Westpac Estate Plan

What is Westpac Estate Plan?

While none of us really knows what happens when we die, we know what we don't want to happen – we don't want our family and loved ones to be burdened with financial stress, mounting bills or creditor calls, when they should be remembering happier times, and mourning your loss. To make sure that your family has the money they need to settle your final expenses, you could take out a Westpac estate plan, which pays a lump sum benefit to your family when you die, to help pay for legal costs and other bills.

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What Westpac Estate Plan Provide You and Your Family?

The Westpac estate plan makes things easy for everyone now, and after you're gone, with a fast and simple application process, and generous cover features, including:

  • Affordable cover options: For just $20 a month, you and your family can be protected by the Standard Cover, or for $40 a month you can upgrade to the Extended Cover.
  • Guaranteed acceptance: If you are between 45 and 69 years old you are guaranteed to be approved for the Westpac estate plan. The level of coverage is then calculated based on your age, your gender and the level of premiums you want to pay. Generally, the younger you are when you apply, the higher the benefit amount you are approved for.
  • Guaranteed renewable: Once your Westpac estate plan is approved, your policy is guaranteed to be renewed for the rest of your life. Therefore, even as you age, and your risk factors increase, even if you develop health issues or move into a high risk career, your estate plan cover is maintained.
  • No medical tests: You are not required to have a medical or blood test when applying for a Westpac estate plan. This makes the application process faster and easier, ensuring that more people opt for an estate plan to protect their family when they are gone. Since Westpac has made their estate plan application so accessible, if your family makes a claim on your policy within the first two years, a successful claim will only be paid for accidental death, and not including suicide. However, if you do die within the first two years of your policy term and your death is not accidental, your family will receive a payout which is equivalent to the value of premiums paid to that point, plus 5%. After two years you are covered for death by any cause.
  • Free cover: Once you reach 85 years old, your cover is free, so you don't have to make premium payments anymore, but your family remains protected.
  • Partner discounts: If you apply for Westpac estate plan with your partner, they will receive a 10% discount.
  • Prompt benefit payment: Once a successful claim has been made, your family will generally have the money from your Westpac estate plan within 48 hours. This allows them to quickly and easily attend to any final expenses your death may have incurred, or pay off debts left behind.
  • Easy premium payment: You can make your premium payment by credit card each month, or have the amount automatically deducted from any account you choose.
  • Set premiums: To help with your budgeting, the cost of your premiums will never increase because of changes to your health or lifestyle, or as you get older.
  • Benefit payment options: You can have your Westpac estate plan held by one of your beneficiaries, because in the event of your death, the policy benefit is paid to the policy holder. If you are the policy holder, the benefit will be paid to your estate.
  • If you die after the first two years of holding your policy, the benefit amount will be paid in full, and the policy will be terminated. The Westpac estate plan offers simple, straightforward protection for your family, against any financial burden you may leave behind.While we all hope to live a long and full life, we never really know when we will die, so it is difficult to prepare your finances for an indeterminable point in the future. Therefore, if you were to suddenly pass away, you could leave your family with unpaid debts, funeral costs and other final expenses such as legal costs, which would have to be paid immediately.If you are like most Australians, your family probably doesn't have thousands of dollars saved up safely in a secure, yet easily accessible account. That is why, for just a small investment, the Westpac estate plan can give your family the financial support they need, at a very difficult time, regardless of whether you have an actual estate, or just a normal suburban life.

William Eve

Will is a personal finance writer for finder.com.au specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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