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Westpac Life Insurance
Compare life insurance policies available from Westpac
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If you pass away or are unable to work due to illness or injury, will you be leaving your loved ones with financial security? Westpac Life Insurance can offer you the comforting knowledge that should something happen to you, your family will have some financial protection. We've put together this page to take you through the ins and outs of Westpac Life Insurance, making it easier for you to decide if it's right for you.
| Age of entry | 15 - 69 |
|---|---|
| How do I apply | With an adviser over the phone |
| What cover types are offered? | Life insurance, TPD, Trauma, Income Protection, Business Expenses and Keyman. |
*Based on Life Insurance plan. Age of entry varies with the type of premium you choose.
| Pros | Cons |
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Note: Conditions apply, always consult the Product Disclosure Statement (PDS)
Compare direct life insurance policies below
An adviser can help you find cover from trusted life insurance brands.
- Get competitive quotes from multiple brands
- Lower rate of declined claims (according to ASIC)
- Save time and effort
About Westpac
When Westpac was first founded in 1817, it was under the name of the Bank of New South Wales, and the first bank to be established in Australia. Today, the Westpac Group has branches and operations across Australia and into New Zealand, London, New York, Hong Kong and Singapore. Westpac not only has the strength of employing over 36,000 people and having over 570,000 shareholders around the world, but also remains active as a pillar in the Australian finance industry through Australian Financial Services, which includes retail and business banking solutions, the St.George Banking Group services for consumer and business banking, and BT Financial Group offering wealth management and insurance services.
Life Insurance Products and Services from Westpac Australia
With such strong holdings and diverse financial services around the world and across Australia, you have the option to have all of your financial products in one place, with Westpac.
When it comes to looking after yourself and your family, you can choose to go with Westpac term life insurance, which offers:
- Your choice of benefit amount paid to your family as a lump sum when you die or are diagnosed with a terminal illness.
- The option to add benefit payments for total and permanent disablement.
- Qualify for loyalty benefits and discounts, for example if you are a non smoker, hold multiple policies or hold your policy for more than three years.
- Automatic renewal until you are 99 years old, as long as your premiums remain current.
- Manage your term life insurance with Westpac through your super for tax benefits.
- Automatic indexation of 3% of your benefit amount each year to keep in line with the consumer price index.
Or if you'd like to have the security of still earning a portion of your income, even if you are sick or injured, you can find out more about Westpac income protection insurance, which features:
- Your choice of an agreed value benefit if your income is likely to fluctuate or go down, or an indemnity benefit, if your income is likely to increase from the time of application.
- Automatic renewal each year until you are 65, regardless of your health or lifestyle.
- Automatic indexation of your benefits to keep in line with inflation.
- Multi policy and loyalty discounts available, plus cheaper premiums offered to non smokers.
If you run a business then it is your life, your livelihood, and your means for supporting your family, and with Westpac business overheads insurance you can protect all of that, with:
- A monthly benefit to cover the running costs of your business if you become disabled, injured or sick and unable to work.
- Affordable premiums, and discounts available for non smokers, and multiple policy holders.
- Automatic indexation of your premiums to ensure your benefits remain in line with inflation.
- The option to add a needlestick benefit if you contract HIV, Hepatitis B or Hepatitis C through your work in the medical industry.
Am I eligible for cover?
| Plan | Entry age* |
|---|---|
| Term Life | Between 15 and 69 |
| Income Protection | Between 17 and 59 |
| Income Protection (General cover) | Between 17 and 59 |
| TPD | Between 15 and 59 |
| Trauma | Between 15 and 59 |
| Key person | Between 17 and 59 |
| Business Overheads | Between 17 and 59 |
There are any number of factors which can affect your ability to earn a wage, and continue living the life you'd planned for. Therefore, to help make sure your plans for your family and your future come to fruition no matter what, you may want to consider the following insurance products from Westpac:
- Term Life Insurance - With term life insurance from Westpac, you can rest assured that your family and business will be protected in the event of your death or if you are terminally ill. You can purchase this policy either outside or inside superannuation that can be more tax effective.
- Living insurance - Pays a benefit if you suffer one of the specified medical events in your policy, such as cancer, stroke or heart attack. You can use the benefit to pay for your medical expenses, cover day to day bills, or to take a holiday to relax and recover fully. You can choose a benefit up to $2 million, which you can automatically renew each year until you are 65.
- Total and permanent disablement insurance - If you become totally and permanently disabled and are unable to work, Westpac TPD insurance pays you a benefit amount to help with your medical costs and living expenses. You can automatically renew your cover until you are 99 years old.
- Income protection insurance - Westpac will replace your income of up to 80% of your average monthly income, should you fall sick or get injured. Australians aged 17 to 59 can apply, you will have the flexibility to choose your policy options of waiting period, benefit period and benefit type.
The range of insurances and financial products available might seem daunting, but if you contact a Westpac financial planner, they can provide you with quotes and advice on the coverage which will best protect you and your family, and how to manage that into the future to maintain the secure foundation you've worked so hard to build.
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Ask an Expert
What happens to my policy when l turn 65?
Hi Terrence,
Thank you for reaching out to finder.
Depending on the policy you took out there are different paths which may occur when you turn 65. Please see the different policies provided by Westpac below:
Term Life Insurance – With term life insurance from Westpac, you can rest assured that your family and business will be protected in the event of your death or if you are terminally ill. You can purchase this policy either outside or inside superannuation that can be more tax effective.
Living insurance – Pays a benefit if you suffer one of the specified medical events in your policy, such as cancer, stroke or heart attack. You can use the benefit to pay for your medical expenses, cover day to day bills, or to take a holiday to relax and recover fully. You can choose a benefit up to $2 million, which you can automatically renew each year until you are 65.
Total and permanent disablement insurance – If you become totally and permanently disabled and are unable to work, Westpac TPD insurance pays you a benefit amount to help with your medical costs and living expenses. You can automatically renew your cover until you are 99 years old.
Income protection insurance – Westpac will replace your income of up 80% of your average monthly income, should you fall sick or get injured. Australians aged 17 to 59 can apply, you will have the flexibility to choose your policy options of waiting period, benefit period and benefit type.
If it is for the Living Insurance, then you would not be able to renew this once you turn 65. Hope this helps!
Cheers,
Reggie
If one no longer wants their life westpac life insurance, can it be cashed in?
Hello Kerry,
Thank you for your comment.
Please know that none of the products in the Westpac Protection Plan range are savings plans. If you cancel your insurance at any time, except within the cooling off period, you will not get anything back.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
I need a phone number for westpac accidental death plan to speak to someone regarding my current policy
Hi,
Thanks for your comment. You can contact Westpac on 132 032.
All the best,
Will