With over a 130 years of experience, OnePath has grown to become a major part of the Australia and New Zealand Banking Group (ANZ), specialising in investment, superannuation and insurance. OnePath Life protects customers from unforeseen events, supporting them and their families to continue toward their planned future.
By regularly reviewing and conducting research on the insurance industry, OnePath is able to provide flexible and comprehensive protection, making it easier for customers to tailor their policy to best fit their changing needs. OnePath Life offers a broad range of insurance products as part of their OneCare Policy; grounding their insurance policies on each customer’s individual circumstances.
History of OnePath
OnePath’s history can be traced back to 1878 when Mercantile Mutual was established in Sydney. In 1982 the ING Group purchased 50% of Mercantile Mutual and in 1987 they purchased the remaining 50%. Mercantile Mutual changed its name to ING Australia in 2001, but has no association with ING Direct.
In 2002 ING Australia operated as a joint venture between ANZ (49%) and ING Group (51%), operating ING’s investment, superannuation and insurance business. In late 2009 ING Australia sold its remaining shares to ANZ Banking Group, who then launched the OnePath brand in 2010 with the purpose of helping people shape and protect their future plans.
1878Mercentile Mutual is establised in Sydney.
1982ING Group acquires 50% of Mercantile Mutual.
1987ING acquires 100% of Mercantile Mutual and joins ING Group.
2001Mercantile Mutual changes name to ING Australia.
2002ING Australia becomes a joint venture between ING Group (51%) and ANZ Bank (49%).
2009ANZ acquires 100% of ING Australia.
2010ING Australia is rebranded to OnePath.
The ANZ Group has a presence in over 34 markets – including Australia, New Zealand, Asia Pacific, Europe, America and the Middle East. As of August 2016, the ANZ Group employs over 48,000 people and protects the financial wellbeing of more than 8 million customers worldwide.
In 2013, OnePath Life paid out over $622 million in claims, helping 10,861 Australians and their families continue on their designated future paths.
OnePath has a very strong financial strength rating (AA) under Standard and Poor’s (Australia) Pty Limited as at September 2014, which is further supported by their treaty agreement with major reinsurer Munich RE.
Your Questions about OnePath Answered
If you were to unexpectedly lose your job, due to other reasons than illness or injury, the Unemployment Benefit will make the minimum repayments on any of the below loans issued by the ANZ Bank:
- Any home loans
- Investment home loans
- Business loans
- Personal loans
- Margin lending loans
As the life insured, you have to be unemployed for at least 30 days and meet all of the other eligibility criteria for the benefit to become active. It will pay the lessor of the minimum loan repayments with ANZ, your sum insured or $5,000 for a period of up to 3 months, while you are still unemployed.
OnePath is fully-owned by the ANZ Bank Group.
As a valued OnePath Onecare customer you can earn frequent flyer points. Earn one Qantas Point for every dollar of eligible premium you pay, earning up to a maximum of 20,000 points per year. You need to be registered for Qantas Frequent flyer program and currently you can join for FREE to find out more visit https://www.qantas.com/fflyer/do/dyns/joinffp?code=ANZLIFE.
OnePath Life rewards customers with premium discounts when they combine all their insurance. A Multiple life discount of up to 5% will be provided when you link your policy with an eligible family member or with a business partner or a combination of both (extended business group).
While both Premier Trauma options covers you for 60 specified trauma conditions, adding the Premier Maximiser provides you double the benefit amount payable for partial payments.
For example, if you were to undergo minor heart surgery and only have Premier Trauma cover, you’ll receive 10% of the amount insured capped at $20,000. However, if you had the Premier Maximiser you’d receive double that – 20% of the amount insured capped at $40,000.
OneCare Income Secure Cover has a few benefit periods available. Depending on your occupation you can choose a benefit period of two years, six years, or to the age of 55, 60 or 65. If you have a white-collar job you can choose a benefit period of up to 70 years. The great news is, when you look at a comparison between the insurers with a benefit period of 5 years, your will see Onepath’s 6 year benefit period included in the results. Therefore always keep this “bonus year” in mind when considering which policy to select.
Due to our strong relationship with a number of insurers and specifically with Onepath we have the ability to have new applications with medical loadings up to 75% on lump sum cover reviewed. This comes after working closely with Onepath for over 10+ years and is not available to many other companies. Please note any existing clients with an existing increased premium due to a medical loading would need to complete a new application to have access to this.
Yes, however you are NOT eligible for their direct product. You can apply for their retail policy, which we can assist you apply for however it is important you disclose you kiwi residency status when you apply for a policy. Your application will then be assessed (underwritten) by an underwriter at Onepath and based on their decision you may be deemed eligible.
If you have any OnePath related questions, please do not hesitate to contact one of our experienced consultants. However, if you prefer to rather compare OnePath with other insurers, we also have an online comparison tool that compares up to 12 insurers.