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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:

life insurance shield

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 Average Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
$15,000,000
69
$15,000,000
98.1%
1.1 months
$20,230 million
Get 2 months free when you apply for one or more life insurance types with NobleOak's Premium Life Direct policy before 30 June 2022. T&Cs apply.
TAL Life Insurance
$2,000,000
74
$2,000,000
87.10%
2.9 months
$36,630 million
Finder verifies that TAL has more Australian lives insured than any other provider - for 3 years in a row. Plus, get up to 15% off with TAL’s Health Sense program.
Real Family Life Cover
$1,000,000
64
$1,000,000
90.20%
1.8 months
$53,462 million
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™.
Medibank Life Insurance
$2,500,000
70
$2,500,000
87.30%
3.8 months
$31,745 million
With Medibank Life Insurance, you’ll also get access to the 24/7 Medibank Nurse phone service. Medibank health members will save 10% on premiums every year. T&Cs apply.
Zurich Ezicover Life Insurance
$1,500,000
69
$1,500,000
Data not available
Data not available
$12,444 million
Get your first month free and a 10% discount by taking out a second life insurance policy (discount applies to the second policy). T&C’s apply.
ahm Life Insurance
$1,500,000
65
$1,500,000
87.20%
3.8 months
$31,745 million
Get ahm life insurance by 30 June and keep your cover for 6 months to receive $100 cashback. T&Cs apply^.
RAC Life Insurance (Only available in Western Australia)
$25,000,000
69
$25,000,000
98.10%
1.1 months
$20,230 million
When you purchase RAC Life Insurance, WA residents receive complimentary RAC membership which includes access to discounts on fuel, savings on shopping, entertainment and more. T&Cs at rac.com.au.
RACQ Life Insurance
$1,000,000
65
$1,000,000
97%
Data not available
Data not available
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6 Responses

  1. Default Gravatar
    TerrenceNovember 15, 2018

    What happens to my policy when l turn 65?

    • Avatarfinder Customer Care
      JohnNovember 15, 2018Staff

      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

  2. Default Gravatar
    KerryOctober 29, 2018

    If one no longer wants their life westpac life insurance, can it be cashed in?

    • Avatarfinder Customer Care
      JhezOctober 29, 2018Staff

      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

  3. Default Gravatar
    LynJanuary 31, 2017

    I need a phone number for westpac accidental death plan to speak to someone regarding my current policy

    • Avatarfinder Customer Care
      WilliamJanuary 31, 2017Staff

      Hi,

      Thanks for your comment. You can contact Westpac on 132 032.

      All the best,

      Will

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