Westpac Income Protection and Income Protection Plus
Essentials
- Protecting you when your income doesn't
Income Protection
If you’re seriously ill or injured, make sure you can maintain your family’s lifestyle. Income Protection insurance will provide up to 75% of your usual income to support you during this time.
Income Protection Plus
Income Protection Plus provides additional comprehensive cover with up to 80% of your usual income covered.
- Our Income Protection policy has the option of an 'Agreed Value' or an 'Indemnity' contract
- All policies qualify for loyalty benefits with discounts available to non-smokers
- Your cover is automatically renewable each year to age 64 regardless of changes to your health, occupation or pastimes.
Westpac Protection Plans Technical Guide (PDF 122kb)
Things you should know
- 1.Westpac Financial Planners are representatives of Westpac Banking Corporation, AFSL No 233714.
- The taxation position described is a general statement only and is based on the continuance of present tax laws and their interpretation. Your individual situation may differ and you should seek professional advice.
- Westpac Life Insurance Services Limited (ABN 31 003 149 157 AFSL No. 233728) is the issuer of interests in Westpac Income Protection and Westpac Income Protection Plus. A Product Disclosure Statement (PDS) is available for Westpac Income Protection and Westpac income Protection Plus and can be obtained by downloading here, by calling 131 817 or visiting any Westpac branch. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of interests in Westpac Income Protection or Westpac Income Protection Plus.
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Support
Background
Joe* is a 35 year old Project Manager working in the building industry. He is married with two young children. Three years ago Joe took out an Income Protection policy. Joe and his family returned home from an overseas posting to find themselves in the midst of a property boom. Buying the family home meant taking out a large mortgage.
Illness
Not long after this purchase, Joe was diagnosed with a blood vessel malformation that put pressure on the lower spinal nerves and reduced his mobility. He required surgery and physiotherapy as well as a long period off work for rehabilitation.
How Westpac Income Protection Plus helped Joe
Under his Income Protection policy, Joe claimed a monthly benefit payment of $6,619 and the associated nursing benefits for the time he was in hospital. Joe and his family were able to pay their mortgage costs and other expenses despite his time off work because Joe's insurance protected him and his family.
Westpac Financial Planners are ready to help you
Talk to a Westpac Financial Planner 1 – they can help you tailor an income protection plan to give you and your family peace of mind.
* The name has been changed to protect his identity.
Things you should know
- 1.Westpac Financial Planners are representatives of Westpac Banking Corporation, AFSL No 233714.
- The taxation position described is a general statement only and is based on the continuance of present tax laws and their interpretation. Your individual situation may differ and you should seek professional advice.
- Westpac Life Insurance Services Limited (ABN 31 003 149 157 AFSL No. 233728) is the issuer of interests in Westpac Income Protection and Westpac Income Protection Plus. A Product Disclosure Statement (PDS) is available for Westpac Income Protection and Westpac income Protection Plus and can be obtained by downloading here, by calling 131 817 or visiting any Westpac branch. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of interests in Westpac Income Protection or Westpac Income Protection Plus.
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