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

[medhead]

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!!

Or use arrival of the cheque as a reminder..... :idea:

This is especially good as income protection insurance is tax deductible. 13 months @$10 per month minus tax refund of about $57.50, minus $100 looks pretty good to me.

 

[awilcockson]

This is especially good as income protection insurance is tax deductible. 13 months @$10 per month minus tax refund of about $57.50, minus $100 looks pretty good to me.

This was my thought, seems like a pretty good deal

 

[delfredo]

Or use arrival of the cheque as a reminder..... :idea:

This is especially good as income protection insurance is tax deductible. 13 months @$10 per month minus tax refund of about $57.50, minus $100 looks pretty good to me.

I think we all know that this assessment is flawed but I'm gonna keep my mouth shut so as not to show it right in the face of the ATO if they are reading this. They probably already know anyway. It's just a matter of whether it is material enough for them to pursue.

 

[MelbMan]

Coincidentally just switched some of my insurance policies to OnePath but through an insurance agent not direct. He did tell me I'll earn one point per dollar of the premium. Plus using a credit card to pay for this... that's 2pts per dollar.

Regarding the 10,000pts looks like going through a broker I'll miss out. Unless I take out another policy. :idea: Or one for the missus.

(I saved quite a bit of money premium wise on one policy swapping from my old
insurer to OnePath)

 

[casanovawa]

Yeah you probably will miss out, can you back out and re do yourself???

 

[delfredo]

Coincidentally just switched some of my insurance policies to OnePath but through an insurance agent not direct. He did tell me I'll earn one point per dollar of the premium. Plus using a credit card to pay for this... that's 2pts per dollar.

Regarding the 10,000pts looks like going through a broker I'll miss out. Unless I take out another policy. :idea: Or one for the missus.

(I saved quite a bit of money premium wise on one policy swapping from my old
insurer to OnePath)

Before deciding on your next move, you should note that the policy you took out via your agent is different to the EzyProtect policies available online (and only online). The benefits you currently have is likely to be greater than those offerred by EzyProtect policies. Hence you need to review your cover requirements before being tempted with the 10k bonus points.

 

[MelbMan]

Thanks, my changing to OnePath wasn't influenced by FF pts But I was pleasantly suprised when the agent told me premiums would gain FF pts. I think I can get about 11,000pts a year out of this.

Must have a look around to see if there are any attractive credit card deals at the moment. Sadly already have a Citibank card and too many direct credits in place to go through all the pain & suffering of closing the current one and getting a new one. Even for 60,000 pts.

I did sign up for an E Trade account when their 10,000 pt promotion was on. But as others have alluded to here the paperwork and time spent was too much. I got the account open but then never used it to trade. All too complex in the finish.

 

[delfredo]

Thanks, my changing to OnePath wasn't influenced by FF pts But I was pleasantly suprised when the agent told me premiums would gain FF pts. I think I can get about 11,000pts a year out of this.

That's a lot of points! A result of high premiums you're paying?

 

[MelbMan]

$466 a month premium = 466 pts + another 466pt from the credit card = 932 a month or 11184 a year. A lot less premium than I was paying.

 

[awilcockson]

$466 a month premium

Holy cough, I'm only paying $900 a year for life, tramau/TDP and income protection insurance. And that's real income protection insurance that pays until I'm 65, not like the onepath policy that only pays for 2 years.

 

[markis10]

Holy cough, I'm only paying $900 a year for life, tramau/TDP and income protection insurance. And that's real income protection insurance that pays until I'm 65, not like the onepath policy that only pays for 2 years.

Unless you have the same job at the same payrate its a moot point, you would expect a professional skydiver to pay a lot more than a desk jockey

 

[MelbMan]

Mine also pays until 65... question is how old are you & how much income are you covering... I'm covering $75k a year....in my later 50s'... hard to believe but sadly that's the case.

Self employed, insurance is just one of those things you hope you never need. But getting older I'd be a fool to become uninsured now at a time I may need it. I have a separate trauma policy good for about $170k. Took that out just in case every got something critical. Plan was this would enable me to just shut the business, set off on a world trip without any money worries.

A cousin of mine about the same age and I once talked about a pact. We'd leave each other about $5k and whoever lived the longest would take themselves off to France (we're both Francophiles), have some great meals, maybe even some great paid for sh*gs on the others behalf (and at the others expense) I think they call this living beyond the grave. Perhaps $5k might need to be $10k and not sure about the sh*gging part!

 

[awilcockson]

question is how old are you & how much income are you covering... I'm covering $75k a year....in my later 50s'... hard to believe but sadly that's the case.

Higher income but I'm "only" 38. Guess age really starts to have an effect on the premium. Something to look forward to :shock:

 

[medhead]

10,000 Bonus Points With New OnePath Life Insurance

I think we all know that this assessment is flawed but I'm gonna keep my mouth shut so as not to show it right in the face of the ATO if they are reading this. They probably already know anyway. It's just a matter of whether it is material enough for them to pursue.

It is only flawed as I didn't include the Medicare levy and rounded off the monthly premium to the nearest $10. But for my tax rate it is approximately correct.

Remember the $100 is not a refund of premiums paid. Therefore, all premiums paid can be deducted without accounting for the $100 payment.

 

[MelbMan]

I have one policy with locked in level premiums.. might be the trauma. With any of these modern non savings type insurance policies that would be my suggestion to any one in their 20s or 30s... get into locked in level premiums. Yes you might pay a bit more for the first few years. But most agents can show the premium projections level v stepped. Of course later on another company with stepped might still beat your level premiums... if so just cancel the level and move to the stepped. Most policies step every few years. And guess what.. the steps are always UP

 

[markis10]

It is only flawed as I didn't include the Medicare levy and rounded off the monthly premium to the nearest $10. But for my tax rate it is approximately correct.

Remember the $100 is not a refund of premiums paid. Therefore, all premiums paid can be deducted without accounting for the $100 payment.

The $100 would be taxable income regardless, and if you think the ATO wont know about you getting a payment from an Australian bank, think again with austrac . They like little things that mob, much easier than chasing the big fish.

 

[burrco]

Got some junk mail from the ICAA today offering 15,000 points to take out a Onepath "ProSecure Income Replacement Plan". Similar rules to the original offer (minimum two months etc).

 

[delfredo]

I have one policy with locked in level premiums.. might be the trauma. With any of these modern non savings type insurance policies that would be my suggestion to any one in their 20s or 30s... get into locked in level premiums. Yes you might pay a bit more for the first few years. But most agents can show the premium projections level v stepped. Of course later on another company with stepped might still beat your level premiums... if so just cancel the level and move to the stepped. Most policies step every few years. And guess what.. the steps are always UP

In my view, stepped premium option is better than the level premium option. We go through changes in our lives and therefore nothing is static between now and retirement age. Under the level premium option, you are essentially pre-paying future premiums now, thereby straight-lining the premiums over the life of the cover. If you later decide to change your policy provider or to switch to the stepped option, you lose the benefit of your past prepayments. You will not get a refund for the difference between the higher level premiums paid and the lower stepped premium. Yes, level premiums can insure you against future premium increases but you're better off investing the savings gained under the stepped premium option in other high-yielding assets rather than leaving it with the insurer.

 

[delfredo]

$466 a month premium = 466 pts + another 466pt from the credit card = 932 a month or 11184 a year. A lot less premium than I was paying.

Oh wow! That's a lot! I think all up I'm paying less than $80 a month for life, TPD and trauma cover.

Either you have a really high cover value or that you are close to retirement age?

 

[delfredo]

The $100 would be taxable income regardless, and if you think the ATO wont know about you getting a payment from an Australian bank, think again with austrac . They like little things that mob, much easier than chasing the big fish.

Agreed. Also taxable is the $50 bonus from opening a new NAB classic banking account, the $100 bonus for NAB customers opening a new CBA transaction account or credit card account and the $50 bonus from opening a new Virgin online savings account.