Westpac Term Life 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 51 specified conditions. 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 cover annually, to age 99, regardless of changes to health, occupation and pastimes
- You can take the insurance cover as superannuation which can be tax effective if you’re eligible for concessions on your superannuation contributions
- We offer automatic indexation each year in line with the CPI. Where the CPI is less than 3%, an indexation increase of 3% will apply.
Term Life as Superannuation
You can take the cover as superannuation, which could be tax effective if you are eligible for concessions on your superannuation contributions. View our Fund Reports to see past performance.
- Westpac MasterTrust Fund - 2009 Annual Report (PDF 134kb)
- Westpac Personal Superannuation Fund - 2009 Annual Report (PDF 134kb)
- Westpac Protection Plans Technical Guide (PDF 122kb)
Things you should know
- 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 Term Life. A Product Disclosure Statement (PDS) is available for Westpac Term Life 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 Term Life.
- This information is current as at 1 December 2008.
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Support
Background
Alex* was a small business owner. 12 years ago he took out a term life policy, nominating his wife, Sarah, as sole beneficiary. His policy was for $1,000,000, indexed to keep pace with inflation.
Illness
After becoming ill with a melanoma, Alex passed away. His wife Sarah lodged a claim. Since Alex had indexed his cover to inflation, Sarah received a total of $1,163,775.
How Westpac Term Life Insurance helped Alex
As Sarah was the sole beneficiary she received the payment quickly, protecting her from financial stress in the aftermath of her husband’s death.
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.
* 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 Term Life. A Product Disclosure Statement (PDS) is available for Westpac Term Life 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 Term Life.
- This information is current as at 1 December 2008.
Did you know?
You can nominate up to five beneficiaries on a Term Life Policy.
