To support the long-term sustainability of our portfolio, OnePath is introducing a new premium class. In summary, a substantially higher premium rate will apply where a policy falls under the new risk category, which is defined as one where the policy owner:

• enters into an arrangement where someone else will have a legal or beneficial interest in the policy (such as co-ownership);
• that arrangement involves a business that carries on a financial services business related to life insurance policies; and
• in connection with that arrangement;
  • there is or may be an assessment of the insured person’s circumstances, such as a health assessment or statistical review; and
  • someone other than the current policy owner could receive some or all of the benefits from the policy.

If a transfer of ownership occurs, the new policy owner will be responsible for paying premiums in accordance with the policy terms. The full definition of this new class is available in the Adviser Guide from 28 March 2026.

This change does not apply to standard cancel and replace transactions, including transfers to superannuation ownership, unless the arrangement meets all conditions above.

You will be notified of the new premium rates that will apply to the policy prior to the new premiums taking effect. 

When will the changes happen?

Changes to premium rates will be effective from 28 March 2026.

This means that renewal notices sent from this date will include the new higher rates. Customers will need to pay the new higher premiums from their first policy anniversary occurring 30 days or more after 28 March 2026.

Continuous Care Cover pays a lump sum if the life insured needs to pay for carer costs from a professional or needs a family member to care for them full time. This cover can be combined with a traditional, working any or own occupation definition TPD policy, to allow protection for disabilities that require continuous long-term care or significant home modifications.

Best for:

• Coverage for long term care or significant home modifications.
• Complimenting TPD cover by aligning to modern client needs and affordability
• High net worth clients

Continuous Care product details (At a glance)

• Lump Sum Payment
• Available for those aged 15 – 60
• End age 65
• Minimum $250,000
• Maximum $5,000,000 (TPD Combined)
• Available as non-super or super

Continuous Care covers events where:

• The life insured has been permanently disabled and has been under continuous care for at least 3 consecutive months, and has undergone, or is continuing to undergo, all reasonable and appropriate treatment including rehabilitation.
• Ongoing care (an average of 6 hours a day) is required from a professional or family member who needs to cease work and this is confirmed by objective medical evidence

Please read the PDS available from 30 March 2026, which contains details of when all benefits available under Continuous Care Cover are payable. 
 

Summary of Upcoming OneCare Product & PDS Updates – PDS available 30 March 2026.

We’re making enhancements and refinements to strengthen the sustainability of our TPD portfolio, improve customer outcomes, and streamline assessment processes. 

Here’s what’s changing:

1. Business TPD – Closed to new business

To support long‑term sustainability and align with industry expectations, Business TPD will no longer be available for new applications. This change also responds to external reviews highlighting the need to reassess built‑in mental health exclusions.

Existing customers can retain and increase their cover under current terms.

2. TPD Cover Limit (Soft Cap) Adjustment

 We’re refining the soft cap for personal TPD cover to better manage portfolio sustainability.

• The personal TPD soft cap will reduce from $3M to $2.5M.
• Applies where any/own occupation TPD exceeds the amount required so that the TPD and Income Protection insurance exceeds income to age 65.
• Business‑purpose TPD is unchanged.
• Where cover exceeds the cap, Non‑Working TPD or Continuous Care can be offered as alternatives.

3. Increased Financial Advice Benefit

We’re increasing support for customers after a successful claim.

• The Financial Advice Benefit increases from $2,000 to $3,000.
• Applies to new business claims on Life, Trauma or TPD lump sum payments.
• Reflects rising advice costs and ensures competitive value.

4. Clearer Definitions for Claims Assessment

To ensure a fair and consistent claims experience, we’re refining key definitions and requirements:

Medical Practitioner: Clarifies that chiropractors, physiotherapists, and alternative therapists are not medical practitioners.

Appropriate Specialist: Updated to exclude General Practitioners unless otherwise agreed, important for customers in remote areas.

TPD Working Definitions: Now require the life insured to be under the care of both a medical practitioner and an appropriate specialist.

TPD Claim Evidence: Illnesses or injuries must be diagnosed and certified by an appropriate specialist. 
 

The new OneCare PDS terms apply to applications submitted from 30 March 2026. Any applications submitted prior to this will remain on the previous PDS terms.

New pricing applies to quotes from 28 March 2026 including any quotes that have not yet been submitted. Existing customers and new applications that have been submitted prior to 28 March 2026 will not be impacted by the pricing changes.

Any quotes generated from the Adviser Portal prior to 28 March 2026 (and saved) will be honoured for a maximum of 60 days from the date of the quote.

OneCare PDS I The Adviser Guide (updated on 30 March 2026)