Westpac Internet -Some important questions to ask yourself?

Some important questions to ask yourself?

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Why do I need to insure my life and my income?
What types of cover can I choose from?
How much will it cost?
What if I need to make a claim?
How much insurance do I need?

Why do I need to insure my life and my income?

You can't predict the future, but insurance can help you control it.

Life is full of the unexpected, and because we don't know what twists and turns life will deal out, insurance lets us manage the impact these unexpected events have on our lives.

Most people don't think these unexpected events will happen to them, but in reality it can. Take a look at and find out what are your most valuable assets.

Mr Harris, 54, suffered a stroke which meant he was unable to continue working and had to undergo extensive medical procedures both overseas and in Australia. Income protection enabled Mr Harris to continue to pay his mortgage, provide for his children and cover other day to day expenses.
How much is your income worth?

Marie, 39, was diagnosed with breast cancer. Fortunately for Marie, four years earlier, she took out a Term Life policy with a Living Benefit attached to it. She claimed on her Living Benefit and received $549,900. This allowed Marie to access the best possible medical treatment which included the use of a special drug to protect her ability to have a family.

Insuring your life and your income will protect your lifestyle, your family and your wealth.

What types of cover can I choose from?

You can choose from the following types of insurance.

Term Life insurance provides a lump sum on death.
Living insurance provides a lump sum for serious illness or injury.
Income protection provides a regular monthly income if you become disabled because of sickness or injury and are unable to work.
Estate plan provides a lump sum when you die for final expenses.

For more information see our list of products.

How much will it cost?

The cost of insurance for you will depend on your individual circumstances and insurance needs.

For example, Geoff is 36 year old non-smoker. If he takes out $300,000 death cover his monthly premium would be $44.70. If Geoff decided to take $200,000 worth of additional cover for total and permanent disability, his monthly premium would be $66.60.

The cost is illustrative only. You can obtain a quote by making an appointment to see a Westpac Financial Planner.

What if I need to make a claim?

In 2005, Westpac Life paid $49.2m dollars in claims to our customers. Some recent examples include:

	Cause	Occupation	Age at claim	Years holding insurance	Amount paid
Term Life	Cardio respiratory failure	Accountant	79 years	8 years 6 months	$852,061
	Industrial accident	Chemist	40 years	13 years	$374,178
	Melanoma	Small business owner	64 years	10 years	$1,163,775
Living insurance (for critical illness and serious injury)	Breast cancer	Home maker	30 years	2 years	$124,396
	Rheumatic fever	State Rail employee	61 years	7 years	$298,347
	Bowel cancer	Supermarket manager	44 years	2 years 10 months	$126,234
Total and Permanent Disablement	Back and neck problems	Shop assistant	54 years	5 years 9 months	$211,717
	Coronary artery	Bank manager	55 years	7 years 1 months	$254,119
Income Protection	Major depression disorder	Solicitor	46 years	4 years 6 months	$15,239
	Pregnancy complications	Business consultant	36 years	6 years 9 months	$14,553
	Blood vessel malformation	Project manager	35 years	8 years 6 months	$37,066

If you are an existing customer wishing to make a claim, please contact our Customer Relations consultants on 131 817 (8am – 6.30pm AEST).

How much insurance do I need?

Everyone's circumstances and insurance needs are different. We strongly recommend that you speak to a Westpac Financial Planner to discuss your insurance needs directly.

If you don't have one, make an appointment to see a Westpac Financial Planner.

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