Westpac Income Protection and Income Protection Plus

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    132 135

    8am-6.30pm, Mon - Fri
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Essentials

Westpac Protection Plans offer income protection cover across a diverse range of ages and occupations. You can also apply for cover if you are not currently employed, or your main duty is to care for your household.

Westpac Protection Plans offer three types of income protection cover (we call these income protection definitions):

  • Own Occupation Income Protection
  • Home Duties Income Protection
  • General Cover Income Protection.

Each income protection definition offers cover for a different purpose. Your financial planner can help you choose the definition suitable for your individual needs.

Of course, like all insurance, some exclusions, limits and conditions apply, including waitiing periods and benefit periods. Read the Westpac Protection Plans PDS (PDF 543kb) to see if Income Protection is right for you.

Some of the key features include:

  • Flexible levels of cover. You can structure your income protection cover to suit your needs, apply for an increase or decrease in cover, subject to limits, and change the definition on your policy should you need to
  • Policy is guaranteed renewable (as long as premiums are met) and the monthly benefit increases annually in line with any CPI changes, unless you request otherwise
  • Dedicated consultant can make any claims experience as easy as possible
  • Loyalty benefit if you hold the policy for 3 or more years
  • Worldwide cover - 24 hours a day
  • 5% multi-policy discount applies if you’re covered by more than one eligible Westpac Protection Plan policy.

For additional cover there’s Income Protection Plus, a more comprehensive policy that includes a number of extra benefits in addition to those available on your Income Protection policy (not available with General Cover Income Protection).

Things you should know
  • Information provided is for new applicants only. Existing customers should refer to their Policy Schedule for Terms and Conditions relating to their individual policy.

    The Insurer of Westpac Protection Plans is Westpac Life Insurance Services Limited ABN 31 003 149 157 ('the Insurer'). Westpac Protection Plans are issued by the Insurer except for Term Life as Superannuation and Income Protection as Superannuation which are issued by Westpac Securities Administration Limited ABN 77 000 049 472 ('WSAL') as trustee of the Westpac MasterTrust ABN 81 236 903 448, and distributed by Westpac Banking Corporation ABN 33 007 457 141 ('the Bank'). The Insurer and WSAL are wholly owned subsidiaries of the Bank. The Bank does not guarantee payments under the policy.

    This information does not take into account your personal circumstances. Like all insurance, some exclusions, limits and conditions apply.  Before making a decision about this insurance, read the Westpac Protection Plans Product Disclosure Statement (PDS) (PDF 543) for the full terms and conditions to see if Westpac Protection Plans are right for you.

Extra protection

Westpac Protection Plans offer a comprehensive range of flexible insurance solutions that can provide protection throughout the different stages of your life.

Below is a summary of the different types of cover available and how they may be able to help. Please see the PDS for full terms and conditions.

Type of coverHow it can help
Term Life
  • Provides a lump sum payment if you die or are diagnosed with a terminal illness
  • Repay debts like mortgage, loans or credit cards
  • Leave a lump sum to be invested to cover the cost of your family's future needs, such as your children's education.
Total and Permanent Disablement (TPD)
  • Provides a lump sum payment if you are totally and permanently disabled
  • Meet rehabilitation and home modification costs
  • Provide financial support to make necessary lifestyle adjustments.
Living Insurance
  • Provides a lump sum payment if you suffer from one of the covered medical events
  • Pay for medical costs
  • Provide financial support so you can focus on your recovery.

Needlestick Benefit1

  • Provides a lump sum payment if you acquire HIV or Hepatitis B or Hepatitis C whilst working as a medical professional
  • Provide financial support for yourself and your family when you most need it.

Children's Benefit1

  • Provides a lump sum payment if the insured child suffers from one of the covered medical events
  • May assist you to take time off work to care for your child
  • Pay for medical treatment.

1. Needlestick Benefit and Children's Benefit Policies are only available if you hold another Protection Plans Policy.

Please note: Living Insurance, Business Overheads, Needlestick Benefit and Children's Benefit are not available within superannuation, however these benefits can be added as a linked policy and held outside superannuation.

Need business insurance?

Check out our insurance options for business.

Things you should know
  • Information provided is for new applicants only. Existing customers should refer to their Policy Schedule for Terms and Conditions relating to their individual policy.

    The Insurer of Westpac Protection Plans is Westpac Life Insurance Services Limited ABN 31 003 149 157 ('the Insurer'). Westpac Protection Plans are issued by the Insurer except for Term Life as Superannuation and Income Protection as Superannuation which are issued by Westpac Securities Administration Limited ABN 77 000 049 472 ('WSAL') as trustee of the Westpac MasterTrust ABN 81 236 903 448, and distributed by Westpac Banking Corporation ABN 33 007 457 141 ('the Bank'). The Insurer and WSAL are wholly owned subsidiaries of the Bank. The Bank does not guarantee payments under the policy.

    This information does not take into account your personal circumstances. Like all insurance, some exclusions, limits and conditions apply.  Before making a decision about this insurance, read the Westpac Protection Plans Product Disclosure Statement (PDS) (PDF 543) for the full terms and conditions to see if Westpac Protection Plans are right for you.

Features

Entry age ranges and conditions

Depending on the type of Income Protection cover you apply for and the premium structure you require, the maximum entry age will differ. See the Westpac Protection Plans PDS  (PDF 543kb) for more information.

As well as being able to select the type of income protection, you also have additional flexibility to tailor the cover specifically to your needs. You can choose your:

  • Waiting period - this is the minimum period you need to wait before any payments will commence
  • Benefit period - the maximum length of time you will be paid if we accept your claim
  • Benefit type - this will determine the amount we'll pay you at claim time.

The choices available when applying for your cover will depend on the type of income protection you have chosen and your occupation.

You may also be able to add the following to your Income Protection insurance policy:

  • Needlestick Benefit
  • Children’s Benefit.

Needlestick Benefit is not available if you choose Home Duties income protection cover.

Things you should know
  • Information provided is for new applicants only. Existing customers should refer to their Policy Schedule for Terms and Conditions relating to their individual policy.

    The Insurer of Westpac Protection Plans is Westpac Life Insurance Services Limited ABN 31 003 149 157 ('the Insurer'). Westpac Protection Plans are issued by the Insurer except for Term Life as Superannuation and Income Protection as Superannuation which are issued by Westpac Securities Administration Limited ABN 77 000 049 472 ('WSAL') as trustee of the Westpac MasterTrust ABN 81 236 903 448, and distributed by Westpac Banking Corporation ABN 33 007 457 141 ('the Bank'). The Insurer and WSAL are wholly owned subsidiaries of the Bank. The Bank does not guarantee payments under the policy.

    This information does not take into account your personal circumstances. Like all insurance, some exclusions, limits and conditions apply.  Before making a decision about this insurance, read the Westpac Protection Plans Product Disclosure Statement (PDS) (PDF 543) for the full terms and conditions to see if Westpac Protection Plans are right for you.

Fees

There are a number of different ways to structure your premiums, depending on your needs. Westpac Protection Plans allows you to choose the premium structure that works best for you,

Stepped premiums - premiums that are calculated each year and will change based on increase in age and the amount of cover. The premium will generally increase every year. 

Level premiums - premiums that are calculated based on your age at the commencement of the policy and will not increase each year due to age increases.

For both stepped and level premiums, your premiums may increase in certain circumstances, such as; if your sum insured increases, with Consumer Price Index increases, and when we increase the policy fee.

Westpac Protection Plans also provide you with flexibility by providing a number of different ways to pay your premiums. Premiums can be paid:

  • By direct debit, an accepted credit card or cheque (if paying annually), or
  • By rollover from an eligible superannuation fund for Income Protection as Superannuation (if paying annually).

Generally, the amount of your premium depends on a number of variables, including:

  • The amount of cover, whether premiums are stepped, level and frequency of payments
  • Any optional benefits selected
  • Your age, occupation, gender, smoking status, health and family medical history
  • Any discounts that may apply
  • Your waiting period
  • Your benefit period
  • Your benefit type.

The premium includes a policy fee that increases by the same amount as the Consumer Price Index (CPI) on 1 October each year. As at 1 October 2013, this annual policy fee was $85.50.

Things you should know
  • Information provided is for new applicants only. Existing customers should refer to their Policy Schedule for Terms and Conditions relating to their individual policy.

    The Insurer of Westpac Protection Plans is Westpac Life Insurance Services Limited ABN 31 003 149 157 ('the Insurer'). Westpac Protection Plans are issued by the Insurer except for Term Life as Superannuation and Income Protection as Superannuation which are issued by Westpac Securities Administration Limited ABN 77 000 049 472 ('WSAL') as trustee of the Westpac MasterTrust ABN 81 236 903 448, and distributed by Westpac Banking Corporation ABN 33 007 457 141 ('the Bank'). The Insurer and WSAL are wholly owned subsidiaries of the Bank. The Bank does not guarantee payments under the policy.

    This information does not take into account your personal circumstances. Like all insurance, some exclusions, limits and conditions apply.  Before making a decision about this insurance, read the Westpac Protection Plans Product Disclosure Statement (PDS) (PDF 543) for the full terms and conditions to see if Westpac Protection Plans are right for you.

How to claim

You or your representative should contact Westpac Life Insurance as soon as a claim needs to be made.

Westpac Life Insurance is here to help and make the process as easy as possible with a dedicated claims consultant.

Call 131 817

8am-6.30pm, Mon - Fri, (Sydney time). 

Things you should know
  • Information provided is for new applicants only. Existing customers should refer to their Policy Schedule for Terms and Conditions relating to their individual policy.

    The Insurer of Westpac Protection Plans is Westpac Life Insurance Services Limited ABN 31 003 149 157 ('the Insurer'). Westpac Protection Plans are issued by the Insurer except for Term Life as Superannuation and Income Protection as Superannuation which are issued by Westpac Securities Administration Limited ABN 77 000 049 472 ('WSAL') as trustee of the Westpac MasterTrust ABN 81 236 903 448, and distributed by Westpac Banking Corporation ABN 33 007 457 141 ('the Bank'). The Insurer and WSAL are wholly owned subsidiaries of the Bank. The Bank does not guarantee payments under the policy.

    This information does not take into account your personal circumstances. Like all insurance, some exclusions, limits and conditions apply.  Before making a decision about this insurance, read the Westpac Protection Plans Product Disclosure Statement (PDS) (PDF 543) for the full terms and conditions to see if Westpac Protection Plans are right for you.