10,000 Bonus Points With New OnePath/ANZ Life Insurance

[yohy?!]

Stumbled across this today in Member Specials:

Qantas Frequent Flyer members can start earning one point for every $1 of premium paid on eligible OnePath life insurance policies when they register their Qantas Frequent Flyer membership details with OnePath.^~

Pretty meh but this part looks ok:

Plus you can receive a bonus 10,000 points*

Eligibility depends upon:

* The bonus 10,000 points offer is not available for new policies within the OneCare range of products and is only available to customers who: (a) apply for a new eligible OnePath policy with OnePath directly, either online via qantas.com/lifeinsurance or over the phone by calling 1300 379 693; (b) hold the eligible OnePath policy for a minimum period of two months; and (c) supply their Qantas Frequent Flyer membership details to OnePath within 30 days of taking up the eligible OnePath policy. Bonus Qantas Frequent Flyer points may take up to four months to be credited to your Qantas Frequent Flyer account.

My thinking is to take out EasyProtect Income insurance for two months (premium being $8 a month). Seems like good value to me but any possible quibbles anyone can see:?:

 

[samh004]

My thinking is to take out EasyProtect Income insurance for two months (premium being $8 a month). Seems like good value to me but any possible quibbles anyone can see:?:

Sounds very good, I recall the trading account turned out to be much more complicated than I thought it would be though, so am skeptical at making a quick buck on this.

 

[kirk7]

looks reasonable...what trading acct?

 

[samh004]

looks reasonable...what trading acct?

I had to look it up, but I’m pretty sure it was a promotion for E*Trade, however setting it all up annoyed me too much for me to want to do it

 

[RB]

Stumbled across this today in Member Specials:



Pretty meh but this part looks ok:



Eligibility depends upon:




My thinking is to take out EasyProtect Income insurance for two months (premium being $8 a month). Seems like good value to me but any possible quibbles anyone can see:?:

If income protection is available for $8 a month, I would be doubting the quality of the product (relying on Yohy's figures and me not reading the fine print).

 

[yohy?!]

Sounds very good, I recall the trading account turned out to be much more complicated than I thought it would be though, so am skeptical at making a quick buck on this.

+1 the trading account was PITA but this is much easier - takes 5 minutes to quote and apply for the insurance, QFF number is added at the time of application

 

[yohy?!]

If income protection is available for $8 a month, I would be doubting the quality of the product (relying on Yohy's figures and me not reading the fine print).

Me too - I just set the cover provided the to the bare minimums ($1000/month for 6 months with 90 waiting period) and it gave me that premium.

I don't intend to keep it permanently though

 

[markis10]

It may be tax deductible, worth a look .

 

[tuppaware]

Me too - I just set the cover provided the to the bare minimums ($1000/month for 6 months with 90 waiting period) and it gave me that premium.

I don't intend to keep it permanently though

I signed up and it quoted me $9.50 a month for what you suggested.
It doesn't quite ask for your QF number in the application- only on the finish page you select a link to add the number.

 

[samh004]

I signed up and it quoted me $9.50 a month for what you suggested.
It doesn't quite ask for your QF number in the application- only on the finish page you select a link to add the number.

Was wondering where that would be!

Got it all sorted, my premium was $10, but then I don’t have an income anyway, so for ~$20 I’m going to get 10,000 points. Sounds good to me.

 

[tuppaware]

Was wondering where that would be!

Got it all sorted, my premium was $10, but then I don’t have an income anyway, so for ~$20 I’m going to get 10,000 points. Sounds good to me.

I wonder what there calculation of premium is based on -- prob a risk of job lost in your field of occupation??

 

[samh004]

I wonder what there calculation of premium is based on -- prob a risk of job lost in your field of occupation??

I guess so, I could have played around with it and seen which job gave a smaller premium, but I couldn’t be bothered. At the end of the day, the premium I’m paying is well worth 10k points

 

[Paddy55]

I guess so, I could have played around with it and seen which job gave a smaller premium, but I couldn’t be bothered. At the end of the day, the premium I’m paying is well worth 10k points

Ditto for Mrs Paddy and myself


Paddy

 

[localknowledge]

Ditto for Mrs Paddy and myself


Paddy

Yes a very handy 20K worth of points with two policies!

I noticed you need to keep policy active for two months for bonus 10K, and they will be credited up to four months after.

To answer a previous question, I believe Income protection is tax deductable, but not life insurance :shock:

 

[nickfromeastryde]

It does say you only qualify if you take out eligible OnePath "LIFE" insurance policies. Not sure if that includes "INCOME" protection policies. I very much doubt that it would

 

[samh004]

It does say you only qualify if you take out eligible OnePath "LIFE" insurance policies. Not sure if that includes "INCOME" protection policies. I very much doubt that it would

I tried hard to find information on that but couldn’t see anything, other than in their T&C’s for earning Qantas points (not noting the bonus offer):

15. Definitions

‘Eligible OnePath Insurance Policies’ are life insurance policies issued by OnePath (sold with or without the assistance of a licensed financial adviser) including:
• Term Life;
• Income Protection;
• Trauma;
• Accidental Death;
• Total & Permanent Disability; and
• ‘ANZ’ branded life insurance policies,
but excluding:
• third party branded life insurance policies (other than the ‘ANZ’ branded life insurance policies);
• Group Insurance policies being wholesale life insurance policies that are issued to corporations or trustees; and
• certain Heritage Retail Risk products including ANZ Protection Plan, ANZ Group Accident Plan, Group Accident Protection Plan, ANZ Group Insurance Plan, Guaranteed Acceptance Plan, Accidental Death Plan and Term Life Plan

While in their FAQ:

14. Are there any OnePath life insurance products that are excluded from earning points?
Yes, Group Insurance policies, MasterTrust insurance and Heritage Risk products – including ANZ Protection Plan, ANZ Group Accident Plan, Group Accident Protection Plan, ANZ Group Insurance Plan, Guaranteed Acceptance Plan, Accidental Death Plan and Term Life Plan. For further information on Eligible OnePath insurance policies, please refer to the OnePath and Qantas Frequent Flyer Rewards Terms and Conditions or contact OnePath on 1800 500 229.

I can’t actually find any info on the bonus offer of 10,000 points though, maybe someone else could dig a bit further, or point out the blatantly obvious to me.

 

[markis10]

Yes a very handy 20K worth of points with two policies!

I noticed you need to keep policy active for two months for bonus 10K, and they will be credited up to four months after.

To answer a previous question, I believe Income protection is tax deductable, but not life insurance :shock:

The death benefit is not deductible though:

One type of insurance premium which is allowable as a tax deduction is that paid for Income Protection Insurance (also known as Sickness and Accident Insurance). The Tax Office’s view is that the premium paid results in the benefit of income, and as such allows a deduction for it. However, if there is a component in the premium that goes towards a lump-sum cover for death, injury or disablement, then that part of the premium is not an allowable deduction. If you have a combined Income Protection Insurance and Death/Disability policy, your insurance company should advise you how much of your insurance premium you can claim as a tax deduction. If you are unable to obtain the split, then you should not claim a deduction at all.

Income Protection - Can I Claim A Tax Deduction on Premiums? xLife.com.au

 

[flychrisfly]

I've just signed up too - hehehe And I paid on my credit card so will earn those points as well.

FYI, if you're thinking about it get in quick as these fortuitous arrangements may change in the future....

 

[sydstar]

I e-mailed OnePath to see whether or not 'Income' protection was included.

My response stated:

'....the 10,000 bonus QFF points apply to any new personal OnePath policy...if you apply for Income Protection through OnePath you will be eligible'.

 

[yohy?!]

I e-mailed OnePath to see whether or not 'Income' protection was included.

My response stated:

'....the 10,000 bonus QFF points apply to any new personal OnePath policy...if you apply for Income Protection through OnePath you will be eligible'.

Well done..thanks!