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

[samh004]

Okay my first policy has posted the second set of points, so it’s ready to be cancelled… what’s the consensus here?

As for the 4-month turn around time on the bonus, I the double-SC promotion advertised a 6-week turn around time, which has generally taken 48 hours, so hopefully that’s nothing more than a maximum estimate.

 

[Joshua]

If it is anything like the ANZ credit cards then I can take a guess what the timeline will be.

After the second month anniversary the bonus points are entered on the ANZ/OnePath account. This won't get credited to QFF until the following month however. Then they will probably suggest allow x amount of days for it to show on the QFF account. That's probably where they're getting the 4 month figure from.

My guess is the points will come through at a similar time to the 3rd 'regular' point credit depending how they're doing it. Of course if you cancelled then there probably won't be a 3rd set of points.

 

[tse]

So "old the eligible OnePath policy for a minimum period of two months;" - therefore 2x month credit card payments - and I can cancel before the 3rd?

 

[kpc]

Ok...I have now paid the second monthly installments for the policies I booked. When should I cancel? What have others being doing?

 

[delfredo]

I get excited whenever I see a new post in this thread. It may indicate that someone is sharing the joys of having already received the 40,000 bonus points for all 4 new policies.

 

[yohy?!]

I get excited whenever I see a new post in this thread. It may indicate that someone is sharing the joys of having already received the 40,000 bonus points for all 4 new policies.

+1 thanks for the anticlimax lol

 

[samh004]

+2

Not sure if the consensus is to cancel after 2, or wait for the 3rd?

 

[jsd]

I want some bonus points

I meet ALL of the eligibility criteria except that stupid age thing :evil: Another one to add to the list of 'companies I no longer like'

 

[Dantine]

At the time I signed up a month or two ago, the T's and C's read

(b) hold the eligible OnePath policy for a minimum period of two months;

Therefore, they are the terms I believe I am bound by and I intend to wait until at least the third payment before taking other actions. Don't want them denying me on a technicality!

Since then, they have changed the terms to:

(b) pay the premium for the eligible OnePath policy or ANZ life insurance or income protection for a minimum period of two months;

 

[delfredo]

I don't think there's a difference, except that you need to have paid for your 2 months of insurance (ie. not in arrears).

Don't be confused with making 2 premium payments - T&C does not require this. But of course, if the total premium paid after 2 calendar months is less than expected, then you'll be better off investigating before cancelling the policy.

 

[Dantine]

When you cancel, the policy ends immediately. So if you cancel at 1 month and 1 day, even though you've been charged 2 months, you haven't held the policy that long.

The terms and conditions that apply would logically be those you agreed to at the time you applied.

Having said that, what is written and what is done is often different, especially with QF. But for me it's a risk vs reward thing - $8 to ensure you get 10,000 points without any problems is a pretty good trade off.

 

[11sjw]

+2

Not sure if the consensus is to cancel after 2, or wait for the 3rd?

Will ring and cancel as soon as the 3rd payment comes out. Will update soon I suspect.

 

[soh]

Just a quick reminder for those that took out the 'Easyprotect Income' that you get a cheque for $100 as a healthyliving benefit if you don't claim in the first 12 months. I'll be keeping the policy for a year, earn 10k bonus points along with the points for paying the monthly premium then cancel in a year. Will actually get 'paid' around $10 net plus the points for 12 months. You do get something for nothing...

 

[pauly7]

10,000 Bonus Points With New OnePath Life Insurance

Just a quick reminder for those that took out the 'Easyprotect Income' that you get a cheque for $100 as a healthyliving benefit if you don't claim in the first 12 months. I'll be keeping the policy for a year, earn 10k bonus points along with the points for paying the monthly premium then cancel in a year. Will actually get 'paid' around $10 net plus the points for 12 months. You do get something for nothing...

Totally missed that! Where is that documented?

 

[soh]

Page 8 on the PDS under Healthy Living Benefit. It was mentioned way back on an earlier post and Onepath confirmed when I called them on another issue.

http://www.onepath.com.au/public/pdfs/OnePath-EasyProtect-Income-Protection-PDS.pdf

 

[delfredo]

Page 8 on the PDS under Healthy Living Benefit. It was mentioned way back on an earlier post and Onepath confirmed when I called them on another issue.

http://www.onepath.com.au/public/pdfs/OnePath-EasyProtect-Income-Protection-PDS.pdf

That means being a policyholder for >12 months (ie. policy needs to be in force at anniversary date). Therefore roughly speaking, you pay 13 months premium in return for $100. For most of us, it's near breakeven. But it's hard to make a mental note to cancel in the 13th month. :-|

 

[11sjw]

That means being a policyholder for >12 months (ie. policy needs to be in force at anniversary date). Therefore roughly speaking, you pay 13 months premium in return for $100. For most of us, it's near breakeven. But it's hard to make a mental note to cancel in the 13th month. :-|

Outlook Calendar can be your friend!!

 

[samh004]

Will ring and cancel as soon as the 3rd payment comes out. Will update soon I suspect.

Sounds like the plan to follow.

 

[delfredo]

I received a letter from my professional body outlining an offer of 15,000 QFF bonus points on take up of the OnePath ProSecure Income Replacement Plan. It has the same bonus point T&C (eg. pay minimum of 2 months of premiums).

Sounds like another deal to me but I need to call up to check the cheapest premium available as the ProSecure policy is more expensive than the EzyProtect policy due to the additional benefits.

Anyone received this too?

 

[Dantine]

Just found this:
Personal - Insurance - ProSecure Income Replacement Plan - 1 March 2011 - OnePath

Depending on your profession and age your mileage may vary but for me the minimum premium is about triple what the other ones are for me for 50% more points, but at the end of the day works out to about 0.33 cents per point.