Here are some answers to some frequently asked questions we get asked. If you can't find the information you are looking for here your adviser is the best person to help you or you can contact us.
OnePath is one of New Zealand's leading providers of insurance. OnePath also has an A+ (strong) financial strength rating from Standard & Poor's (Australia) Pty Limited and in 2015 OnePath paid over $80 million worth of claims to our customers meaning we are there when you need us the most.
Because life insurance is such an important part of your financial portfolio, we strongly believe that your decisions should be based on the best advice available.
Our policies are available through financial advisers with the appropriate knowledge and experience.
We'd encourage you to seek financial advice for your personal circumstances so you can make informed decisions.
If you don't have an adviser, contact us and we can provide you with a list of advisers to contact in your area or arrange for them to contact you.
Firstly, you need to check that your adviser is a Registered or Authorised Financial Adviser.
Before discussing your personal circumstances with an adviser they should give you a copy of their disclosure statement free of charge. This will show what qualifications your adviser has and other information about them and their business.
Whenever you complete an application for life, trauma, disability or other types of insurance, you will be required to provide a significant amount of information about your current health, medical history, financial position, occupation and lifestyle. This information enables us to assess any additional risk of claiming that you may present compared to the general population.
The information you provide on the application will form the basis on which the contract of your insurance is based. That's why it's extremely important that the information you provide is truthful, complete and correct. If you don't provide information that is truthful, complete and correct your future claims may be declined, the terms of your cover changed or your policy may be cancelled or avoided.
We recommend you talk to your adviser about the information you need to disclose at application time. You can find out more about your obligations, the information you need to provide and the consequences of not giving complete and correct information here.
It's important to have your policy document at hand, and stored in a safe place in case you need to make a claim. Your policy document contains all the terms and conditions that are applicable to your individual policy.
If you have lost or can't find your policy document, call us on 0508 464 999 and we will send you a copy of your policy or you can complete a Loss of Policy Declaration Form. You will need to make sure that all policy owners sign the form. There is no charge for the new document.
Life is always changing; maybe you have got married, purchased a home or maybe affordability is an issue. That's why it's important to review your insurance regularly to make sure it is still meeting your needs and budget.
Find out more about reviewing your insurance here.
There are a number of reasons your premiums go up over time. The key reasons why your premiums increase are:
It's important to keep up with your premium payments otherwise your policy could lapse, meaning you lose your important cover.
If you are having difficulty meeting your premium payments, there may be ways we can help you manage your premiums without giving up your valuable cover. You can find some useful information and tips here on how you can manage your insurance premiums or you can talk to your adviser or contact us to discuss your options.
Before you cancel your valuable cover we suggest you talk to your adviser about your options and ensure you are making an informed decision.
There are some important things to consider such as if you cancel your insurance and then reapply at a later stage any medical conditions you may have developed since you first took out your policy may not be covered and you could end up paying higher premiums.
If the cost of your premiums is on your mind or if you are thinking about replacing your insurance policy then we recommend you visit the reviewing your insurance page for more information.
If you are certain that you would like to cancel your policy you will need to put your request in writing to us and send it to OnePath Life (NZ) Limited, Private Bag 92131, Victoria Street West, Auckland 1142. Please ensure that all policy owners have signed your written request to cancel your policy.
Non-disclosure - when you apply for insurance we rely on the information you provide about your health and lifestyle to decide on the terms and conditions that will apply to your policy. For example if you have made a claim with another provider you will need to provide details of the claim or if you have had any medical conditions you will need to provide details relating to those conditions.
Non-disclosure may be either an oversight or deliberate and it's usually identified at claim time which may lead to your claim being rejected. So if you are unsure about what you should disclose we recommend you seek advice from your adviser.
Underwriting - in simple terms when we 'underwrite' your application for insurance, we are reviewing all of the information you have provided and assessing the likelihood of you having any type of claim during the life-time of your policy.
There are a number of things we assess during Underwriting to calculate risk including your age, any exising medical conditions you may have, your occupation and the type of insurance you are applying for just to name a few.
Pre-existing condition - is a medical or physical condition that you are aware of before you took out your policy.
Exclusions and loadings - in the situation where it can be identified you may have a particular condition or disability that would increase the risk of insuring you then an exclusion maybe applied to your policy. The exclusion means you are not covered for that particular condition or disability.
In some circumstances you may be offered to pay a higher premium to compensate for this increased risk, which means you would then be covered for that condition or disability. This is called a premium loading.
Anniversary or renewal period - is the anniversary of your policy. Your anniversary is usually 12 months after the date your policy took effect. At this time you'll be advised what your payments will be for the next renewal period. Your premium could decrease or increase depending on the type of policy you have. Your anniversary is also a good time to review your policy to make sure the level of cover still meets your needs.