The Underwriting Application process

Michael’s journey

Meet Michael. He is 39 years old, married, and about to welcome his second child. He and his wife Jane also recently bought a new house.

Michael wants to make sure Jane and his children will be able to pay
off their mortgage and maintain their standard of living should anything happen to him. He decides to top up his life insurance through his
super fund because he heard it is more cost-effective than applying
outside super.

Here’s Michael’s journey to obtaining a higher level of cover:

Contact Fund:

Michael calls his super fund to obtain a quote and decides he will proceed with an application.

Complete Personal Statement:

Michael follows the link on his super fund’s website to the OnePath electronic application and completes it online. Michael discloses a history of recent back pain so he is advised his application has been sent to OnePath’s underwriters for further assessment.

Underwritten by OnePath:

OnePath’s underwriters have 24 hours to review Michael’s application and make an initial assessment.

Additional requirements may be requested:

After consideration of Michael’s application and his disclosures about his back pain, the underwriter accepts Michael’s application for increased cover at standard rates. Depending on the outcome of an underwriter’s consideration of an application, however, an applicant may be contacted by OnePath or by Unified Health Group if further medical information is required before a decision on an application can be made.

Underwriting decision made:

Notification of the underwriter’s decision is sent immediately to the super fund which has access to all underwriting updates in real-time.

Fund contacts member with policy details:

The super fund arranges for premium details and policy documents to be posted to Michael, who now has the reassurance that his medical history has been considered so he knows what he is covered for if he ever needs to claim.

Although Michael’s first and last contact will always be with his super fund, which owns and administers the insurance policy, OnePath’s underwriting team is available by phone or email if Michael wants to speak to them directly about his application.

Group Life Insurance and Group Salary Continuance Insurance are issued by OnePath Life Limited, ABN 33 009 657 176, AFSL 238341.

This information is of a general nature and does not take into account your personal needs and financial circumstances. You should consider whether the information is appropriate for you having regard to your individual objectives, financial situation and needs. You should consider the Group Life Insurance Product Disclosure Statement and the Group Salary Continuance Insurance Product Disclosure Statement available to consider whether this information or these products are right for you.

Where information is summarised in a brochure, information guide, or document other than the insurance policy itself, it does not represent a complete description of the terms on which the insurance cover is provided. It is agreed that the insurance policy represents the concluded agreement between the policy owner and OnePath. For a copy of the insurance policy, please contact your super fund/employer.