Professionals Life Cover Plus for the Australian Medical Association

You are eligible for Professionals Life Cover Plus if you are: aged between 18 and 59 years; and an Australian or New Zealand citizen or holder of an Australian Permanent Residency Visa; and currently residing in Australia at the time of applying for cover. Additionally at least one life insured must be a member of the professional organisation which has entered into arrangements with OnePath Life to distribute this product, or a professional who we have invited to apply for this product directly.

For Simple cover¹, we simply ask you to declare your current good health. If accepted, there will be a pre-existing medical condition exclusion which applies³.

For Underwritten cover², there are a number of health and lifestyle questions which we ask you as part of the application process and your answers to these will determine whether or not we can provide you cover under Professionals Life Cover Plus.

For both cover options, there are no medicals or blood tests for you to take. With Simple cover, we ask you to declare your current good health and you can apply for cover up to $1.5million depending on your age¹. For Simple cover, a pre-existing medical condition³ exclusion applies.

With Underwritten cover², we ask you some questions about your health, pastimes, occupation and other insurance and you can apply for cover up to $2.5million depending on your age, income and other insurance. If your application for Underwritten cover is accepted, you're covered for pre-existing medical conditions³.

No, unfortunately combined cover is restricted to the same type of cover. You cannot mix and match. For example, if you choose Underwritten cover, your partner must also have Underwritten cover. All of the information you need is contained in the Product Disclosure Statement and Policy (PDS).

A pre-existing medical condition is an injury, illness, condition or related sypmtom that, in the five years immediately preceding the policy acceptance date:

• a life insured (or a reasonable person in their position) was aware of, or should have been aware of; or
• for which a life insured had, or was intending to have, a medical consultation; or
• for which a reasonable person in the circumstances of a life insured would have had a medical consultation.

There are absolutely no blood tests or medicals to take for Simple cover or Underwritten cover, however we do ask some occupation, health and pastime and other insurance questions for Underwritten cover.

The Life Benefit under Professionals Life Cover Plus pays up to $2.5 million² for Underwritten cover (depending on age, gross annual income and other life insurance held at the time of application) or $1.5million¹ for Simple cover (depending on age at time of application) on death, or if diagnosed as terminally ill with less than 12 months to live.

The Major Illness and Injury Benefit is optional cover which provides a lump sum payment of 50% of the Life Benefit in the event that a life insured suffers one of the following specified conditions;

• cancer,
• chronic kidney failure,
• coronary artery bypass surgery,
• heart attack,
• multiple sclerosis,
• paralysis,
• severe burns, or
• stroke.

This payout can be used for anything – for example, to cover additional medical costs, to reduce debts and cover day to day living expenses. If the Major Illness and Injury Benefit is paid, the Life Benefit will be reduced by that amount, and the ongoing Professionals Life Cover Plus premium will also reduce accordingly. After age 70, the Major Illness and Injury Benefit changes to cover Loss of Independent Existence only, rather than the specified conditions previously mentioned.

If you take out the Major Illness and Injury Benefit, the following specified conditions are subject to a qualifying period of 90 days for the benefit to be payable: Cancer, Coronary artery by-pass surgery, Heart attack and Stroke. This means that the symptoms leading up to the condition cannot have become apparent during the first 90 days of cover, the most recent reinstatement or increase in cover (in respect of the increased portion only).

The Assistance Benefit can provide a $15,000  payment. This is designed to give some early financial assistance. The benefit will be paid within 5 business days of OnePath Life receiving a life insured's full Australian death certificate or other evidence satisfactory to us stating the cause of death. This benefit is not payable if a life insured dies as a result of anything excluded under this policy.

Yes, if you take up cover for yourself as the principal life insured and also for a second life insured under the one policy, you will receive a discount to the premium in respect of the second life insured. The discount will be $2.50 off the fortnightly premium if premiums are paid fortnightly, $5 off the monthly premium if premiums are paid monthly and $40 off the annual premium if premiums are paid annually.

You can pay your premium instalments by direct debit from either your credit card (Visa, Mastercard, American Express or Diners Club) or bank account.

No, generally premiums for life insurance policies are not tax deductible, unless they are business related. You should seek professional taxation advice in relation to your own position.

Yes, premiums for the cover are based on age which means that premiums will be recalculated each year on your policy anniversary.

Indexation also applies to this product.

At each policy anniversary, the sum insured for each life insured for the Life Benefit, Accidental Death Benefit and the cover amount for the optional Major Illness and Injury Benefit (if applicable) as shown in your Policy Schedule, will automatically increase by either the indexation factor or 5%, whichever is the greater.

As the sum insured and cover amounts increase, the premium will also increase. If you do not want the indexation increase, you must notify us within 30 days of the increase occurring. We will cease to offer indexation when a life insured reaches the maximum sum insured applicable to that life insured at age of application.

Yes – there is cover anywhere in the world, 24 hours a day, 365 days a year, subject to the policy terms which include  a war and travel exclusion. The travel exclusion will operate to exclude cover if a claim arises while a life insured is visiting a country for which the Australian Department of Foreign Affairs and Trade has issued a ‘Do Not Travel' warning advice that is in force during the time the life insured stays in that country. Under the war exclusion, we will not pay a claim arising directly or indirectly from war (whether formally declared or not), hostilities, civil commotion or insurrection.

That is fine – you can cancel your policy at any time. If you cancel within the 21 day cooling off period, and no claims have been made, you will receive a full refund of any premiums paid.

If you need to make a claim, please call us on 1800 658 679, we will send the necessary forms to be completed, signed and returned.  For any claim you must provide the information required by us to establish the occurrence of the event giving rise to the claim.

Benefits are paid directly to the policy owner in the event of a terminal illness or Major Illness & Injury Benefit claim. In the event of the policy owner's death claim, the money is paid to their estate or to their nominated beneficiary.

Up to five beneficiaries can be nominated to receive the Life Benefit component of this policy, including a primary beneficiary who will also receive the Assistance Benefit. By nominating beneficiaries, the policy owner can control who the benefits under the policy are paid to.

You can add, change, or remove beneficiaries at any time by calling us on 1800 658 679.

All benefits payable in respect of the second life insured are paid to the policy owner.

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Professionals Life Cover Plus is issued by OnePath Life Limited (ABN 33 009 657 176, AFSL 238341) – a registered life insurance company holding Australian Financial Services Licence Number: 238341. It is a wholly owned subsidiary of Australia and New Zealand Banking Group Limited (ABN 11 005 357 522).

You can register your Qantas Frequent Flyer number at any time online. Once OnePath Life has received your correct Qantas Frequent Flyer details, you’ll be able to start earning Qantas Frequent Flyer points every time you pay your life insurance premiums.

Please refer to the ‘OnePath and Qantas Frequent Flyer Terms and Conditions’ for full terms and conditions. Membership and points are subject to the ‘Qantas Frequent Flyer Rewards Terms and Conditions’ available at qantas.com/frequentflyer.