20k bonus points with ANZ Income Protection Insurance

[AirKat]

Hi all

I know we've previously had ANZ/OnePath promotions on Life insurance, this one is on Income Protection.

You need to keep the policy in force for 12 months in order to qualify. I am purely taking these policies (myself and Mr AirKat) for points earning so these are my tips:

1. Annual payment (you will pay more if you pay by the month)

2. 6 month benefit period (this is the shortest possible)

3. $1,000 monthly benefit regardless of how much cover you can actually get (this is the minimum)

4. 90 day waiting period (the longest possible)

Using the above, I was able to have a policy for Mr AirKat for approx $70 per annum and for myself for $80 per annum. Income Protection premiums are generally tax deductible so if you do this before 30 June you can claim the premium on your tax. It is a bit of a wait (12 months to receive the points) but if I take the tax deductibility into account, we're looking at 40k points for net $85 combined.

You can access the offer here Earn 20,000 BONUS Qantas Frequent Flyer points with ANZ Income Protection

 

[Kangol]

Wow. That is a good deal. Without taking tax deductions into account, for one person, $80 gets you 20k points = 0.4c per point!
At your rate it is 0.2c per point!

 

[Aussie_flyer]

good find thanks

 

[curiost]

My quote was $100.93 for a $78,000 salary. Hmmm, maybe it's my age. (I'm 25)

But excellent find!

edit: I put a salary of $60K through just to see what that you be and my quote didn't change. Odd

 

[Inver]

Great find Airkat just got to take out the policy before 31st of July.

 

[Kangol]

My quote was $100.93 for a $78,000 salary. Hmmm, maybe it's my age. (I'm 25)

But excellent find!

edit: I put a salary of $60K through just to see what that you be and my quote didn't change. Odd

I've tried a few things and with a $20k salary for a 26yo could get it down to $71.24.. taking into account deductions bringing the net to ~$50, that is 0.25c per point!

For a 46yo it went up to $98.71 and a 20yo down to $70.38.

Edit: don't forget the 1 point per $1 earned for paying the premium:
http://anz.com/Documents/AU/Insurance/qantas-terms-conditions.pdf

 

[curiost]

.

Edit: don't forget the 1 point per $1 earned for paying the premium:
http://anz.com/Documents/AU/Insurance/qantas-terms-conditions.pdf

I think there's something in the t&cs that say you can't claim a double points benefit, so you wouldn't get the extra point/$ (at least that's how I read it). Do these people check your income? I don't need income protection but if I put in a low salary then it costs me less for the points.

 

[hummel]

If we are to hold the policy for 12 months does that mean the points wont arrive till after 12 months?

 

[AirKat]

No problem.

Regardless of what your income is, you don't have to insure the whole thing. You can't insure MORE than you earn, but you can certainly insure LESS than you earn. So when you get to the page with the premium, just change the monthly benefit to $1,000. $1,000 per month is what you could insure on an income of $16,000 (75%). $1k seems to be the lowest you can go.

And yes, I believe it will take 12 months to come through.

 

[Aussie_flyer]

I think there's something in the t&cs that say you can't claim a double points benefit, so you wouldn't get the extra point/$ (at least that's how I read it). Do these people check your income? I don't need income protection but if I put in a low salary then it costs me less for the points.

no the terms and conditions say precisely the opposite.

 

[curiost]

No problem.

Regardless of what your income is, you don't have to insure the whole thing. You can't insure MORE than you earn, but you can certainly insure LESS than you earn. So when you get to the page with the premium, just change the monthly benefit to $1,000. $1,000 per month is what you could insure on an income of $16,000 (75%). $1k seems to be the lowest you can go.

And yes, I believe it will take 12 months to come through.

It says to list your current gross income though 'What is your gross annual income earned from your main occupation'?

 

[curiost]

no the terms and conditions say precisely the opposite.

Ah, I read it that it was capped at 20,000 points:, if not then that;s a bonus. Good work
"the number of Points(excluding any Bonus Points) you can earn is capped at 20,000
Points per Eligible OnePath Insurance Policy per year."

 

[Aussie_flyer]

Ah, I read it that it was capped at 20,000 points:, if not then that;s a bonus. Good work
"the number of Points(excluding any Bonus Points) you can earn is capped at 20,000
Points per Eligible OnePath Insurance Policy per year."

Note the excluding bonus points .. the 20k are bonus points

 

[lovestotravel]

$73.73 for 20073 points

Just annoying that it MAY take up to 14 months to see the 20K points, no doubt this thread will come back to life around July 2014

 

[Saintza]

I received the email but didn't have the time to research it yet, so thanks AirKat for sharing your findings! Mine worked out to be $67 for the year.

 

[get me outta here]

Theoretically, does a person actually get checked if they say fudge their age going for minimal everything and never intend to make a claim, or a tax deduction. It's only the FF no that has to be real. Just wondering.

 

[lovestotravel]

As per my standard practice I have taken screenshots of all pages, and printed out all T&C's

The rest of my family also think this is a great idea, they have been thinking about income protection for quite some time, luckily I have a big family.......

 

[Bugalugz]

They seem to charge young people quite a substantial amount of money. Being under 25 here's what they wanted from me:

Even reducing my income by 100k still came up the same and non smoker etc for all the setting described in the OP it was still $278 per year for $1000 benefit.

For my actual income to be paid each month for a 12 month benefit payment with a 90 day waiting period it was wait for it.........4278.00 annually :shock::shock::shock:

But then again, on a frequent flyer credit card @1.5 points, plus the 1 pt per $ and the 20,000 bonus it'd be around 30k points.....Quite sad I don't look at dollars any more only point earn lol!

Is this completely tax deductible or whats the go?

 

[Pfisher004]

They seem to charge young people quite a substantial amount of money. Being under 25 here's what they wanted from me:

Even reducing my income by 100k still came up the same and non smoker etc for all the setting described in the OP it was still $278 per year for $1000 benefit.

For my actual income to be paid each month for a 12 month benefit payment with a 90 day waiting period it was wait for it.........4278.00 annually :shock::shock::shock:

But then again, on a frequent flyer credit card @1.5 points, plus the 1 pt per $ and the 20,000 bonus it'd be around 30k points.....Quite sad I don't look at dollars any more only point earn lol!

Is this completely tax deductible or whats the go?

There must be more to it. I'm under 25 have a gross income which I put down of over 150k and used all of airkats parameters with no history of claims and the premium was 75 dollars. It must be dependent on your occupation

 

[JohnK]

My original premium was ~$75/month. :shock:

It appears I can only reduce it to ~$100/annum if income is $1,000/month, benefit paid for 6 months and a waiting period of 90 days.