Flexi loan repayment protection
Flexi Loan repayment protection is no longer sold. The information on this product is for existing Flexi Loan repayment protection policy holders.
Having Flexi Loan Repayment Protection to help cover your repayments means you’ll have one less thing to worry about:
- Get up to 3% of your balance owing paid each month, if you unexpectedly lose your job, for up to 180 days or until you return to work, whichever happens first
- Get up to 3% of your balance owing paid each month, while you’re sick or injured and can’t work
- Have the balance owing paid off up to $75,000 if you pass away (so loved ones aren’t left with this debt)
- You can claim even if entitled to benefits from another source, such as workers compensation, sick leave or Centrelink
- You don’t pay more because of age, job, or health record.
Of course, like all insurance, some exclusions, limits and conditions apply. For example, if you voluntarily resign or accept a voluntary redundancy you aren’t covered for job loss. Also, if you were not working at least 15 hours or more per week when you became unfit for work, you will not be covered.
The lower your balance, the less it costs
Flexi Loan Repayment Protection costs 30 cents for every $100 owing on your monthly balance, and is:
- Calculated on the balance owing at the end of each statement cycle when your monthly statement is produced
- Automatically added to your Flexi Loan balance each month.
|If the balance owing at the end of your Flexi Loan statement cycle is||The monthly premium is|
How to claim
Lodging a claim is simple
- For Unemployment and Job Loss claims, download the or complete the Online Unemployment/Job Loss Claim form
- For Unfit for Work claims, download the
- Alternatively, you may visit a branch to collect and lodge a claim form.
Information needed when initially making a claim
|Job loss claims||
|Unfit for work claims||
|Death claims||A certified copy of the original death certificate (a claim form isn't required).|
What happens after you claim?
You'll be contacted within 10 working days to either:
- Confirm if your claim has been accepted, or
- Request additional information to help reach a decision on your claim.
Need claim help?
If you have any questions, or would like help completing the claim form, call 1300 369 989.
(8.45am - 5pm, Mon-Fri AEST/AEDT)
Things you should know
Flexi Loan Repayment Protection is issued by Westpac General Insurance Limited ABN 99 003 719 319 (WGIL) and Westpac Life Insurance Services Limited ABN 31 003 149 157 (WLIS) each of which is liable for separate risks under the terms of the policy. This insurance product is distributed by Westpac Banking Corporation ABN 33 007 457 141 (the Bank). The policy is not an investment in or deposit with the Bank. No Westpac Group company (other than the Bank as policy distributor and WGIL and WLIS as the product issuers) has any liability in connection with the policy or this document. The Bank does not guarantee payments under the policy.
This information is general only and does not take into account your personal circumstances. Read the relevant Product Disclosure Statement, which can be obtained by calling 1300 369 989, to see if this insurance is right for you.