Westpac Living (Trauma) Insurance

Receive cover for serious medical events with Westpac

Typically life insurance pays a benefit if you die, so your family can manage financially without you, however, living insurances will pay you the benefit amount if you are unable to work because of a serious illness or injury.

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Westpac Living Insurance will provide a lump-sum payment up to $2 million if your suffer a serious medical event such as cancer, stroke or heart attack.

This review will outline the benefits of Westpac Living Insurance and what conditions are covered.

What does the policy cover?

Each policy for living insurance will cover different specific events and injuries, so make sure you know exactly what you're covered for before signing up. Westpac living insurance will pay a benefit if you suffer a specified medical event such as cancer, stroke or heart attack, and survive the medical trauma for at least 14 days. You can use the benefit amount to pay for anything you choose. You can use the benefits to pay for medical bills, household bills or you can also use the funds for a rejuvenating holiday to help you recover.

In addition to giving you the financial security and freedom to manage your illness or injury, Westpac living insurance also includes:

  • Coverage up to $2 million: You can choose a benefit amount up to $2 million to be paid to you and your family when you make a claim. Also, if you have living insurance as a standalone Westpac insurance product, and you die within 14 days, a death benefit of $10,000 will be paid as a lump sum.
  • Ongoing loyalty benefits: You can receive a discount on your policy if you are a non-smoker, and if you keep your premium payments current, your cover will be automatically renewed until you are 65 years old, regardless of changes in your health or lifestyle risk factors. Also, if you choose more than one Westpac protection plan, you will qualify for a multi policy discount of 5% off your premiums.
  • Additional benefits: To tailor your Westpac living insurance, you can add a needlestick benefit, which pays a lump sum benefit if you contract HIV, Hepatitis B or Hepatitis C while working in the medical profession, or you can add a children's benefit which pays a benefit amount if your child suffers one of the medical events specified in the policy.

Which medical conditions are covered?

To help you compare Westpac living insurance with other critical illness insurance policies, following is the list of included medical conditions and events which will be covered:

  • Malignant tumour cancers
  • Major treatments for prostate cancer
  • Triple vessel angioplasty
  • Aortic surgery
  • Cardiomyopathy
  • Coronary artery bypass surgery
  • Heart attack
  • Heart valve surgery
  • Open heart surgery
  • Out of hospital cardiac arrest
  • Pulmonary hypertension
  • Alzheimer's
  • Other dementias
  • Motor neurone disease
  • Occupationally acquired HIV
  • Multiple sclerosis
  • Muscular dystrophy
  • Parkinson's disease
  • Coma
  • Major head trauma
  • Paralysis
  • Severe burns
  • Chronic liver disease
  • Chronic lung disease
  • Kidney failure
  • Loss of sight
  • Major organ transplant
  • Aplastic anaemia
  • Medically acquired HIV
  • Advanced diabetes
  • Benign brain tumour
  • Encephalitis
  • Intensive care
  • Loss of hearing
  • Loss of independent existence
  • Loss of limbs
  • Loss of single limb
  • Loss of speech
  • Meningitis
  • Meningococcal septicaemia
  • Pneumonectomy
  • Severe osteoporosis
  • Severe rheumatoid arthritis
  • Stroke

How do Westpac Living Insurance Benefit Payments Work?

You will be eligible to make a claim if you suffer one of the above medical conditions, as long as the condition is not the result of a self inflicted injury, or an attempted suicide. If you make a claim on your Westpac living insurance for one of the eligible conditions, all other benefits you have under the policy such as a death benefit, will be reduced by the amount of the living benefit which was paid.

After 12 months from the time you make a claim on your living insurance, you will be entitled to reinstate the death benefit amount on your policy by 100% of the living benefit amount which was paid.

The Westpac living insurance policy offers comprehensive coverage for a wide range of medical conditions and procedures, which can help you and your family feel secure in the knowledge that day to day life can continue almost as normal, even if the family's provider is ill or injured.

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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