Westpac Income Protection Insurance Review

With Westpac income protection, you'll have the flexibility to choose your policy options - your waiting period, benefit period and benefit type.

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

What factors affect the cost?

When purchasing a Westpac Income Protection plan, they make 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.

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 pre-existing condition

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

How to make a claim

1. Contact a Westpac Life Insurance claims consultant. 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.
2. You will need to provide documentation to support your claim. 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

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.

• Cooling off period

  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:

  • 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

  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

  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

Compare more income protection policies

1 - 6 of 6

Name	Product	Maximum Monthly Benefit	Maximum % of Income Covered	Maximum Benefit Period	Minimum Entry Age	Sum Insured
TAL Accelerated Protection Income Protection Finder Award		$30,000	Up to 70%	Up to Age 65	18	$1,305 million	Get up to 70% of your income covered with flexible short and long term benefit periods.	Get quote View details	Compare	loading Fetching your data...
AAMI Income Protection		$10,000	Up to 75%	Up to 5 years	18	$222 million	Get quote View details	Compare	loading Fetching your data...
NobleOak Income Protection Finder Award		$30,000	Up to 70%	Up to Age 65	18	$65 million	Get one month free for a limited time - apply by 21 December 2023. 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 $30,000.	Get quote View details	Compare	loading Fetching your data...
Medibank Income Protection		$12,500	Up to 70%	Up to 5 years	18	Data not available	If you’re a Medibank health member, you can enjoy a 10% discount on your premiums each year.	Get quote View details	Compare	loading Fetching your data...
ahm Income Protection		$10,000	Up to 70%	Up to 5 years	18	Data not available	Get quote View details	Compare	loading Fetching your data...
Insuranceline Income Protection		$10,000	Up to 75%	Up to 5 years	18	$222 million	Take out a new Insuranceline Income Protection policy and get a $100 eGift card after your first 4 months of cover. T&Cs apply. Ends 31 March 2024.	Get quote View details	Compare	loading Fetching your data...

loading

Why you can trust Finder's income protection experts

We're free

You pay the same as buying directly from the insurer. We make money from referral fees when you choose a policy, but you don't pay any extra.

We're experts

Our team of income protection experts have researched and rated dozens of policies as part of our Finder Awards and published 80+ guides.

We're independent

Unlike other comparison sites, we're not owned by an insurer. Our opinions are our own and all guides must meet our editorial standards.

We're here to help

Since 2016, we've helped thousands of Australians find income protection by explaining your cover options, simply and clearly.

Frequently asked questions

• How can I apply for cover with Westpac?

  You can apply for income protection cover with Westpac via TAL, by calling their insurance specialists on 1300 345 620, or filling out an online form on TAL's website. You will need to provide information about your age, occupation, income, and health when applying for cover. TAL also offers a range of other insurance products, including life insurance and total and permanent disability cover, to help protect you and your family.

• What is the maximum monthly payment?

  The maximum monthly payment you can receive with your income protection policy is 70% of your pre-disability income, up to a maximum of $10,000 per month. The actual benefit amount you receive will depend on the level of cover you select when you apply, and any additional options you choose, such as a longer benefit period or indexation.

• How do waiting periods work?

  Waiting periods refer to the length of time you must be unable to work due to illness or injury before you can start receiving benefits. Waiting periods can be 4, 8 or 13 weeks, depending on the level of cover you select. The longer the waiting period, the lower the premium you'll pay. You can find more information about waiting periods and other features of TAL's income protection cover on their website.

• How many benefit periods are offered?

  There are three benefit periods for the income protection cover: a 1-year benefit period, a 2-year benefit period or a 5-year benefit period.

• What isn't covered by income protection insurance?

  While the specific exclusions may vary depending on the policy, typical exclusions for income protection insurance include injuries resulting from self-harm or suicide attempts, criminal activity, war or acts of terrorism, and injuries sustained while under the influence of drugs or alcohol. Additionally, pre-existing medical conditions may also be excluded, or subject to a waiting period before being covered.

Important note. These FAQs were generated by ChatGPT. A real-life human at Finder – James Martin, editor for insurance – reviewed the responses before publication.