definition. TPD Cover with a Non-working definition provides basic coverage at an affordable price. You can apply to defer this conversion of cover to age 70 if you are in a white collar occupation at the time (subject to a minimum of $1 million remaining as Any/Own Occupation definition to age 70).

Policy Anniversary when the life insured is age 70

On the policy anniversary when the life insured is age 70, all Any Occupation or Own Occupation TPD Cover will convert to the Non-working TPD definition.

Indexation

To ensure your TPD Cover keeps up with the cost of living, OnePath will automatically increase the amount insured each policy anniversary by 5% or the Consumer Price Index (CPI); whichever is the greater.

Future Insurability

OnePath will allow you to increase your level of cover without having to supply medical evidence when significant personal events occur such as marriage, the birth of a child or when you take out a mortgage/increase your mortgage. Cover may be increased once in any 12 month period. The amount available for increase will depend on the type of event.

Premium Freeze

If you choose stepped premiums, you will be able to freeze the amount of your premium (excluding the Policy Fee) for your life cover so that it does not increase in future years. The amount insured will generally reduce at each policy anniversary to an amount that could be purchased by the amount of the frozen premium. You can freeze your premium at the start of your policy or within 30 days of any policy anniversary date. You can unfreeze your premiums on a policy anniversary by applying in writing to OnePath.

Additional options

The following options are available at an additional premium cost:

  • Double TPD Option
  • Life Cover Purchase Option
  • Premium Waiver Disability Option

Benefits at an additional cost

Extra Care Cover options

You can increase your protection by adding up to three additional benefits to your TPD Cover – Terminal Illness, Extended Needle Stick and Accidental Death Benefits:

  • Terminal Illness Benefit
  • Extended needle Stick Benefit
  • Accidental Death Benefit

Contact OnePath Insurance

Call: 133 667
OnePath Website: www.onepath.com.au