20k bonus points with ANZ Income Protection Insurance

[Nizar]

Just tried this out with the following parameters.
Age 28. Income $150k.
Monthly benefit $1,000.
Benefit period 6 months.
Waiting period 90 days.
Payment frequency annual payment.

Came up with an annual premium of $66.21.

Not too shabby lol I might go for it. Hard to say no when offered 20,165 points for $66.21. Beats all the credit card bonus points offers I've been grabbing lol. Just the 14 month wait is a drainer...

 

[AirKat]

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?

Yes income protection premiums are completely tax deductible. It is the only insurance that is deductible for everyone. It is different to other insurance as if you were on claim, the claim payments would be taxable income. Its claimable under D15 - Other deductions

D15 - Other deductions 2012

 

[risaka]

When going through the application, I cannot see a field box to enter your QFF number. Can anyone see it? Or do I have to ring them up after the policy has been purchased?

 

[Inver]

When going through the application, I cannot see a field box to enter your QFF number. Can anyone see it? Or do I have to ring them up after the policy has been purchased?

From how I understand the T&C's you don't want to pay until you have registered your QFF number with Onepath. I would ring them first BEFORE paying or someone who speaks lawyer better may have a better interpretation.

 

[Andyc]

I just went through the process and after entering credit card details it confirms your application has been processed and then asks if you're a QFF member. If you click yes, a pop-up then asks for your details. The pop-up seems to be a different form that matches your new policy numbers to your newly entered frequent flyer details.

 

[Kangol]

Just tried this out with the following parameters.
Age 28. Income $150k.
Monthly benefit $1,000.
Benefit period 6 months.
Waiting period 90 days.
Payment frequency annual payment.

Came up with an annual premium of $66.21.

Not too shabby lol I might go for it. Hard to say no when offered 20,165 points for $66.21. Beats all the credit card bonus points offers I've been grabbing lol. Just the 14 month wait is a drainer...

What occupation did you put down?

 

[Nizar]

What occupation did you put down?

Chemist/pharmacist - degree qual, non-hazardous analytical/lab work

 

[get me outta here]

Why do you think there's a 1 year wait for the points? Do we have to be careful to cancel before the next renewal and then they may not give us the points?

 

[Nizar]

From how I understand the T&C's you don't want to pay until you have registered your QFF number with Onepath. I would ring them first BEFORE paying or someone who speaks lawyer better may have a better interpretation.

Looks like you can book it online and then call up and give them your QFF number as long as its within 30 days. Maybe this will be easier as they can look you up and know who you are, etc.

1 ANZ Income Protection is an 'eligible OnePath policy'. The bonus 20,000 points offer is only available to customers who: (a) apply for a new ANZ Income Protection policy by 31 July 2013, either online via anz.com/protect, anz.com/incomeoffer or anz.com/qffincome or over the phone by calling 1300 464 111 or 1300 464 888 (b) hold and pay the premium for the ANZ Income Protection policy for a minimum period of twelve (12) consecutive months; and (c) supply their Qantas Frequent Flyer membership details to OnePath Life within 30 days of taking up the ANZ Income Protection policy.

 

[Inver]

Thanks Nizar.

 

[Isochronous]

Trying to get the family in on this - what do people think is the optimum age?

e.g. Age 49, Income $50k, $1,000 benefit, 6mth benefit period, 90 day waiting period --> $138.50, still 0.6925c per point. That's still reasonable if used on JASAs, right?

 

[Nizar]

Trying to get the family in on this - what do people think is the optimum age?

e.g. Age 49, Income $50k, $1,000 benefit, 6mth benefit period, 90 day waiting period --> $138.50, still 0.6925c per point. That's still reasonable if used on JASAs, right?

I think I'm still the winner so far at $66.21

Still can't get over the 14 month wait... not even sure I will be alive by then lol.

 

[AirKat]

Why do you think there's a 1 year wait for the points? Do we have to be careful to cancel before the next renewal and then they may not give us the points?

If you cancel an insurance policy during the year, the premium already paid is refundable. So if you cancelled after 6 months they would have to refund half.

 

[ashleyn]

Bit of age discrimination going on. 59 with all the minimum settings, premium = $260 !

 

[markis10]

Bit of age discrimination going on. 59 with all the minimum settings, premium = $260 !

Discrimination or reality, given the older you are the better chance illness will result in a break from work?

 

[JohnK]

e.g. Age 49, Income $50k, $1,000 benefit, 6mth benefit period, 90 day waiting period --> $138.50, still 0.6925c per point. That's still reasonable if used on JASAs, right?

Same parameters as above and my premium was ~$100. Obviously IT is not as risky as your profession.

 

[markis10]

Is tea lady not a profession?? :shock:

 

[IGetAround]

Just bought mine - $71 isn't bad to (almost) cover a Y to J upgrade on LHR-DXB next month.

 

[casanovawa]

I think I'm still the winner so far at $66.21

Still can't get over the 14 month wait... not even sure I will be alive by then lol.

If you go through the QF page for points earning to insurance OnePath still offers this...

Qantas Frequent Flyer members can start earning one point for every $1 of premium paid on eligible OnePath and ANZ life insurance and income protection policies. To start earning points, members must register their Qantas Frequent Flyer membership details with OnePath or ANZ when they apply for their policy.^[SUP]~[/SUP]
You can apply for a new eligible life insurance or income protection policy:

• Directly with OnePath Life online or by calling 1300 379 693
• Directly with ANZ online or by calling 1300 376 978
• Through your financial adviser

If you apply for your policy by calling Onepath Life or ANZ on the above numbers, or online using the links below, you could also receive a bonus 10,000 points.*
Access rewards even faster by earning points on the following policies:
[h=3]OnePath[/h]

• OnePath life insurance
• OnePath income protection
• OnePath critical illness insurance
• OnePath accident insurance
• OnePath life insurance for over 50s
  

[h=3]ANZ[/h]

• ANZ life insurance
• ANZ income protection
• ANZ critical illness insurance
• ANZ accident insurance
• ANZ life insurance for over 50s

And the fine print says

The bonus 10,000 points offer is not available for new policies within the OneCare range of products and is only available to customers who: (a) apply for a new eligible OnePath policy or eligible ANZ life insurance or income protection directly, either online via qantas.com/lifeinsurance or over the phone by calling 1300 379 693 for OnePath Life or 1300 376 978 for ANZ; (b) hold and pay the premium for the eligible OnePath policy or ANZ life insurance or income protection for a minimum period of six months

So the amount of points per policy is half but so is the waiting time seemingly if you need points quicker... Not sure how the cost of the 6 month policy equates to the 12 month one...

 

[stewiejp]

With minimum settings my quote was close to $300 as my job is deemed risky. Considering blatantly lying about my job to get the premium down, bearing in mind I will not be able to claim and am simply looking at some cheap points. I'm sure someone will answer soon but are we sure we have to wait a year for the points? I though I read in the T&C's that they pay the points within a month of paying your premium. That could have referred to "normal" points per dollar spent though, even though should the policy be cancelled they would have to be refunded as well as any bonuses.