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Westpac Life Insurance Review

Westpac life insurance could be good if you like well known brands and want flexible cover options.

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Westpac life insurance is not currently available via Finder. You can visit their website at www.westpac.com.au for more information or compare alternative options here.

Westpac life insurance: Our verdict

  • It comes with a loyalty benefit after you've held cover for 3 years.
  • It comes with a dedicated consultant – not all insurers do this.

  • It's guaranteed renewable, but so are many other life insurance policies we looked at.

Read a more detailed review on:

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Life Insurance

Key points of Westpac Life Insurance

  • Flexible death Benefit: A lump sum benefit will be paid to the beneficiaries when you pass away. You can select the cover amount you want.
  • Guaranteed renewable: as long as you pay your premiums. The sum insured also automatically increases annually in line with any CPI changes.
  • Loyalty benefit: if you hold a policy for three or more years.
  • Worldwide cover: 24 hours a day
  • 5% multi-policy discount: This applies if you're covered by more than one eligible BT Protection Plans policy.

Note: Be sure to check the Product Disclosure Statement (PDS) for terms and conditions.

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Optional cover

Key points of Westpac optional cover

When you take out a Life insurance policy, you also have the option to add on the following:

  • TPD (Total and permanent disability): Pays out if you become totally and permanently disabled.
  • Living Insurance: Pays out if you suffer from one of the covered medical events.
  • Income Protection: Provides a monthly benefit if you're unable to work due to sickness or injury.
  • Needlestick Benefit: Provides a lump sum if you acquire HIV, hepatitis B or hepatitis C whilst working as a medical professional.
  • Children's Benefit: This pays a lump sum if the insured child passes away or suffers from a specified medical event.

Note: Be sure to check the Product Disclosure Statement (PDS) for terms and conditions.

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Applying for cover

Eligibility requirements for Westpac cover

The maximum age you can apply for a policy depends on the type of premium structure you opt for. These are as follows:

  • Stepped premium, if you're aged 15 to 69.
  • Level premium to age 65, if you're aged 15 to 59.
  • Level premium to age 55, if you're aged 15 to 49.

You also must be an Australian citizen, permanent resident of Australia or the holder of an eligible spouse/partner or work visa. You must not be working in an ineligible occupation either.

Westpac life insurance pros and cons

Still wondering if Westpac is right for you? Here are the main pros and cons summarised:

Pros

  • It's a trusted and well known business.
  • You can get cover through your super if you want.
  • Wide range of cover types to cover your particular needs.

Cons

  • Premium rates can be changed by the insurer under certain circumstances.

How do I make a Westpac life insurance claim?

To make a Westpac life insurance claim, call 1300 551 431 Monday to Friday 8.00am to 6.30pm (Sydney time). It's important to contact them as soon as you can to get the process underway.

Compare life insurers in Australia

Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
Finder AwardBonus
NobleOak Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: Finder Life Insurance Award winner for the last 5 years in a row. Good value for money, simple application process and a high claims acceptance rate.

⭐ Current offer: Get two months free on all cover types apply by 14 June 2024. T&Cs apply.
Medibank Life Insurance
$2,500,000
70
$2,500,000
Data not available
Data not available
Data not available
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Get a 10% discount if you're already a Medibank Health Insurance member.

⭐ Current offer: Save 10% on your first year of Medibank Life Insurance when you apply by 1 July 2024. T&Cs apply.
TAL Accelerated Protection Life Insurance
No set limit
73
Not stated
Data not available
1 months
$249,285 million
Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).

⭐ Current offer: Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. Offer T&Cs on insurer website apply.
RACWA Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: RAC’s maximum death cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance. RAC is also WA-based but services all of Australia.

⭐ Current offer: Get two months free when you apply for two or more RAC Life Insurance covers by 30 June 2024. T&Cs apply.
ahm Life Insurance
$1,500,000
55
$1,500,000
Data not available
Data not available
Data not available
Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests needed.

⭐ Current offer: Get 10% off your first year of ahm Life Insurance when you apply by 1 July 2024. T&Cs apply.
AAMI Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.

⭐ Current offer: Take out a new AAMI Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Suncorp Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Take out a new Suncorp Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Real Family Life Cover
$1,000,000
64
$1,000,000
88.90%
2.4 months
$53,238 million
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.
HCF Life Protect Insurance
$1,500,000
65
$1,500,000
Data not available
Data not available
Data not available
Our verdict: Similar cover to other insurers ($1.5 million). A good discount for HCF members of 10% and an easy initial quote process.

⭐ Current offer: Eligible HCF Members receive 10% premium discount and HCF Thank You rewards.
Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
98%
3 months
$24,495 million
Our verdict: Good if you want a cheap policy from a well-regarded insurer – its 98% claims acceptance rate is higher than any other provider on Finder. Zurich keeps things simple: unlike others, it doesn’t go in for optional add-ons such as TPD or trauma cover.

⭐ Current offer: Policy discounts include 10% off for your partner if you sign up for a joint policy. You can also get 5% off income protection if you buy it alongside your life cover.
Insuranceline Life Cover
$1,500,000
65
$1,500,000
90.10%
3.1 months
$37,768 million
Our verdict: Insuranceline pays a lump sum of up to $1.5 million. Once your cover’s in place, you can increase it after a big life event, such as having a baby, without further medical assessment.

⭐ Current offer: Protect your family with an Insuranceline policy and you can go into the draw for a chance to win a $1,000 gift card. New Customers only, T&Cs apply. Competition entries close on 31 July 2024.
Guardian Life Insurance
$1,500,000
64
$1,500,000
88.90%
2.4 months
$53,238 million
Our verdict: Competitive cover limit of $1.5 million. You can add children’s cover of up to $50,000 – most policies don’t include this option.
RACQ Life Insurance
$1,000,000
65
$1,000,000
97%
Data not available
Data not available
One of just 4 insurers to offer children’s insurance. Get cover of up to $50,000 for 7 serious illnesses. RACQ offers 3 ways to save on life insurance: RACQ members get 10% off when buying online. There’s a 5% joint policy saving. Plus you could score 10% off your premiums if you achieve Silver status with AIA Vitality. You can apply for cover online or over the phone.
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  • We've done 100+ hours of policy research to help you understand what you're comparing.

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    Frequently asked questions

Important note. These FAQs were generated by ChatGPT. A real-life human at Finder – James Martin, editor for insurance – reviewed the responses before publication.

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