Now’s a good time to
review your insurance
To find more out about nib, visit nib.co.nz
Your medical cover
The medical component of your policy is now underwritten by nib New Zealand. OnePath continues to manage your medical policy on nib’s behalf, while we transition the medical business to nib, which is likely to be in mid-2016.
About nib
nib has been providing medical insurance for more than 60 years, and is New Zealand’s second-largest medical insurer. nib currently provides health insurance to more than one million people in New Zealand and Australia. nib’s customer service expertise, innovative products and strong track record in medical insurance will ensure you receive great value and service.
Reviewing your insurance
Take the time to do a quick
insurance self-check over the page.
Your policy anniversary is an ideal time to review your existing insurance cover to ensure it still meets your needs and budget. Also, there may have been changes in your circumstances over the past 12 months that warrant a change to your insurance cover.
Maybe you have:
It’s also a good opportunity to remind yourself of the real value of your insurance and to consider the potential impacts of not having cover.
Had a shift in relationship status
Increased or decreased your mortgage
Started a new business
Started a family
Purchased a new home or investment property
Ask yourself:
Cover options:
The facts:
If I was to die, would my family have enough money to support themselves for a period of time?
Life Cover provides a lump-sum payment in the event of death or terminal illness. It could be used to repay debt, replace lost income or to become mortgage free.
If an accident or illness meant I was unable to work for a few months, do I have enough savings to pay for my day-to-day expenses and household expenditure?
Income Cover pays you a monthly amount to compensate for lost income due to a disability, resulting from an accident or illness.
If I was diagnosed with a serious illness, would I have enough money to support my family while I receive treatment and recover?
Trauma Cover provides a lump-sum payment if you experience one of the covered serious medical conditions. You can use it for whatever you choose i.e to replace a lost income, pay for medical treatment or any additional help you may need.
If an illness or injury meant I could never work again, would my family suffer financial hardship?
Complete Disablement Cover provides a lump-sum payment in the event you become completely disabled. You can use it to seek alternative treatment, replace lost income or pay for medical costs – it’s up to you.
If I became ill or had an accident, which meant I could no longer work, could I afford my mortgage repayments without income?
Mortgage Repayment Cover pays you a monthly amount to cover your mortgage repayments if you become disabled as a result of illness or accident.
Could I cope financially if I developed a serious health condition and couldn’t work while I waited for treatment in the public health system?
Medical insurance reimburses you for medical expenses such as private hospital care or surgery.
Every 90 minutes, a New Zealander dies from coronary heart disease.1
1 in 3 New Zealanders will have experience with cancer personally or through a relative or friend.3
In 2013, 24% of the New Zealand population were identified as disabled.4
1. National Heart Foundation 2014 2. www.stats.govt.nz - Household Economic Survey 2013 3. NZ Ministry of Health Cancer Programme, 2012 4. Statistics New Zealand, Disability Survey 2013 5. Stats NZ: Household Economic Survey 2014 6. Ministry of Health, National Comparison of ESPI 2 results for 12 months to April 2015, June 2015 (figure for January 2015-April 2015)
If you answered ‘no’ to any of the questions above, then now is a good time to talk to your financial adviser.
90
minutes
24%
On average, 431 people per month have been waiting longer than four months for their first specialist assessment through the public health system.6
The average weekly household expenditure in New Zealand in 2013 was $1,100 per week.2
$1,100 per week
In 2014, the average weekly household mortgage repayment expenditure was
$389.20 per week.5 $389.20 per week
How do you know if you have the protection you need?
You may find the table below useful to self-check your insurance. It will remind you of why you have one or a number of the covers in place as well as identifying any gaps that may exist in your current cover.
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Tips for managing affordability
When it comes to your insurance there may be ways to help you manage your premiums without giving up valuable cover. Below are some tips on potential options to manage your premiums:
Life and living Covers:
Smokers pay a higher premium, so if you’ve been a non- smoker for 12 months or more you can ask us to lower your premiums.
If you have a loading on your policy (this is where you may be paying extra due to health reasons) and believe your health has significantly improved, you can ask us to review your premium.
There are a number of ways you can alter your individual cover types to reduce the cost. For example, you can reduce the amount of cover, increase a waiting period or remove additional benefits. Check with your adviser to find out which options are available to your specific cover.
Talk to us if you get behind with your payments or if you’ve been made redundant. We will work with you through tough times to help you keep your valuable cover.
Take advantage of the Client Membership Benefit service to get some independent budgeting or financial advice. This service is free to all our customers, no questions asked.
Medical Cover:
Taking Base Plan only
If you have any of the two optional add-ons (Specialist and Tests and/or Major Medical Deluxe Benefit), then you could consider removing them to lower your premium.
Note: All policies that started before November 2011 will include the Major Medical Deluxe Benefit as prior to this date it was included in the Base Plan.
Increasing your excess
Your policy may include an excess, which is the amount you contribute to any claims. The higher the excess, the lower the premium.
Note: Average savings are calculated on the Base Plan and optional Major Medical Deluxe Benefit only and may vary depending on your age.
20% for a $250 excess 40% for a $1,000 excess 65% for a $5,000 excess
30% for a $500 excess 50% for a $2,000 excess For example, in comparison to having no excess on your policy, you could save:
million in claims
In 2015 OnePath
paid over
Client Membership Benefit
Our unique ‘Client Membership Benefit’ is a great service we offer free of charge. It provides additional support when it’s needed in a range of services including:
Counselling Services
Support Services for addictions
Personal Guidance for career or relationship advice
Budgeting advice
All of these services are conducted through registered professional experts in their fields and is fully confidential. Note: Limits apply.
We put your claims first
We’ve been paying claims for over 11 years and throughout this time we have remained committed to our philosophy to do what’s right for our customers every time. That means we look for ways to pay claims – not how to get out of paying claims.
Talk to your financial adviser Call us on 0508 464 999 Visit onepath.co.nz
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Important information
OnePath insurance products are underwritten by OnePath Life (NZ) Limited, a wholly owned subsidiary of ANZ Bank New Zealand Limited, except Major Medical Cover which is underwritten by nib nz limited and administered by OnePath Life. Neither ANZ, its subsidiaries nor its related entities guarantees the obligations of, or any of the products issued or underwritten by, nib nz or OnePath Life. This brochure and its content is of a general nature and is for information purposes only. Its content does not take into account your financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. This brochure is based on information current as at December 2015 and is subject to change.
OnePath Life (NZ) Limited
OnePath Life has an AA- (Very Strong) current insurer financial strength rating from Standard & Poor’s (Australia) Pty Limited. A summary of Standard & Poor’s full rating scale is published at www.standardandpoors.com
Financial Strength Rating
FROM STANDARD & POOR’S
nib nz limited has a financial strength rating of A- (Excellent) from A.M. Best Company. A summary of A.M. Best Company’s full rating scale is published at www.ambest.com
Financial Strength Rating
FROM A.M. BEST COMPANY
Statutory fund change
Life insurers are required by law to have a statutory fund to keep their life business separate from other business. Life insurance premiums are placed in this fund and life insurance benefits are paid from this statutory fund.
Because you had a OnePath policy that combined both medical cover and life cover, your whole policy had been part of the OnePath Statutory Fund. With the sale of the medical business to nib, your medical cover (or option for cover) is now treated as a separate policy insured by nib, and no longer part of a statutory fund. Your life cover is still held within the OnePath Statutory Fund.
