Receive comprehensive cover for TPD with Westpac
Income protection insurance can be a great help if you are unable to work due to a temporary illness or injury, as it can ensure that you don't succumb to financial pressures while you recover and are ready to get back to work. However, if you are injured or become seriously ill to an extent that you're never able to return to normal work, you will need a different type of insurance coverage, to help you manage ongoing living expenses, pay for treatments and rehabilitation, and to even make modifications to your home to accommodate your new limited abilities. This is when Westpac total and permanent disability insurance can help.
Protection Features of Total and Permanent Disablement with Westpac Insurance
While Westpac can't help protect you from becoming seriously ill or injured, Westpac TPD insurance can pay you a lump sum benefit amount which you can use to keep up with day to day expenses, medical costs, pay off the mortgage, or take a relaxing and rejuvenating family holiday. With Westpac total and permanent disability policy, you will benefit from:
- Loyalty benefits: After you have held your policy for three years, you will receive an increase to your death benefit, TPD benefit, living benefit or children's benefit of 5% for no extra charge. A 5% discount on your premiums will be applied if you are covered by more than one of the Westpac Protection Plans. You can also qualify for a discount on your premiums if you are a non smoker.
- Automatic renewal of your policy: As long as you keep your premiums current, your cover will automatically be renewed each year until you are 99 years old. This means that even as your risk factors such as your age, lifestyle, health and occupation change, you will still be protected by Westpac TPD insurance.
- Superannuation benefits: If you take out your Westpac total and permanent disability insurance with superannuation in conjunction with term life insurance, you can benefit from tax concessions on your super contributions.
- Automatic benefit increases: We all know that things cost more now than ever before, and that inflation is only going to continue. Therefore, to make sure that your TPD benefits are valuable no matter how far into the future you need to claim on them, Westpac automatically increases your benefit amount in line with the Consumer Price Index (CPI). Where the CPI is less than 3% your benefit will increase by 3%.
- Worldwide, 24/7 coverage: This means that you will be covered by your Westpac TPD policy 24/7 anywhere in the world, whenever you need to make a claim.
- Guaranteed upgrades to your policy: Reviewing your life insurance policies can be a time consuming process, and one you don't want to go through year after year. This is why Westpac helps make it a little easier to keep your policy benefits relevant, by automatically upgrading your policy when new benefits and features are released. Automatic upgrades are only carried out when features won't increase your premiums.
- Choice of stepped or level premiums: You can choose stepped premiums which start out more affordable as you are also starting out in your career, and increase as your earnings increase, or you can choose level premiums which remain the same throughout the term of the policy to help with your regular budgeting.
- Inclusive benefits: With the Westpac TPD policy, you will be covered with a TPD benefit, a TPD continuation benefit, the future insurability benefit for personal and business events, the financial planning benefit, counselling benefit, TPD death benefit, the loyalty benefit and the ability to pause your premiums with a premium holiday.
You can also add to the benefits of your Westpac total and permanent disability insurance policy with:
- Needle-stick benefit: You can apply for the needle-stick benefit to be added to your TPD policy between 15 and 59 years of age, and the benefit expires when you reach 65. You are covered if you acquire HIV, Hepatitis B or Hepatitis C in the course of your occupation in the medical profession. You can choose to add a cover amount of up to $1 million.
- Children's benefit: You can apply for up to $200,000 of cover for your children, in case of their death. You can add your children to your policy if they are between 2 and 14 years old, and the children's benefit cover expires when your child reaches 16.
We often take our healthy physiques for granted and push them to the limit with our everyday lives. Therefore, just imagine how limited your life and your abilities would be if you suffered a permanent disability. Not only would you no longer be able to work, but you would struggle with everyday tasks, and a benefit payout from your total and permanent disability insurance can help you manage your finances, make modifications to your home and lifestyle, and help you maintain normalcy and security for your family.
Can I apply for Westpac TPS Insurance?
Eligibility for this policy is determined by an age range which varies with the type of premium structure selected:
- 15 to 59 years of age for stepped premiums.
- 15 to 59 years of age for level premiums up to age 65.
- 15 to 49 years of age for level premiums up to age 55.
Any exclusions I should know about?
Exclusions that apply to Westpac TPD Insurance are as follows:
- A TPD Benefit will not be paid if the illness or injury is caused by an intentional self-inflicted injury or attempted suicide (whether the insured was sane or insane at the time).
- A TPD Partial Benefit will not be paid if the illness or injury is caused by an intentional self-inflicted injury or attempted suicide (whether sane or insane).
- A TPD Death Benefit will not be paid if the insured commits suicide within 13 months of the policy commencing or being reinstated.