Westpac Lifetime Protect

Why it's worth considering Westpac Lifetime Protect insurance.

Life insurance is never a 'set and forget' product, no matter who your insurer is, or how old you are. Life is constantly changing and your commitments are moving and evolving, and your life insurance should reflect these changes. However, once you've gone through the process of comparing and applying for insurance, you hardly want to do it all over again every year, or whenever you pass a significant life marker. That is why the Westpac Lifetime Protect insurance makes it easy to add or remove benefits and features as you go through changes in your life.

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Features of changeable cover with Westpac Lifetime Protect

With Westpac Lifetime Protect, you are equipped with a life insurance policy that has features which are relevant to your situation – whether you are single, married, have a family or you're an empty nester. Each policy comes with death and terminal illness benefits as standard, allowing for a benefit to be paid to you or your estate when you die or are diagnosed with a terminal illness.

From this base line you can then add the features you need according to your situation and to suit the stage of life you are at. You can add or remove features as you need to at any time, by contacting Westpac.

Each Westpac Lifetime Protect policy also offers you:

  • The ability to renew your coverage up until you are 100 years old.
  • A benefit amount of up to $1 million.
  • Worldwide, 24/7 coverage.
  • Accidental death benefit which pays your full benefit amount if you die as the result of an accident.
  • A premium relief benefit which allows you to select one month of the year when you don't have to pay premiums.
  • Consumer price indexation, which increases your benefit amount by 3% each year, in line with inflation.

Which Westpac Lifetime Protect Features do you need?

There is no need for you to add all of the available features to your life insurance policy at the time of application, just because you think you might need them in the future. With Westpac Lifetime Protect you simply add features to your policy as you need them, for example, if you have a family, a partner or just yourself to look after, you can tailor your life insurance with:

  • Guardian benefit: If you were to die, your children wouldn't only need to be financially looked after, but physically looked after too, which is where the additional $50,000 guardian benefit can be useful, as it is paid directly to the guardian or carer of your children if you die or are diagnosed with a terminal illness.
  • Education benefit: You would want your children to have the future you have dreamed of for them, regardless of what happened in your future, so you may want to add the educational benefit, which will pay an addition $30,000 on top of your death benefit to help with your children's schooling expenses.
  • Funeral benefit: There are funeral insurance plans which pay an amount to your family to help cover the immediate costs of your funeral, however, if you want to have all of your insurances in one place, a funeral benefit can pay an advance of $10,000 from your death benefit, within 48 hours of a claim. A funeral benefit is important no matter what your situation, as few people have the ready funds available in case of unexpected funeral costs, so whether you would leave behind children, a partner or other family members, make sure they're not burdened financially by planning your farewell.
  • Injury protection benefit: The injury protection benefit can pay your living expenses and medical costs associated with your injury, up to $100,000 if you suffer an eligible injury under your policy. This benefit payout can be helpful in keeping your life and home running smoothly while you are unable to work, and means that you can maintain your independence if you are single, or avoid causing financial strain on your partner if you are in a relationship.

If you are an Australian resident aged between 18 and 69 years old, you can apply for life insurance through Westpac which suits your current needs, and which is able to grow and change with you into the future. A life insurance policy is an important investment, and you want to make sure you are paying for relevant and valuable coverage, and with Westpac Lifetime Protect, you can tailor your coverage to changes in your life at any time.

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