Bankwest Classic Life Insurance

Receive up to $1 million in life cover with Bankwest Classic Life Insurance

Life insurance is an easy and basic way to protect your family if you were no longer able to provide for them, but that doesn’t mean that this simple form of protection has to deprive you and your family of any of the best insurance features. does not currently have access to this insurance provider. You may wish to view the primary providers that you can receive quotes on here.

Classic Life Insurance from Bank West allows you to apply without taking a medical or blood test, yet covers you for a benefit of up to $1 million and even allows you to tailor your cover by adding serious illness or serious impairment cover – or living insurances.

What does the policy cover?

Life insurance simply pays your family a lump sum benefit when you die, for them to use in any way they need to, from final expenses to paying off the mortgage. With life insurance from Bank West you can feel secure in the knowledge that your family is being looked after by a reliable and easy to talk to insurer.

With the Classic Life Insurance policy from Bank West, you are getting:

  • Terminal Illness Benefit: If you are diagnosed with a terminal illness and expected to live for less than 12 months, you can choose to have your life insurance benefit paid to you, to help with final expenses, medical bills, ongoing living costs, or to make adjustments to your home. The terminal illness benefit pays out 100% of your life insurance benefit amount.
  • Nominate your benefit amount: BankWest allows you to choose a benefit amount from $100,000 up to $1 million, depending on your age. When choosing a benefit amount, remember that your family will be relying on this benefit for all their financial support, as your regular income is no longer available.
  • Flexibility to choose your payment options: You can choose to pay your premiums fortnightly, monthly or yearly, to suit your cash flow and budget.
  • Enhance your cover: Taking out life insurance can help to ensure your family is looked after if you die suddenly. However, there are still a range of unforeseen circumstances which could occur to impair your ability to continue providing for your loved ones. That is why Bank West makes it easy to enhance your life insurance cover by adding serious illness cover and serious impairment cover. These policy additions can pay you a benefit to help you and your family manage ongoing expenses, if you are unable to work because of serious illness or injury.
    • Optional Serious Illness Cover Benefit: A lump sum benefit is payable in the event that you suffer from a serious illness as specified in your policy, which includes:
      • Aortic surgery
      • Aplastic anaemia
      • Cancer
      • Chronic kidney failure
      • Coronary artery bypass surgery
      • Diplegia
      • Heart attack
      • Heart valve surgery
      • Hemiplegia
      • Major organ transplant
      • Multiple sclerosis
      • Parkinson's disease
      • Stroke
    • Optional Serious Impairment Cover Benefit: A lump sum benefit is payable in the event of an injury or illness as specified from the following:
      • Loss of independent existence
      • Loss of two limbs
      • Loss of one limb and loss of sight in one eye
      • Loss of sight
      • Major head trauma
    • Cash advance: Bank West will pay an advance of $10,000 from your life insurance benefit amount after receiving a claim, to help with immediate costs. This cash advance can help your family pay for immediate expenses such as final medical bills or for the funeral. When the full benefit amount of the policy is paid, it will be paid less the $10,000 advance already received by your beneficiaries.
    • Automatic renewal: Once your policy is approved, Bank West guarantees to renew your cover each year until you are 70 years old. If you also have serious illness cover and serious impairment cover, these insurances continue until you are 65 years old. This automatic renewal of your policy is only available if your premiums are kept current.
    • Automatic benefit indexation: Bank West will increase the benefit amount of your policy by 5% each year, to keep in line with inflation. This means that as the cost of living goes up each year, so does your life insurance benefit amount, so the benefit amount is relevant to the costs at the time of the claim, rather than to the cost of living when you took out the policy. You can choose to opt out of the automatic yearly increase to your benefit amount, and reapply for this option again at any time.
    • Nominate your beneficiaries: You can nominate one or more beneficiaries for your Classic Life Insurance policy, to receive the benefit amount when you die. You can also nominate a different proportion of the benefit amount to be paid to each beneficiary. If you do not nominate specific proportions of each beneficiary, the benefit amount will be divided equally between them. You can change your beneficiaries at any time, and it is a good idea to review your life insurance beneficiaries regularly, in case your circumstances or their circumstances change.

    Who can apply?

    If you are an Australian resident 18 to 60 years old, you can apply for Classic Life Insurance with Bank West without taking a medical test or blood test. This means you can be covered immediately once you submit your application.

    Plus, you’ll also be enjoying a 21 day cooling off period, so if you change your mind after taking out life cover with Bank West, you can cancel the policy and receive a full refund of any premiums you’ve paid, as long as you haven’t made a claim.

    With BankWest, your family will be protected financially if you die unexpectedly or are diagnosed with a terminal illness. The benefit amount of your BankWest Classic Life Insurance policy will be paid as a lump sum amount, so that your loved ones can then use the money in any way they need to, to pay the mortgage or other loans, cover day to day expenses or make an investment for the future.

William Eve

Will is a personal finance writer for specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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