Bankwest Life Insurance

Information verified correct on September 28th, 2016

Why Choose Bankwest Life Insurance for Your Insurance?

Bankwest is one of Australian financial institutions that are changing the insurance game for the better, with their Easy Banking initiative, high quality customer service, reliability and usability that come with its life insurance products too.

Bankwest prides itself in offering different and innovative financial services. To make sure your life insurance experience is memorable for all the right reasons, Bankwest is committed to:

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  • Easy Banking initiative: Bankwest is famous for their Easy Banking initiative which they apply to all of their services to ensure you have a positive experience.  Bankwest understands that managing your accounts and your financial future are things in life you can’t avoid, so they aim to make these things many people view as chores, into something easier to manage. This means a focus on service and personal attention to your needs, as well as providing that something extra, like a real coffee when you come in the morning, or an ice cream on a hot day.
  • A long history in Australia: Bankwest was established in 1895 by the Government of Western Australia. The bank was founded to help develop WA’s farming industry, and well over 100 years later, Bankwest continues to remain dedicated to its customers.
  • Reliability: Bankwest also likes to do things differently when it comes to accessing their services too, and makes sure its stores are open on Sundays for accessibility, and also offer dedicated Business Banking Centres and Neighbourhood Banks, for every customer need. Of course you can also access your Bankwest accounts online and via your mobile, on either an Android or an iPhone. Bankwest also remains open outside of business hours so you can call, or call in, during late night trading or on weekends.
  • A wide reach: The Bankwest financial institutions are also part of Australia’s largest ATM network of over 4,000 machines, and the company has over 1 million retail customers. There are also 211 stores and Business Banking Centres around Australia.
  • Award winning: Bankwest has been named AFR Smart Investor’s Bank of the Year for three years running, in 2010, 2011 and 2012. Bankwest is also rated number two for customer satisfaction by Roy Morgan.
  • Dedicated and experienced staff: The Bankwest team have a genuine passion to help you with your financial management products and needs. The Bankwest staff uphold the Easy Banking aims of the business to ensure that you always leave with a positive experience.

Who can apply for Bankwest Life Insurance and Income Protection Insurance?

Before you decide whether or not Bankwest Life Insurance and Income Protection Insurance offers the right cover for you, you’ll need to check whether you satisfy the eligibility requirements. In order to apply for cover, you’ll need to be aged between 18 and 60 years of age and be a permanent Australian resident.

However, if you’d like to apply for optional Serious Illness Cover or Serious Impairment Cover, you must be aged between 18 and 54 and you must be a Classic Life Insurance policyholder.

Bankwest Life Insurance Products

The Bankwest Classic Life Insurance policy can help you to protect your family’s future even when you’re no longer around to provide for them. Bankwest offers a relevant, affordable and easy to manage life insurance policy, which features:

  • Up to $1 million benefit: You can choose a benefit amount from $100,000 and up to $1 million to be paid to your family when you die. The benefit amount should reflect your family’s current bills, debts and expenses, as well as be enough to provide for future plans such as your children’s education.
  • Added coverage for other life events: You will also receive a benefit payout if you are diagnosed with a terminal illness and are expected to have less than 12 months to live. You’ll also be able to get added protection with the Serious Illness and Serious Impairment over options.
  • Easy application: You aren’t required to have any medical or blood tests when you apply for the Bankwest Classic life insurance which means your cover can begin straight away, yet you still retain a 21 day cooling off period if you change your mind. The application can be completed quickly and easily online, or by calling a Bankwest team member. Alternatively, if you’re still shopping around you can also request a quote online in just a few minutes.
  • No restrictions on the benefit amount: When you or your family make a successful claim on your Bankwest life insurance, the money can be used for whatever purpose you choose. For example, the benefit could be used to pay off medical bills, final expenses, funeral costs, or for ongoing living expenses, paying bills or paying off the mortgage or other debts.
  • Advanced fast cash payment: Bankwest will pay an upfront benefit of $10,000 once a claim is made to help with immediate costs such as the funeral, while the remainder of the benefit will be paid when the claim has been fully processed.
  • St Andrew's as partner insurer: Bankwest life insurance is backed by the bank’s partner company St Andrew’s so you can have peace of mind knowing your cover is comprehensive and secure.
  • Your choice of payment options: You can pay your life insurance premiums to Bankwest fortnightly, monthly or annually, depending on your cash flow and budget.

Bankwest Life Insurance and Income Protection Insurance Benefits

Under your Life Cover policy, a lump sum benefit is payable when you either die or are diagnosed with a terminal illness and given less than 12 months to live. Under the optional Serious Illness Cover, a benefit will be paid if you are diagnosed with a Covered Serious Illness including cancer, heart attack, major organ transplant, Parkinson’s Disease and stroke. Under optional Serious Impairment Cover, a benefit will be paid where you suffer a certain loss such as a loss of independent existence, a loss of two limbs, loss of sight, major head trauma or severe burns.

Only one Life Cover benefit is payable under this Bankwest policy. In some instances, the exact amount payable can be reduced. For example, if you have already received a benefit under Serious Illness Cover, the Life Cover benefit will be reduced by the benefit amount already paid.

Only one Serious Illness Cover benefit and one Serious Impairment Cover benefit are payable under this policy. Neither of these benefit amounts can exceed the Life Cover benefit, while neither is payable if you’ve already received the Terminal Illness benefit under your Life Cover.

No Life Cover benefit will be paid if your death results from suicide or attempted suicide within 13 months of your policy commencing, being reinstated or being upgraded. There are also some circumstances when the Serious Illness Cover benefit will not be paid such as if the illness occurs within 90 days of the commencement of cover or if it results from you committing an assault. The Serious Impairment Cover benefit will not be paid if your impairment results from suicide or the use of drugs.

Bankwest Life Insurance and Income Protection Insurance Premiums

The exact premium amount you will have to pay in order to take out cover is influenced by a range of factors, including:

  • the cover you select
  • the benefit amounts you choose
  • your age
  • your gender
  • whether or not you smoke.

Statutory charges and taxes can also be included in your premium, while you can obtain a premium estimate at www.bankwest.com.au/classic life or by phoning 1300 884 532. You can also expect premiums to increase every year on your policy anniversary, while you’ll be notified of any increase in premiums in writing 30 days before it occurs.

Bankwest Life Insurance premium payments can be made fortnightly, monthly or annually. You can pay via direct debit from your nominated account or credit card.

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