Looking for accident cover? Learn about the Westpac Accidental Death Plan.
Life is fragile and often we take it for granted. We rush through our lives and often without a second thought for our safety. We speed through the traffic because we're late for a meeting, we run down the stairs to make it in time for the bus or run across the traffic lights just so we'd make it in time to other side. Accidents can happen at any time, more often than not, at times we least expect and doing the things we do a million times over.
If you are involved in a serious accident which would then lead to your death, it can have devastating consequences to your family. Your loved ones will be left with financial commitments that will have to be met even when you're no longer around. Will the family's personal saving be enough to keep up with the daily living expenses, debts and other immediate expenses, such as funeral costs and medical bills? What about your children's education expenses? This is when Westpac Accidental Death Insurance can help, by providing your dependents with some financial assistance so they won't have to struggle, especially after your unexpected passing.
What are some of the features offered by this plan?
An accidental death plan can be a valuable addition to your life insurance suite, and with Westpac insurance you can benefit from:
- A lump sum benefit of up to $750,000 A lump sum benefit will be paid to your family if you die in an accident. You can choose a cover amount between $50,000 and $750,000 depending on your family's financial needs, and your budget to cover the premiums.
- Guaranteed renewable You can apply for the Westpac accidental death plan if you are between 18 and 69 years old, and you are guaranteed to have your policy renewed each year until you reach 80 years old. This means that even though risk factors such as your health, lifestyle and occupation may change, you can still be guaranteed coverage. Your benefit will be paid as normal on claims up until you are 70, however, if you are over 70 and younger than 80 half of your benefit amount will be paid on a claim, and no benefits will be paid on a claim if you are 80 or over.
- Partner benefits If you apply for accidental death cover from Westpac with your partner, your partner will receive a 10% discount on their premiums.
- Automatic benefit increases The benefit amount of your accidental death plan will increase by 3% each year to keep the payout in line with inflation. This means that even if your family makes a claim 10 or 20 years into the future, the benefit will be valuable and relevant to costs at the time of the claim, not at the time of application.
What events are considered accidents?
An accidental death plan covers a range of instances, but Westpac does not include coverage for death caused by:
- Suicide or an intentionally self-inflicted injury.
- Committing a crime.
- Being under the influence of alcohol or non prescription drugs.
- Drunk driving.
- A pre existing condition.
- Engaging in aviation flights outside of a scheduled airline service.
- Being involved in a riot, strike, civil commotion, coup or revolution.
- Being an active participant in military, naval or air force action.
- Being involved in extreme sports such as boxing, caving, motor racing, mountain climbing, outdoor rock climbing, or scuba diving to more than 40 metres.
How to Manage Your Accidental Death Insurance Plan by Westpac Bank
After you have completed your application with Westpac for an accidental death plan, you have 14 days to decide whether you want to continue with the cover. Your 14 day cooling off period begins on the date you receive your policy document and schedule, or the end of the fifth business day after the policy is issued to you.
For your family to make a successful claim on the policy in the event of your accidental death they will need to contact Westpac and complete and return the claim forms, along with a copy of the death certificate and autopsy report where required.
When will my plan stop?
Your benefits will remain current as long as you continue to pay your premiums, which can be done via credit card, or automatic monthly withdrawals from your chosen account. Alternatively your accidental death plan ends when:
- Westpac pays a benefit.
- You die but no benefit is paid from the policy.
- The benefit period ends.
- You make a request to cancel the policy.
- The policy reaches the next review date after you turn 80.
Either you are the main income earner or the primary carer of the family, your death will have unimaginable consequences on your loved ones. In addition to the shock and mourning, there will be concerns over plans never carried out, dreams never realised and a household that will have to continue to carry on, with all the bills accumulating. Therefore, to make the loss of a loved one easier to bear financially, and help those loved ones left behind realise at least some of those dreams, consider taking an accidental death plan for your family.