EasyProtect Income

EasyProtect Income

You can get peace of mind with OnePath EasyProtect Income - insurance to help pay the bills if you can’t work due to illness or injury.

Get an online insurance quote.

Overview

Things happen. But if something happened that meant you couldn’t work for a while, what would happen to your lifestyle?

With OnePath’s EasyProtect Income insurance, you can rest easy. If serious illness or injury strikes, you can receive up to $10,000 per month* to help pay the mortgage, bills and other day-to-day expenses. And you can choose from our range of cover options, allowing you to customise your policy to your circumstances.

The application process is simple - There are no medical tests required, and if your application is accepted, you’ll be covered right away. Plus, your premiums may be tax deductible, and if you’re a new policy holder, you automatically qualify for our one-off $100 cash back Healthy Living Bonus if you don’t make a claim in your first 12 months of cover.

You can get a quick quote or buy OnePath’s EasyProtect Income online or by calling us on 1300 362 975.

Who is income protection insurance for?

EasyProtect Income is suitable for anyone aged 18 to 59 who is a permanent resident** of Australia, and who has been working more than 20 hours per week over the last 12 months.

* Depending on your occupation and providing it’s no more than 75% of your gross income.
** Holds Australian or New Zealand Citizenship, or an Australian Permanent Residency Visa, and is currently residing in Australia at the time of application.

EasyProtect Income is issued by OnePath Life Limited (OnePath Life) (ABN 33 009 657, 176 AFSL 238341). OnePath Life is a wholly owned subsidiary of Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522, an authorised deposit taking institution (Bank) under the Banking Act 1959 (Cth). OnePath Life is the issuer of the product but it is not a Bank. Except as set out in the issuer’s contract terms (including the Product Disclosure Statement (PDS) (227kb PDF), this product is not a deposit or other liability of ANZ or its related group companies. None of them stands behind or guarantees the issuer. The information provided is of a general nature and does not take into account your personal needs and financial circumstances. You should consider the appropriateness of the information, having regard to your objectives, financial situation and needs. You should read the PDS (227kb PDF) and consider whether this product is right for you.

Main benefits

Have you ever thought about what might happen if you couldn’t work for a while? Would you and your family be happy to rely on your savings or other solutions and would there be enough money to maintain your lifestyle?

EasyProtect Income insurance covers you if you were to suffer an unexpected illness or injury that prevented you from earning an income.

Bills, the mortgage and other day-to-day expenses would still need to be paid – and that’s why income protection is so important. Not only does it ensure that if your family income is affected by an illness or injury you have financial support to pay your bills and daily expenses, it also means you can focus on the important things, like getting better.

Feature	EasyProtect Income
Major illness and injury benefit	Up to 75% of your monthly pre claim earnings (to a maximum of $10,000 per month for a standard risk occupation or $3,000 for special risk occupations)
Benefit period	Choice of 6, 12 or 24 months
Premiums	Starting from $7 per week# - Request a quote
Premiums tax deductible?	Income protection premiums are generally tax deductible^**
Waiting period	Choice of 30 or 90 days
Health questions or medicals?	A few general health questions – but no medicals required. Please also be aware that pre-existing medical conditions are not covered. See details below^
Premium payment frequency	Monthly, fortnightly or annually
Qantas Frequent Flyer points	You can start earning 1 point for every $1 of premium paid (terms and conditions apply*).

Please be aware that any pre-existing medical conditions occurring in the two years before taking out the policy will not be covered^. For further details please see the Product Disclosure Statement (389kB PDF).

Ways to save on income protection policies

Healthy Living Bonus of $100 cash back - available to new policy holders at the end of their first year, providing no claims have been made.
Premium payments for income protection insurance are generally tax deductible**

Eligibility for OnePath's EasyProtect Income

Are you aged 18-59?
Are you an Australian or New Zealand citizen, or a holder of an Australian Permanent Residency Visa - and currently residing in Australia at the time of application?
Are you currently working at least 20 hours per week?
Have you been employed or self-employed continuously for 12 of the last 24 months?

# For a 40 year old Project Manager (male, non-smoker) who earns $80,000pa and chose a 6 month benefit period
^ A pre-existing medical condition is an injury, illness, condition or related symptom: that you (or a reasonable person in your position) were aware of, or should have been aware of; or for which you had, or were intending to have, a medical consultation; or which a reasonable person in your circumstances would have had a medical consultation.
** Taxation legislation or its interpretation may change, please seek your own independent tax advice. Before claiming a tax deduction for premiums you should check with your accountant or the ATO.

Cover options

When you choose EasyProtect Income with OnePath, you can be assured that you’ve got insurance cover to help you deal with what the future might bring. However we also understand that everyone’s different – with unique needs.

It’s why we allow you to customise your EasyProtect Income insurance - from the options below - depending on your budget and what you want to get out of your cover

EasyProtect Income options

Customise your insurance according to the following:

Product feature:	What this means to you:
Level of cover	You can apply for a level of cover depending on how much of your current income you want protected. Choose a monthly Income Benefit from $1,000 up to $10,000 for standard risk occupations or from $1,000 up to $3,000 for special risk occupations^#. The level of cover you choose will depend on your needs. If your salary was no longer being paid you'd need to take into account how much it would cost your family to pay ongoing expenses such as the mortgage, outstanding debts and any day-to-day bills.
Benefit period	Choose between a benefit period of 6, 12 or 24 months. The benefit period is the maximum amount of time you will be paid for any one major illness or injury.
Waiting period	Choose a waiting period of either 30 or 90 days. This is the period after being diagnosed with a major illness or injury that you will have to wait before your benefit period begins. Payments are then made monthly in arrears.
Types of cover	You may choose to include the optional Total Permanent disability cover⁺ which provides a lump sum payment to you for a valid claim if you are assessed by us as being totally and permanently disabled.

Any pre-existing medical conditions that you were aware of (or should have been aware of) or that you had a medical consultation for in the two years before taking out the policy, will not be covered. For further details on exclusions, please see the Product Disclosure Statement (227kb PDF).