Bankwest Life Insurance

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.

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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:

  • 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.
  • 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 three1 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 it's aims 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 for at least 12 months prior to application.

Bankwest Life Insurance Products

Bankwest offers the Bankwest Classic Life Insurance policy to 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.
  • 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.
  • 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.

When is Bankwest Life Insurance payable?

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.

When is cover not payable?

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.

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:

  • Benefit amounts you choose
  • Your age
  • Your gender
  • Whether or not you smoke.

Before you apply: A few things you should know

It's important to understand that statutory charges and taxes can also be included in your premium. 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.

To obtain a premium estimate online or by phoning Bankwest directly.

1. Roy Morgan, 2016.

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