Westpac Life Insurance

Information verified correct on September 26th, 2016

Compare life insurance policies available from Westpac

Trusting your life insurance to a financial institution is like entrusting your life itself, because while you are placing a monetary value on your existence, the value of a life insurance benefit payout if you are sick, injured, unable to work or you pass away, is in fact invaluable, because you are providing your family with security, peace of mind, and the assurance that no matter what happens, they will be looked after.

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.

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Life Insurance Products and Services from Westpac Australia

With such strong holdings and diverse financial services around the world and across Australia, you have to 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.

Other Types of Protective Insurance Policies Offered by Westpac

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 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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