Insurance

Essentials

• For when the unthinkable happens

Term Life Insurance looks after your family and business. It can provide a lump sum payment when you die, with options for cover if you become permanently disabled, or are diagnosed with one or more of the specified medical events.  These include heart attack, cancer, stroke and coronary artery bypass surgery.

• All policies qualify for loyalty benefits with discounts available to non-smokers
• Provided that your premiums are paid, you can automatically renew your Death Benefit annually, to age 99, regardless of changes to health, occupation and pastimes  
• You can take the insurance cover within superannuation which can be tax effective if you’re eligible for concessions on your superannuation contributions
• We offer automatic indexation on your benefits each year in line with the CPI. Where the CPI is less than 3%, an indexation increase of 3% will apply
• 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.
  

Term Life as Superannuation

Pays a benefit in the event of death or on diagnosis of a terminal illness, only via a superannuation fund, which could, be tax effective if you are eligible for concessions on your superannuation contributions.

• Westpac MasterTrust Fund - 2011 Annual Report (PDF 90kb)
• Westpac Personal Superannuation Fund - 2011 Annual Report (PDF 89kb)

Support

Background

Geoffrey* was a small business owner. 12 years ago he took out a Term Life Policy with $1,000,000 of insurance cover, nominating his wife, Vesna, as sole beneficiary. Geoffrey’s cover was automatically indexed to the CPI so that the sum insured kept pace with inflation.

Illness

Unfortunately, Geoffrey died after becoming ill with melanoma. Vesna lodged a claim on the Term Life Policy and a payment of $1,163,775 was made (given that the rest of the Policy terms and conditions were satisfied). The automatic CPI increase to Geoffrey’s sum insured saw his cover increase by $163,775 over the term of his Policy.

How Westpac Term Life Insurance helped Geoffrey

As Geoffrey had nominated his wife as his sole beneficiary, the claim was able to be paid in a timely fashion, protecting Vesna from financial stress during a time of great grief.

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 to give you and your family peace of mind.