- 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.
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
Read a more detailed review on:
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.
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.
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
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- Lower rate of declined claims (according to ASIC)
- Save time and effort
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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