OnePath Company Profile

Although OnePath Life Insurance is reasonable new on the Australian life insurance scene in name, it has actually had strong links in the life insurance industry here going back over 130 years. OnePath is the new name for what was ING life insurance before ING was fully taken over by the ANZ Bank. Prior to being known as ING life insurance it was known as Mercantile Mutual, a household name in the Australian insurance industry that dates back to 1878 when Mercantile Mutual was first formed in Sydney. OnePath today operates as the Australian specialist wealth management and protection business for the global ANZ Banking Group.

OnePath Life Insurance’s parent body ANZ is a leading global and local bank that has a presence in 32 countries around the world. Its main operations take place in Australia, New Zealand, Asia, the Pacific, America, Europe and the Middle East. It delivers services to over 5.7 million retail customers throughout the world and employs more than 39,000 people. OnePath itself has a most comprehensive range of wealth and insurance products on offer that are made available through a network of financial advisers or directly to its customers making it easier for you to find the right solution that best fits in with your specific needs.

Since Mercantile Mutual was first launched in Sydney over 130 years ago it has changed its head office locations, acquired new businesses, been acquired by others and changed brands more than once but one thing remains stable throughout all this change and that is its service to its customers. Despite the outside changes, inside the company it has remained a people focused business continually working to help Australians shape and protect the quality of their lives and that of those they leave behind should they die or become totally and permanently disabled. Those inside OnePath life Insurance feel that now they are a part of the ANZ Banking Group they will experience a number of new opportunities to expand further. They see it as an exciting time to be involved in the company and look forward to sharing the future with their customers, both old and new.

OnePath Life Insurance Company History

A run down of the past history of OnePath Life Insurance shows its ‘bloodline’ being second to none other in the life insurance business in Australia, as the following time scale shows:

• 1878 – Mercantile Mutual life insurance formed in Sydney after three Sydney businessmen decided to go ahead with the need to begin a distinctly Australian insurance company, as distinct to mainly English life companies operating here at the time. They sought and received sufficient support for their idea from friends and supporters during a cricket match in 1877.
• 1950, 1960 and 1970 – The company continue to grow with the taking over of Ocianic Insurance, Australian General Insurance and the Australian Metropolitan Life Company.
• 1982 – Mercantile Mutual became a part of the ING Group when ING acquired 50% of the company.
• 1987 – ING acquired the remaining 50 percent and became the sole owner.
• 2001 – Mercantile Mutual changed its name to ING Australia.
• 2002 – ANZ acquired 49 percent of ING making ING a funds manager and life insurance joint venture.
• 2009 – ANZ acquired the remaining 51 percent giving it 100 percent ownership of ING Australia.
• 2010 – The ING brand name was changed to OnePath. The name OnePath being chosen in recognition that people take different paths in life. It is OnePath see it as their role to assist these people shape and protect the quality of their chosen path through life.

Life Insurance Policies Available from OnePath

All the former life insurance policies made available by ING and before that by Mercantile Mutual are now available through OnePath. OnePath Life Insurance helps in making certain that your debts and your dependants are fully taken care of in the event of your death. It gives you the flexibility of choosing the most appropriate product that will best suit your individual situation. From the following policy options:

• EasyProtect Life. An affordable cover for death resulting from illness or injury. Most valuable to pay off debts as well as providing for your family’s ongoing living costs.
• Accident Cover Plus. A low cost life insurance that can assist in maintaining financial security should you die or become injured from an accident.
• OneCare Life Cover. Insurance that helps your beneficiaries financially by paying a lump sum, or instalments should you die or be diagnosed with a terminal illness.
• Group Life Insurance. This cover pays a lump sum if you die or are diagnosed with a terminal illness. It is only available to employees and superannuation fund members.
• Corporate Insurance
• Easy Protect Income Protection Insurance: Insurance to keep your income protected.
• Easy Protect 50+: Protection tailored for those over 50 years of age.
>OneCare Income Secure Cover: Provides excellent cover for those unable to work due to sickness or injury.
• Small Business Insurance: Cover your small business and family under a single policy.
• Group Salary Continuance: Monthly benefit of up 75% if unable to work due to sickness or injury.
• Living Expenses Cover Monthly benefit is paid when insured is significantly disabled.
• Business Expense Cover: Pays fixed monthly benefit to cover business expenses if insured becomes totally or partially disabled.

Onepath Life Insurance has indeed got a long history in providing insurance to Australian policy holders, beginning with Mercantile Mutual over 130 years ago. The most recent name change recognises this relationship as it assists its customers along the OnePath of life together.