
Get exclusive money-saving offers and guides
Straight to your inbox
Updated
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Income protection insurance provides monthly benefit of up to 75% of your regular income in the event you are unable to work following illness or injury.
An adviser can help you find cover from trusted life insurance brands.
Westpac Income Protection is a diverse, comprehensive plan that protects the financial well-being of both employed and unemployed individuals. Westpac Protection provides coverage under the following policies:
Westpac Protection Plans provide members with three different types of income protection known as Income Protection Definitions. These definitions provide coverage for different events:
Income Protection Definitions | Overview | Benefits |
---|---|---|
Own Occupation Income | Comes with a comprehensive list of benefits |
|
Home Income Duties Protection | Provide benefits for insured individuals who become severely injured or ill and is no longer able to perform their normal household duties. |
|
General over Income Protection | Provides coverage for the insured if you become severely disabled due to injury or illness and is unable to perform daily living activities. |
|
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:
Please note that Children’s and Needle Stick Benefits are only offered to individuals who hold other Protection Plans.
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:
To determine the cost of your premium, a number of factors are taken into consideration:
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.
Back to topIn 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:
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.
Type of Premium | Entry Age |
---|---|
Stepped Premium | 17 - 59 years |
Level Premium | 17 - 59 years |
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:
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:
The company will cancel your policy and refund all payments made, minus all applicable taxes.
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.
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:
To fully understand all that Westpac Income Protection has to offer, it’s recommended that you read their policy options ad benefits carefully before making a final decision.
Need to fill out a Westpac Property and Security Requests Form? Here are the steps to follow.
The Westpac Flexi First Option Home Loan is a basic home loan with a competitive variable rate and no loan maintenance or extra repayment fees.
You can benefit from certainty over an extended period of time when you choose the Westpac Fixed Rate Investment Property Loan. Lock in to a low rate now and take advantage of their flexible repayment options.
With a 100% mortgage offset account like the Westpac Rocket Repay home loan, you can own your home sooner.
Lock in and secure your interest rates with Westpac Fixed Options Home Loan. Compare the rates and product details of the loans.
The Westpac Premier Advantage Package offers discounts and waived fees in exchange for bundling your financial products together.