Although OnePath Life Insurance is a relatively new kid on the insurance block its parent company, ANZ, put its roots down here in New Zealand more than 175 years ago.
Today, ANZ operates in 32 markets across the globe and is rated among the world’s top 50 banks. ANZ is the largest banking group in New Zealand.
OnePath Life Insurance is fully owned by ANZ and has the full backing of its parent company to support all claims.
Standard & Poor's
OnePath Life Insurance began as Club Life in 2001 before being rebranded.
The company focuses on life, trauma, and income protection insurance and holds firm to the belief in doing the right thing for their customers every time.
In other words, the company actively seeks to pay claims rather than trying to avoid paying claims.
OnePath Insurance Benefits and Options
OnePath Life Cover includes the following benefits and optional add-ons:
- Life Cover & Life Income Cover
pays a lump sum to your chosen beneficiaries if you die or are diagnosed with a terminal illness
- Trauma Cover
pays you a lump sum amount if you suffer from certain serious illnesses or conditions for the first time.
- Complete Disablement Cover
pays you a lump sum amount if you become completely disabled due to illness or injury.
- Income Cover
pays you a monthly amount to make up for your lost income in the event of an illness or accident causing a disability.
- Mortgage Repayment Cover
pays you a monthly amount to cover your mortgage repayments if you become totally disabled as a result of illness or injury.
- Redundancy Cover
pays you a monthly amount for up to six months if you are made redundant.
Is OnePath being sold?
Several online news outlets have reported that ANZ is actively engaging with interested parties that want to buy the insurance company. After selling the Australian OnePath Life unit for A$2.85 billion to Zurich Financial Services Australia, the focus has been on the New Zealand division.
The Insurance Business magazine wrote in an article that “AIA and Partners Life may be among the parties expressing interest in OnePath Life, and Partners Life is thought to be among those to have submitted a final bid for ANZ’s life insurance operation.”
OnePath Life Insurance Financial Rating
The company has an A+ (strong) insurer Standard & Poor’s financial strength rating.
Its overall ability to pay out on any future claim you might make is very good.
|Actual Solvency Capital||$439.1m|