Westpac income protection insurance review

Westpac Income Protection is a diverse plan that can protect your financial wellbeing if you're in or out of work. With Westpace, you'll have the flexibility to choose your policy options of waiting period, benefit period and benefit type.

What are the main types of income protection offered by Westpac?

Westpac Protection provides coverage under the following policies:

• Income Protection – a monthly benefit provided in the event that you become partially or completely disabled.
• Income Protection Plus – is a more comprehensive policy that includes the core benefits offered under a regular Westpac Income Protection Policy, as well as, built-in support benefits designed to assist you during your recovery.
• Income Protection as Superannuation – is an Income Protection Plan offered through Westpac MasterTrust.

Westpac Protection Plans provide members with three different types of income protection known as Income Protection Definitions. These definitions provide coverage for different events:

Looking for more cover? Some other options worth considering

Westpac Income Protection provides comprehensive income protection with built in, as well as, additional benefits. If you want to go the extra mile, to ensure that you’re protected for additional unforeseen events, Westpac Additional Options offer a variety of choices to suit your varying needs. These choices include:

• Term Life Protection:

• A lump sum payment if you are diagnosed with a terminal illness or dies
• Repay debts such as credit cards, mortgage and loans
• Leave a lump sum for your family’s future needs

• Total and Permanent Disablement (TPD):

• Pays a lump sum if you are permanently and completely disabled
• Pays for home modification and rehabilitation costs and
• Gives financial support for necessary lifestyle adjustments

• Living Insurance:
  

• Pays a lump sum if you suffer from one of their covered medical events
• Covers all medical costs
• Offers financial support in order for you to focus on recovering

• Needlestick Benefit - provides medical professionals with a lump sum if they acquire HIV or Hepatitis B or C and also offer financial support when you are in need.

• Children’s Benefit - provides insured children with a lump sum if they suffer from a covered medical event. This additional benefit will also:

• Pay for medical treatment and
• Provide assistance when you need it to take time off from work and care for your child.

Please note that Children’s and Needle Stick Benefits are only offered to individuals who hold other Protection Plans.

• Accident Benefit provides coverage if you are totally disabled for a specified number of days during the waiting period because of accidental injury.
• The superannuation contribution option will cover an additional portion of your superannuation contributions if you are totally disabled and the
• Super Plus IP Benefit makes it possible for you to structure your income protection cover with the benefits offered under an Income Protection Plus Policy over two separate policies.

How much will it cost me?

When purchasing a Westpac Income Protection plan, the company makes it easy for you to structure your premium based on your needs and finances. There are two premium types for you to choose from:

• Stepped Premiums – are calculated on a yearly basis and is calculated based on age and the amount of coverage you need. These premiums will generally increase each year as you age.
• Level Premiums – that are calculated based on your age at the time your policy becomes active; however, this premium, as the name suggests, remains leveled and will not increase as you age.

To determine the cost of your premium, a number of factors are taken into consideration:

• The amount of coverage needed and whether the premium is Stepped or Level, as well you’re your payment frequency.
• Your occupation, age, health and family medical history, as well as, gender and smoking status.
• Your waiting period
• Any additional optional benefits chosen
• The benefit period
• All discounts that you may qualify for and
• The type of benefit chosen

The overall amount you will pay for your premium, includes a calculation of the coverage provided for each benefit for each insured individual plus the policy fee.

How do I claim?

In the event that you need to make a claim, your first responsibility is to contact a Westpac Life Insurance claims consultant as soon as possible who will in turn provide you with all information and forms needed for a smooth claim process.

For claims being made under an Income Protection, Income Protection Plus, or Income Protection as Superannuation, a report must be made within 30 days after the insured event occurred and you must return all claim forms within 60 days after receiving them.

To ensure your claim is processed correctly, you will need to provide satisfactory evidence to support the claim being made. Westpac may require one or all of the following documents as proof:

• Medical evidence from a specialist medical practitioner or doctor
• Certificates or Reports from the doctor providing treatment
• Proof of age and in certain circumstances,
• Proof of income, business income or expenses

Who is eligible for cover?

Westpac Income Protection is offered to individuals of different ages and occupation and individuals who are responsible for caring for their household. Unemployed persons can be covered under this income protection plan as well. To be considered eligible for an Income Protection Plan, the minimum age for an insured individual is 17, while the maximum age is 59.

On the other hand, children between the ages of 2 and 14 qualify for coverage under the Children’s Benefit Option. The age you enter into your premium, will determine the amount of coverage you qualify for and the cost of your premium.

Exclusions to be aware of with Westpac income protection

The Westpac Insurance Company will make claim payments once they have accepted the liability to do so; however, there are certain exclusions that apply which will cause the company to cease all payments being made. The company will discontinue payment in the event that:

• The insured individual isn’t totally, partially or severely disabled, as defined in the insurance policy.
• A SOA containing the Westpac Protection Plans recommendation under an Interim Accident and Sickness Cover Certificate is not provided.
• The company will also not pay a benefit in the event that the death, specified medical event, total or permanent disability, accident, sickness or injury was caused directly or indirectly by:

• Any act of war
• An intentional, self-inflicted act or attempted suicide
• An accident or illness that is caused while the insured person is under the influence of alcohol or self-medicated drugs
• A preexisting condition

• Your current occupation is not covered under their insurance policies.

Other important things to know before you apply

When purchasing an insurance plan, it is good to know everything about the policy and the company before you make that final purchase. Because it’s human nature to change our minds; Westpac Income Protection gives new members a cooling off period to adjust or cancel their plans. If you aren’t 100% satisfied with your policy, you may cancel it within:

Cooling off Period

• 28 days from the commencement date or
• 23 days after you receive all documents.

The company will cancel your policy and refund all payments made, minus all applicable taxes.

Ability to link with another cover

The Westpac Income Protection Plan is a comprehensive plan that makes it possible for you to link your insurance packages. With the Flexible Linking Plus policy, you’re able to add a TPD Benefit with own occupation TPD definition to a Term Life as Superannuation, Term Life and Standalone TPD policy that are held within superannuation.

Premiums payment frequency option

To facilitate all its members, Westpac Income Protection comes with tailored payment options, which means that you have the option to choose the frequency at which you pay your premiums. You may choose either:

• Monthly
• Quarterly
• Half-yearly or
• Yearly

To fully understand all that Westpac Income Protection has to offer, it’s recommended that you read their policy wording carefully before making a decision that meets your needs.

Compare more income protection policies

Sort by:

Name	Product	Maximum Monthly Benefit	Maximum % of Income Covered	Maximum Benefit Period	Waiting Period Options
AAMI Income Protection		$10,000	75%	Up to 5 years	14, 28, 60 or 90 days	If you’re an existing AAMI customer, you can save 5% on income protection. New customers can get one month free by paying annually.	Get quote View details	Compare	loading Fetching your data...
Insuranceline Income Protection		$10,000	75%	Up to 5 years	14, 28, 60 or 90 days	Get a $100 bonus gift after 2 months. Plus, and get 12 months cover for the price of 11 if you pay annually. T&Cs apply.	Get quote View details	Compare	loading Fetching your data...
NobleOak Income Protection Finder Award		$25,000	75%	Up to 65	30 or 90 days	With NobleOak, you can lock in a policy with a benefit period covering you up to the age of 65. Cover limits may go as high as $25,000.	Get quote View details	Compare	loading Fetching your data...
Commbank Income Protection by AIA Australia		$10,000	75%	Up to 2 years	30, 90 days	Get income protection online in a few simple steps. Receive access to the AIA Vitality program and a 5% discount if you hold both life insurance and income protection policies with AIA & Commbank.	View details	Compare	loading Fetching your data...
RAC Income Protection		$10,000	75%	Up to 2 years	30 or 90 days	You can get cover of up to 75% of your income, to a limit of $10,000 per month, with RAC.	View details	Compare	loading Fetching your data...
RACQ Income Protection		$10,000	75%	Up to 2 years	30 or 90 days	Easily purchase RACQ income protection online, with access to the AIA Vitality program and a 5% discount for joint policies.	View details	Compare	loading Fetching your data...
Bendigo MaxLife Income Protect		$10,000	75%	Up to 2 years	30 or 90 days	Take advantage of a 5% joint policy discount with Bendigo. Also, you can unlock policy savings through the wellbeing programme AIA Vitality.	View details	Compare	loading Fetching your data...

loading

Compare up to 4 providers

Clear selection

Compare

Enter your details and one of our partner brokers will call you. They will discuss your quote, options and available products.

First Name

Last Name

Phone

Email

State ACTNSWNTQLDSATASVICWA

Age

Sex

Male

Female

Do you smoke?

Yes

No

Level of Protection UnsureNone$100,000$200,000$300,000$400,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,250,000$1,500,000$1,750,000$2,000,000

An adviser can help you find cover from trusted life insurance brands.

• Get competitive quotes from multiple brands
• Lower rate of declined claims (according to ASIC)
• Save time and effort

---