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

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Name	Product	Maximum Monthly Benefit	Maximum % of Income Covered	Maximum Benefit Period	Average Claims Acceptance Rate	Average Claim Time	Sum Insured
AAMI Income Protection		$10,000	75%	Up to 5 years	87.20%	2.1 months	$211 million	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	87.20%	2.1 months	$211 million	Get 12 months cover for the price of 11 months if you pay annually. T&Cs apply.	Get quote View details	Compare	loading Fetching your data...
Suncorp Income Protection		$10,000	75%	Up to 5 years	87.20%	2.1 months	$211 million	Sign up and become a member of Suncorp Benefits. Access savings of up to 15% from major retailers. Existing members can get a 5% discount off their policy.	Get quote View details	Compare	loading Fetching your data...
TAL Income Protection		$30,000	70%	Up to Age 65	87.20%	2.1 months	$211 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...

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