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

[yohy?!]

Accident Cover Plus is a very reasonable $8.15 per month for me:mrgreen:

<EDIT> EasyProtect Major is also not bad at $8.90 a month

 

[drewbles]

Time to start reading up on it, you could be the next pudding guy

On the face of it, it seems too good to be true already

Pudding guy on QF. Who would have thunk it.

At least I won't have to peel labels and donate them to charity.

May have to read up on it in the F lounge tomorrow

 

[sr81]

So there are four different insurance plans that all seem eligible for the 10,000 point bonus.

Here is my premium break down. Note that I set the minimums for all questions.

Life: $8.15 per month
Major Illness: $9.14 per month
Accident: $8.15 per month
Income: $7.83 per month

Gives a total of $66.54 for two months. I know some people got lower premiums but only by 20-30 cents.

The question is - can you get the bonus on each policy? This would be 40,000 for $66 and a pretty good deal.

I am pretty sure that buying the same policy 100 times over wouldn't be allowed and the internal vetting would pick it up but for four different policies?

 

[samh004]

You could email them and ask, but that risks alerting them to the plan…

 

[oz_mark]

Can't imagine it will take them long to figure out what is going on. How they respond is the question.

 

[markis10]

So there are four different insurance plans that all seem eligible for the 10,000 point bonus.

I am pretty sure that buying the same policy 100 times over wouldn't be allowed and the internal vetting would pick it up but for four different policies?

They had no issue with my multiple policies when I spoke to them yesterday about a direct debit.

 

[jaffa]

I just found this on the One Path site after following the links from the QF site.


Qantas Frequent Flyer points
OnePath Life Insurance is now even more rewarding

#You must be a Qantas Frequent Flyer member and register valid membership details with OnePath to start earning Qantas Frequent Flyer points on Eligible OnePath premiums you pay. Points are earned in accordance with and subject to the OnePath and Qantas Frequent Flyer Rewards Terms and Conditions. Membership and points are subject to Qantas Frequent Flyer program terms and conditions available at qantas.com/frequentflyer. Points are only earned on premiums you pay after OnePath has received your Qantas Frequent Flyer membership details. The number of points you can earn on Eligible OneCare, OneCare Super and World of Protection policies is capped at 20,000 points per year, per policy.


I wonder wether this also apply's to 10000 bonus as well.

 

[yohy?!]

I just found this on the One Path site after following the links from the QF site.


Qantas Frequent Flyer points
OnePath Life Insurance is now even more rewarding

#You must be a Qantas Frequent Flyer member and register valid membership details with OnePath to start earning Qantas Frequent Flyer points on Eligible OnePath premiums you pay. Points are earned in accordance with and subject to the OnePath and Qantas Frequent Flyer Rewards Terms and Conditions. Membership and points are subject to Qantas Frequent Flyer program terms and conditions available at qantas.com/frequentflyer. Points are only earned on premiums you pay after OnePath has received your Qantas Frequent Flyer membership details. The number of points you can earn on Eligible OneCare, OneCare Super and World of Protection policies is capped at 20,000 points per year, per policy.


I wonder wether this also apply's to 10000 bonus as well.

The QF page T&Cs indicate the bonus is not included in the cap

 

[delfredo]

You could email them and ask, but that risks alerting them to the plan…

Mate, this is a public forum. For all you know, someone from OnePath may already be reading these posts.

 

[delfredo]

So there are four different insurance plans that all seem eligible for the 10,000 point bonus.

Here is my premium break down. Note that I set the minimums for all questions.

Life: $8.15 per month
Major Illness: $9.14 per month
Accident: $8.15 per month
Income: $7.83 per month

Gives a total of $66.54 for two months. I know some people got lower premiums but only by 20-30 cents.

The question is - can you get the bonus on each policy? This would be 40,000 for $66 and a pretty good deal.

I am pretty sure that buying the same policy 100 times over wouldn't be allowed and the internal vetting would pick it up but for four different policies?

A reasonable person would think that 40,000 bonus points are available for grab. T&C states that it applies to "a new eligible OnePath policy with OnePath directly". Doesn't appear to be limited to new customers or the first new policy taken up.

A reasonable person would also think that there can only be one "new policy" when buying the same policy 100 times over. The 2nd and 100th policy would not be new anymore.

I suggest taking a PDF/screenshot of the T&C, in case it changes after you've applied and paid your premiums, as it did for the Citibank "Swith To Plus" offer.

 

[samh004]

Mate, this is a public forum. For all you know, someone from OnePath may already be reading these posts.

That covers them knowing, but not them answering the question

 

[lovetravellingoz]

The "leap of faith" here is that one would be canceling before the 10,000 points is awarded.

Or if you stay current, then double the cost is likely...

 

[Nigelinoz]

Mate, this is a public forum. For all you know, someone from OnePath may already be reading these posts.

Very true but even if they are what can they do about it?they have no way of correlating usernames against policy holders so they can't identify anyone and even if they did nobody has suggested doing anything that is not compliant with the T&C's,if their internal audit procedures disclose a problem later on then they could alter the T&C's for future policies but if as it stands people can take out a policy,obtain the 10,000 point bonus and cancel the policy after two months because the T&C's allow it then it's up to the company to deal with it.
Cheers
N'oz

 

[delfredo]

Very true but even if they are what can they do about it?they have no way of correlating usernames against policy holders so they can't identify anyone and even if they did nobody has suggested doing anything that is not compliant with the T&C's,if their internal audit procedures disclose a problem later on then they could alter the T&C's for future policies but if as it stands people can take out a policy,obtain the 10,000 point bonus and cancel the policy after two months because the T&C's allow it then it's up to the company to deal with it.
Cheers
N'oz

I'm not suggesting that they will attempt to track you down (unless you have fradulent intentions). Have a proper read of the post that I was replying to.

However, what I am suggesting is that we should always be concious of the fact that this is a public forum that it will very likely be read by any parties involved.

 

[Nigelinoz]

I'm not suggesting that they will attempt to track you down (unless you have fradulent intentions). Have a proper read of the post that I was replying to.

However, what I am suggesting is that we should always be concious of the fact that this is a public forum that it will very likely be read by any parties involved.

And I agree with you,however
the point that I was making is that it does not matter who reads this thread as nobody has suggested any actions that would be contrary to the terms and conditions as they are currently ,if the T&C's as they are drafted allow someone to take out a policy,obtain the bonus points and then cancel after two months then whether or not someone from the company involved reads this thread is surely immaterial based on the fact that nobody has done anything against those T&C's.
If I take out an income protection policy today based on my current occupation,pay the required premium,be awarded the bonus points then cancel the policy in 2,or even 6 months then I am not breaking the T&C's so it doesn't matter who reads this thread-I will not have done anything wrong.

If the company became aware that certain people had taken out policies and then cancelled them then the company may well alter the T&C's for future policies if they felt that the previous conditions were being "manipulated" but I can't see what interest they would have in this thread.
Cheers
N'oz

 

[markis10]

What difference does it make to the company to have 100 new customers with 1 policy or 25 with 4? The cost of acquiring a new savings account customer for a bank is from $60-$100 per person, I would imagine the life insurance costs are higher as its a smaller market.

Given the promo appears to have very poor rules in terms of time limits or policy limits, I suspect that they are not to concerned or someone has take up a new job after working for AMEX marketing.

 

[delfredo]

And I agree with you,however
the point that I was making is that it does not matter who reads this thread as nobody has suggested any actions that would be contrary to the terms and conditions as they are currently ,if the T&C's as they are drafted allow someone to take out a policy,obtain the bonus points and then cancel after two months then whether or not someone from the company involved reads this thread is surely immaterial based on the fact that nobody has done anything against those T&C's.
If I take out an income protection policy today based on my current occupation,pay the required premium,be awarded the bonus points then cancel the policy in 2,or even 6 months then I am not breaking the T&C's so it doesn't matter who reads this thread-I will not have done anything wrong.

If the company became aware that certain people had taken out policies and then cancelled them then the company may well alter the T&C's for future policies if they felt that the previous conditions were being "manipulated" but I can't see what interest they would have in this thread.
Cheers
N'oz

About 2 or 3 years back, there were discussions on this site about a cashback offer by Citibank. People were discussing and taking advantage of a loophole in the T&C which were later patched up after someone from the bank read through the comments posted. T&C generally are subject to change and take effect prospectively so our fun times were cut short. Nevertheless they found out about it only 1 or 2 weeks prior to offer expiry date so many had already gained cashback monies in the order of thousands of dollars in their bank accounts.

If you believe that the OnePath offer is good value, crystalise it now rather than hesitate/wait. Of course, some uncertainty in the T&C exists which causes people to wait.

That is the point I'm making. Again, not suggesting fradulent acts by applicants or OnePath making a u-turn on their offer in areas which are clear cut. Cancelling the policy after 2 months is clearly allowed under the T&C.

 

[delfredo]

What difference does it make to the company to have 100 new customers with 1 policy or 25 with 4? The cost of acquiring a new savings account customer for a bank is from $60-$100 per person, I would imagine the life insurance costs are higher as its a smaller market.

Given the promo appears to have very poor rules in terms of time limits or policy limits, I suspect that they are not to concerned or someone has take up a new job after working for AMEX marketing.

My view is that it's part of a broad and complex strategy with the main aim of expanding market share (as oppose to profitability). This is common across all commercial companies, be it in the mobile phone, banking, media or supermaket industry. Smaller businesses tend to have profitability as their focus (over revenue/market share) primarily due to their financial strength positions. My 2 cents view only.

 

[arraitch]

It may be that those who are musing about multiple policies are doing so with tongue firmly planted in cheek ... and fair enough. But it may also be that excessive overindulgence will see this offer curtailed. 'Scuse my often dodgy maths, but even if you spend $100 on a policy, that's still 10,100 points @ <1c per point, right?

 

[markis10]

It may be that those who are musing about multiple policies are doing so with tongue firmly planted in cheek ... and fair enough. But it may also be that excessive overindulgence will see this offer curtailed. 'Scuse my often dodgy maths, but even if you spend $100 on a policy, that's still 10,100 points @ <1c per point, right?

Your looking at $5 a month per policy, not $100 over two months, it makes a difference to the value proposition. And in a lot of cases it's tax deductable.