Insurance

Essentials

• When illness or injury strikes

Living Insurance pays you a benefit if the Insured Person suffers a specified medical event such as cancer, stroke or heart attack and subsequently lives for 14 days. You can use the benefit as you wish, for example to pay for expenses associated with medical treatment, mortgage repayments or even an overseas holiday to recuperate from an illness.

A lump sum payment is made if you suffer one or more of the specified medical events.

• You can be covered for up to a maximum of $2 million  
• If taken as a standalone benefit and death occurs within 14 days of suffering one of the specified events, a lump sum payment of $10,000 will be paid
• All policies qualify for loyalty benefits with discounts available to non-smokers
• Provided that your premiums are paid, you can automatically renew cover annually, to age 65, regardless of changes to health, occupation and pastimes
• You will qualify for a multi-policy discount of 5% on the Insured Person’s premiums if the Insured Person is covered by more than one policy in the suite of insurance options offered by Westpac Protection Plans
• Worldwide cover, 24/7.

For an additional cost, you also have the option to include:

• Needlestick Benefit: provides a one-off lump sum payment if you contract HIV, Hepatitis B or C while performing your duties as a medical professional
• Children’s Benefit: provides a one-off lump sum payment if your child suffers from one of a range of specified medical events.

Support

Background

Nadia*, a self-employed married mother of two children, decided to protect her family’s financial position by taking out a Living Benefit.

Nadia structured her Policy in the following way:

• a Term Life Policy with:
  • a Death Benefit;
  • a TPD Benefit (any occupation TPD); and
• a Flexible Linking Plus Policy with a Living Benefit.

Illness

A couple of years later, Nadia was diagnosed with a rare form of cancer. She lodged a claim against the Living Benefit. The medical reports confirmed Nadia’s medical condition, and as she satisfied all of the Policy terms and conditions, she was paid in excess of $300,000.

How Westpac Living Insurance helped Nadia

Nadia’s decision to cover herself against specific medical conditions gave her crucial financial flexibility at a time of great stress. She used the proceeds of her claim to meet the high costs of the latest cancer treatments. Her insurance payment allowed her the option to sell her business and spend more time with her family. She is now working part time and her doctor believes she is in a good position to make a full recovery.

Westpac Financial Planners are ready to help you

Talk to a Westpac Financial Planner ¹– they can help you customise a Westpac Protection Plans policy with a living insurance benefit that will make things easier for your family when serious health issues arise.