Log in

Mastering Insurance Affordability

Over recent years, the life insurance industry has found that more Australians are needing financial support than ever before, and we are seeing more claims go for longer than we anticipated. 

This extra support provided to our customers means we need to adjust premiums. It also means that being covered may be more important than ever. 

Put simply – we are seeing illness and injury claims becoming: a) more frequent, and b) more expensive.

There are other factors too…

In addition to industry factors that impact all customers, your personal risks – including your age and gender, health, job and lifestyle – also relevant to calculating your premium. 

For example, age-based premium increases will apply to your policy if you’ve chosen to pay stepped premiums. Generally this means your premium will increase each year as you get older. 

Your premiums also increase each year if you’ve chosen to apply indexation to your policy, which increases your level of cover each year to keep up with inflation. A higher level of cover means a higher premium.

Learn more about how your premiums are calculated in OnePath Clarity. 

How you can lower your premiums

1) Check your cover matches your needs

Your cover is flexible, and there are a number of options at your disposal to fine tune your cover, including:

  • Decreasing your sum insured
  • Switching off indexation if it applies to your policy
  • Removing any extra-cost options you may not need anymore
  • Should you have Income Protection, you could consider:
    • Increasing the waiting period on your policy
    • Decreasing the benefit period on your policy.

You can check the details of your cover by logging in to My OnePath Life, our 24/7 self-service portal.

2) Review your cover for any changes to your health profile

We all change over time – and so do our risk factors. It might be worth checking to see if your premiums can be recalculated if you’ve had a shift in lifestyle or occupation. An example would be if your smoking status has changed.

3) Speak to a financial adviser first

They understand your personal needs and can discuss the best options for lowering your premium specific to your circumstances.

You can also call us on 133 667 (Weekdays 8:30am – 6:00pm AEST)

We’re ready to answer any of your questions. Although we can’t fully discuss your personal circumstances, we can explain your policy, and the options available for you.

See how Akira and Lisa lowered their premiums

These two customers recognise the value of insurance and understand how vital it is to financial security. However, cost of living pressures are a concern. Explore how they can make insurance more affordable.​ 

Get more value from your cover

As well as lowering your premiums, you can get more value out of your OnePath life by making the most of the great benefits available to you.

Earn Qantas Points on your premiums1

Qantas Frequent Flyer members can earn 1 Qantas Point per dollar of premium paid on your Eligible OnePath Insurance Policy. Not a Qantas Frequent Flyer member? Eligible policyholders can join free here, then call us on 133 667 to add your membership number.

Get healthy and save with LiveWell by Zurich

Download LiveWell by Zurich, our global health and wellbeing app designed to help you make health a habit. The more you do, the better you’ll feel – and the more you’ll earn and save.

Use the flexibility of your policy

Your OnePath life insurance isn’t designed to be ‘set and forget’ – it’s flexible, adaptable, and you’re in control. Learn more about how you can use this flexibility to maximise your value in OnePath Clarity.

Get more out of your policy: Tips for all ages

Remember, it's important to review and adapt your life insurance policy as your circumstances change. Consult with a financial adviser to ensure you have the right coverage for your specific age group and life stage.

  • Review your life insurance policy every 12-18 months or after major life events.
  • Review your policy to find potential premium reductions, for example, if you have quit smoking for more than a year, or become healthier.
  • Reduce your level of cover so it still meets your needs but reduces your premium.
  • Increase your waiting period or reduce your benefit period on Income Protection
  • Choose between stepped or level premiums based on your financial plan 
  • Check for premium payment savings, you could potentially  save 6%  from moving from monthly to annual payments
  • Seek advice from a tax adviser. You may be able to claim your income protection premiums as a tax deduction if purchased directly.
  • Consider the pros and cons for paying your insurance premiums from your super account.
  • Working with a financial adviser may help set you up for a financially strong long-term plan.

  • Seek advice from a financial adviser and get a life insurance policy, but remember it's not a 'set and forget' deal.
  • Turn on indexation if your needs are likely to stay the same or increase, switch it off if your needs are likely to decrease.
  • Start building an emergency fund to cover unexpected expenses or temporary income disruptions.

  • Review your life insurance when your family grows or your responsibilities change.
  • Seek advice from a financial adviser and explore options to own cover inside superannuation to reduce impact on cashflow
  • Maintain an emergency fund to cover unexpected expenses or temporary income disruptions.

  • Review your life insurance as your family grows or your responsibilities change.
  • Maintain an emergency fund to cover unexpected expenses or temporary income disruptions.
  • Consider savings plans for your children’s education.

  • Review your life insurance as your financial responsibilities decrease.
  • Collaborate with your financial adviser to plan your insurance long-term and identify when you may no longer need it.

Need a hand?

If you’re concerned about your premium, please talk to your financial adviser. They can work with you to see if it makes sense for you to adjust your cover.

Additionally, you can contact us. While we can’t talk to you about your personal circumstances in the same way your adviser can, we can talk to you about your policy, and the options available under your policy.

Need help finding an adviser?

Zurich can connect you to an independent financial adviser:


Or contact us

Disclaimer

OneCare is issued by Zurich Australia Limited trading as OnePath Life (Zurich, OnePath) ABN 92 000 010 195, AFSL 232510. OneCare Super is issued by OnePath Custodians Pty Limited (OnePath Custodians) ABN 12 008 508 496, AFSL 238346. Zurich is not a related body corporate of OnePath Custodians. We recommend that you read the OneCare Product Disclosure Statement and Policy Terms available at www.onepath.com.au or by calling 133 667 before deciding whether to acquire, or to continue to hold the product.

1 You must be a Qantas Frequent Flyer member and correctly register your Qantas Frequent Flyer membership details with OnePath to earn Qantas Points on eligible insurance policies. Eligible insurance policies are the policies listed in the ‘OnePath and Qantas Frequent Flyer Rewards terms and conditions’ available at onepath.com.au/qff-terms-conditions, as defined for ‘Eligible OnePath Insurance Policy’. A joining fee usually applies. However, OnePath has arranged for this to be waived for new customers who join at qantas.com/onepathjoin. This complimentary join offer may be withdrawn at any time. Membership and points are subject to Qantas Frequent Flyer program terms and conditions available at qantas.com/terms. The maximum number of points you can earn on eligible policies is capped at 20,000 points per year, per policy. Qantas Points accrue in accordance with and subject to the ‘OnePath and Qantas Frequent Flyer Rewards terms and conditions’. Qantas does not endorse, is not responsible for and does not provide any advice, opinion or recommendation about these products or the information provided by OnePath in this communication.