If an illness or injury forced you to take an extended period of time off work, would you be able to keep up with the cost of living? Would you be able to pay your medical bills, afford food and shelter, or take care of your family?
Because accidents and sickness can strike when you least expect them, income insurance ensures that you’ll be able to keep up with the cost of living should you become sick or injured.
How does it work?
Whereas most income protection policies cover up to 75% of your monthly income, OnePath’s Income Secure Cover can provides a more generous 80% if the priority income option is selected. Without Income Secure Cover, you would lose 100% of your monthly cover. With OnePath Income Secure Cover, you would only lose up to 20%.
Generally speaking, Income Secure Cover is available to aged 19-60-years-of-age, and:
- Are working a minimum of 30-hours a week
- Are working permanent part-time for a minimum of 20 hours a week
Income Secure Cover will pay 75%% of your monthly income until your return to work or for the selected benefit period.
Is there a waiting period to receive my benefit?
You can select from a range of wanting periods including 14 days, 30 days and 80 days, even 2 years. Generally speaking, the longer the waiting period the smaller the premium.
What sort of cover can I choose from?
If living the same lifestyle is important to you in times of sickness and injury, it’s important to choose a type and level of cover, that’s right for you by taking into consideration your monthly income, your family’s day-to-day expenses, and your financial goals for the future.
The premiums you will pay are based on the type and level of cover, as well as any extra-cost options you select.
OneCare offers four types of Income Secure Cover, which are available at varying premiums and offer different levels of protection depending on your needs and lifestyle.
- Income Secure Standard
Provides peace of mind at an affordable price, with minimum benefits.
- Income Secure Comprehensive
Extends on the Standard Cover by offering additional benefits to assist with expenses incurred as a result of illness or injury.
- Income Secure Professional
A higher level of protection with an extensive range of benefits and features. Ideal for professional white collar occupations.
- Income Secure Special Risk
Designed for occupations that have traditionally been classified as uninsurable, such as trade occupations (tilers, builders, construction workers).
Bonus built-in benefits
The OneCare Income Secure Cover plan offers a range of valuable benefits and features. As is the case with any type of insurance plan, not all benefits are available on all types of cover.
Just some of the built-in benefits for Income Secure Cover include:
- Qantas Frequent Flyer Points
Earn 1 Qantas frequent flyer points for each dollar that you pay in premiums. For more information, you can visit the website
- Save with Premium Discounts
Income Secure Cover is eligible for OnePath’s Premium Discounts to help you save. There are three different types of discounts:
- Size discount – Save on your policy when your insured amount of cover reaches the Premium Discount zone.
- Multiple cover discount – More like a loyalty program, OnePath lets you save when you package a combination of OnePath policies together
- Multiple life discount – Link your policy when an eligible family member or business partner who also have a OnePath insurance policy and you can save.
- Meal allowances
If you’re confined to bed for more than 72 hours, OnePath will pay up to an additional $500 per month for meal deliveries
- Waiting period conversion
If you’re on a Group Salary Continuance Scheme and this stops, you can change the waiting period from two years to 90 days without needing to provide medical certification.
- Rehabilitation and retraining expense benefits
For those who are totally or partially disabled
- No claim benefit
If you’ve had Income Secure Cover for three years and haven’t made a claim yet, OnePath will double the amounts payable for any basic death benefits and rehabilitation benefits
Want to compare this policy with others? You can compare OnePath’s premiums with other policy providers through our free quote service.
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