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October 1 Product Updates

Adviser Information Hub

Everything you need to know about our product changes from 1 October, 2024

We’ve created this ‘Information Hub’ as a one-stop knowledge and resource centre to help you understand the changes we have implemented to our products from 1st October.

These changes are designed to better meet customer needs, add more flexibility and improve the premium efficiency of your protection solutions for both new and existing customers – the changes are set out below:

For our customers with a 6 year benefit period income protection policy, we have extended our assessment period for own occupation to 6 years, giving them more certainty to take the time to recover. This only applies to customers with a 30, 60 or 90 day waiting period.

Existing assessment period

New assessment  period

2 years  - Own Occupation

Followed by 4 years – any occupation

Increased to 6 years – Own Occupation


Applies to: OneCare Income Secure new and existing policy holders of Income Secure Protection (existing policy holders since 27 September 2021)

OneCare PDS I The Adviser Guide

We're excited to introduce a new option in our OneCare Income Secure Protection product that allows customers to insure 100% of their regular superannuation contribution, capped to 15%.

What has changed

The benefit

Super Contributions option added, allowing 100% of the super contributions to be insured.

Giving our customers greater peace of mind for the future knowing their super contributions will be fully covered too.


Applies to: OneCare Income Secure new and existing policy holders of Income Secure Protection (existing policy holders since 27 September 2021)

OneCare PDS I The Adviser Guide

It is important our customers can tailor their insurance coverage to better fit their individual needs and financial situation. This revised solution provides our customers with more choice and flexibility and ensure they aren’t bound to a one-size-fits-all package.

What has changed

The benefit

OneCare now have Life Cover Buy Back options available for when Total and Permanent Disability (TPD) & Trauma Cover is linked to Life Cover.

Providing our customers with more choice and flexibility.


Applies to: OneCare new policy holders

OneCare PDS I The Adviser Guide

After an extensive review with our medical experts, we have made changes to our Trauma medical definitions.

What has changed

The benefit

Changes to Trauma Definitions;

Added definition covering Parkinson-Plus Syndrome

Better alignment of trauma definitions with customer needs and medical practices.


Applies to: OneCare new policy holders and some existing

OneCare PDS I The Adviser Guide

We know that getting back to work after a serious injury or illness can be challenging. We're here to partner with claimants and their healthcare professionals, to find the right support service for them.

What has changed

The benefit

We currently pay a maximum amount of 12 times the monthly benefit paid for participating in a reasonable rehabilitation or retraining program that will improve the life insured’s ability to return to work.

We have increased this by another 12 months, bringing the maximum payable under this feature to 24 times the monthly benefit paid.

Helping our customers achieve their recovery and work goals.


Applies to: OneCare Income Secure new and existing policy holders of Income Secure Protection (existing policy holders since 27 September 2021)

OneCare PDS I The Adviser Guide

To ensure our premium labels and more aligned with the nature of premiums, we have changed the names to be consistent with the industry.

Existing labels

New labels

Stepped

Variable age-stepped

Level

Variable


Applies to: OneCare new & existing policy holders

OneCare PDS I The Adviser Guide

Our new business pricing has been updated to reflect the changes in the product terms. For example, Life Cover Buy Back is now optional for linked TPD and Trauma Cover and you can select to cover super contributions under Income Secure Protection.

Pricing continues to reflect multi-policy discounts when Lump Sum and Income Protection is taken together and unique multi-life discounts.

The new rates will automatically apply when quoting new business through the OnePath Adviser Portal from 1 October 2024.

OneCare PDS I The Adviser Guide

The new OneCare PDS terms apply to applications submitted from 1 October 2024. Any applications submitted prior to this will remain on the previous PDS terms, plus any upgrades which will be communicated to customers and available on our website.

Pricing updates also apply to quotes from 1 October 2024, including any quotes that have not yet been submitted. Existing customers and new business applications that have been submitted prior to 1 Oct 2024 will not be impacted by the pricing changes.

Any quotes generated from the OnePath Adviser Portal prior to 1 October 2024, and saved will be honoured for a maximum of 60 days from the date of the quote.

OneCare PDS I The Adviser Guide