Flexi loan repayment protection

Whatever you love to do with your Flexi Loan, you can enjoy it more knowing there's help to cover your repayments just in case.

Important notice to our customers

Westpac Group has announced an agreement with Allianz to continue to help us provide our customers with general insurance products.

If you are an existing Westpac insurance customer, you may be wondering what this means for you. Our agreement with Allianz means we will be able to continue to support our customers with their insurance needs and there is no change  to your current Westpac insurance policy or any claim that may be in progress as a result of this announcement. 

See our FAQs to learn more. 

Essentials

Flexi Loan repayment protection is no longer sold. The information on this product is for existing Flexi Loan repayment protection policy holders. 

We want to reassure our existing customers that we will continue to service your insurance needs. Our Flexi Loan Repayment Protection policies include job loss cover and unfit for work cover. If you’ve lost your job or have been stood down as a result of the COVID-19 pandemic, depending on your circumstances, you may be able to claim under your policy. Please read on to find details on how to make a claim, including the required claim forms.

 

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
  • 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. 

Costs

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.
     
Premium examples
If the balance owing at the end of your  Flexi Loan statement cycle is The monthly premium is
Nil Nil
$4,000 $12.00
$10,000 $30.00
$15,000 $45.00
$25,000 $75.00

How to claim

Lodging a claim is simple

Information needed when initially making a claim
 

Job loss claims
  • A completed Unemployment/Job Loss claim form
  • If you were employed by someone else - an employment separation certificate or a letter from your previous employer stating your period of employment, the reason your employment finished, and your employer’s name and contact details
  • If you were self-employed or in a business partnership - documentation which satisfies the insurer of your loss of employment.
Unfit for work claims
  • A completed Unfit for Work claim form, which your medical practitioner also needs to complete and sign.
  • Documentation confirming the number of hours you worked in the 28 days before you stopped working, for example, payslips, invoices, or a letter from your employer or the company you were working for at the time.
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

Unemployment Job Loss Claim Form (PDF 65KB)

Unfit For Work Claim Form (PDF 73KB)

Flexi Loan Repayment Protection was issued by Westpac General Insurance Limited ABN 99 003 719 319 (for the unfit for work cover and the job loss cover) and Westpac Life Insurance Services Limited ABN 31 003 149 157 (for the death cover). This insurance was distributed by Westpac Banking Corporation ABN 33 007 457 141 (the Bank). The Bank does not guarantee payments under the policy. Like all insurance, some exclusions, limits and conditions apply. You can obtain the relevant Product Disclosure Statement by calling 1300 369 989.