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: 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 Finder Score Funeral Benefit Optional TPD Cover Optional Trauma Cover Maximum Cover
Medibank Life Insurance image
Finder Award
Best Rated Brand
Finder score
Funeral Benefit
$15,000
Optional TPD Cover
$1.5 million
(maximum cover)
Optional Trauma Cover
Maximum Cover
$2.5 million
Get QuoteView details
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. It also won Most Loved, Best Value and Legendary Service categories in the Finder 2024 customer

⭐ Current offer: Save 10% on your first year of Medibank Life Insurance when you apply by 3 March 2025. T&Cs apply.
ahm Life Insurance image
Finder score
Funeral Benefit
$15,000
Optional TPD Cover
$1 million
(maximum cover)
Optional Trauma Cover
Maximum Cover
$1.5 million
Get QuoteView details
Our verdict: ahm offers a simple application process. Be approved online or over the phone. No medical or blood tests needed to apply.

⭐ Current offer: Get 10% off your first year of ahm life insurance when you apply by 3 March 2025. T&Cs apply.
AAMI Life Insurance image
Finder score
Funeral Benefit
$10,000
Optional TPD Cover
Optional Trauma Cover
Maximum Cover
$1.5 million
Get QuoteView details
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 an AAMI Life Insurance policy and get a $100 eGift card after 4 months of cover. Offer ends 03/03/2025. T&Cs apply.
Suncorp Life Insurance image
Finder score
Funeral Benefit
$10,000
Optional TPD Cover
Optional Trauma Cover
Maximum Cover
$1.5 million
Get QuoteView details
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 Suncorp Life Insurance policy and get a $100 eGift card after 4 months of cover. Offer ends 03/03/2025. T&Cs apply.
Real Family Life Cover image
Finder score
Funeral Benefit
$10,000
Optional TPD Cover
$1 million
(maximum cover)
Optional Trauma Cover
Maximum Cover
$1 million
Get QuoteView details
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.
Zurich Ezicover Life Insurance image
Finder score
Funeral Benefit
$15,000
Optional TPD Cover
Optional Trauma Cover
Maximum Cover
$1.5 million
Get QuoteView details
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.
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Finder Score - Life Insurance

Life Insurance is a little complicated and a lot overwhelming. That's why we made the Finder Score, to make it easier to compare Life Insurance products against each other. Our experts analysed over 30 products and gave each one a score between 1 and 10.

But a higher score doesn't always mean a product is better for you. Your situation is unique, so your policy choice will be too. Don't think of Finder Score as the final word, but as a good place to start your life insurance comparison.

Read full Finder Score methodology

Why compare life insurance with Finder?

  • You pay the same price as buying directly from the life insurer.

  • We're not owned by an insurer (unlike other comparison sites).

  • We've done 100+ hours of policy research to help you understand what you're comparing.

Or speak to a specialist to help you find the right policy

    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.

Gary Ross Hunter's headshot
Editor, Insurance

Gary Ross Hunter was an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

Gary Ross's expertise
Gary Ross has written 644 Finder guides across topics including:
  • Health, home, life, car, pet and travel insurance
  • Managing the cost of living

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