Westpac Life Insurance Review

Westpac life insurance: Our verdict

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Westpac life insurance pros and cons

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

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 Award		$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.	Get QuoteView details Compare	loading Fetching your data...
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 31 July 2024. T&Cs apply.	Get QuoteView details Compare	loading Fetching your data...
TAL Accelerated Protection Life Insurance Finder AwardBonus		No set limit	74	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.	Get QuoteView details Compare	loading Fetching your data...
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.	View details Compare	loading Fetching your data...
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 31 July 2024. T&Cs apply.	Get QuoteView details Compare	loading Fetching your data...
AAMI Life Insurance Bonus		$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: Save up to 10% on premiums every year for the life of the policy on AAMI Life Insurance. Offer ends 30 Sept 2024. T&Cs apply.	Get QuoteView details Compare	loading Fetching your data...
Suncorp Life Insurance Bonus		$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: Save up to 10% on premiums every year for the life of the policy on Suncorp Life Insurance. Offer ends 30 Sept 2024. T&Cs apply.	Get QuoteView details Compare	loading Fetching your data...
Real Family Life Cover Bonus		$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.	Get QuoteView details Compare	loading Fetching your data...
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.	View details Compare	loading Fetching your data...
Zurich Ezicover Life Insurance Bonus		$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.	View details Compare	loading Fetching your data...
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.	View details Compare	loading Fetching your data...
Guardian Life Insurance Bonus		$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.	View details Compare	loading Fetching your data...
RACQ Life Insurance Bonus		$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.	View details Compare	loading Fetching your data...

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Frequently asked questions

• How can I apply for cover with Westpac?

  To apply for Westpac life insurance, customers can get a quote and apply online, via TAL. Westpac's life insurance is underwritten by TAL Life Limited, and applications can be made through TAL's website or by calling TAL's customer service team. Customers can also apply for cover through a financial adviser. The application process typically involves providing personal and medical information and completing a health assessment.

• Is Total permanent disability offered?

  Yes, TAL offers Total Permanent Disablement (TPD) cover as part of its life insurance policy. The TPD cover pays a lump sum if the insured person becomes totally and permanently disabled, and meets the policy definition of TPD. The definition of TPD and the level of cover offered may vary depending on the specific Westpac life insurance product chosen. More information on TAL's TPD cover can be found on their website and in the relevant product disclosure statement.

• Will my premium payments increase over time?

  Premium payments for TAL life insurance policies can increase over time. However, TAL does offer the option of choosing a stepped premium, where the premium amount increases each year based on your age, or a level premium, where the premium amount stays the same for a set period.

• What happens if I can't make my premium payments?

  If you can't make your premium payments for TAL life insurance, your policy will lapse and you will no longer be covered. If you experience financial hardship, you can contact TAL to discuss your options, including temporary suspension of your policy or adjustments to your premiums. If you are unable to meet your premium payments due to illness or injury, you may be eligible to make a claim under the policy's premium waiver benefit.

• How does interim accidental death cover work?

  Interim accidental death cover is a temporary benefit that is automatically provided for 90 days while an application for full life insurance cover with Westpac is being assessed. This benefit provides a lump sum payment if the insured person dies as a result of an accident during the 90-day period. However, this cover does not apply if the insured person dies as a result of an illness or natural causes.

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

Written by

Gary Ross Hunter

Editor, Insurance & Innovations

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

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Gary Ross has written 725 Finder guides across topics including:

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