Insurance

Westpac Income Protection and Income Protection Plus

Essentials

Income Protection and Income Protection Plus

If you’re seriously ill or injured, you’ll want to make sure that you can maintain your family’s lifestyle. Income Protection is designed to replace a portion of the income lost when the Insured Person is unable to work at their full capacity due to sickness or injury by providing monthly payments. Income products are designed to help you avoid the financial stress of drawing down on your assets or taking more debt if something unexpected were to happen. 

Income Protection Plus provides more comprehensive cover by including a number of extra benefits in addition to those available on Income Protection policy.  

  • Our Income Protection and Income Protection Plus policy have the option of an 'Agreed Value' or an 'Indemnity' contract
  • All policies qualify for loyalty benefits with discounts available to non-smokers
  • Your cover is automatically renewable each year to age 65 regardless of changes to your health, occupation or pastimes
  • We offer automatic indexation on your benefits each year in line with the CPI
  • 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.

Income Protection as Superannuation

Pays a monthly benefit in the event that the Insured Person is unable to work at their full capacity due to sickness or injury, via a superannuation fund, which could be tax effective depending on your individual circumstances.

Things you should know
  • Westpac Income Protection and Westpac Income Protection Plus are issued by Westpac Life Insurance Services Limited ABN 31 003 149 157 (Westpac Life). Westpac Life is a subsidiary of Westpac Banking Corporation ABN 33 007 457 141 (Bank). This policy is not an investment in or deposit with the Bank. Neither the Bank nor any member of the Westpac Group (other than Westpac Life) guarantees this insurance. A Product Disclosure Statement and Policy Document (PDS) is available for Westpac Income Protection and Westpac income Protection Plus and can be obtained by downloading it here, by calling 131 817 or visiting any Westpac branch. Conditions, limits and exclusions on cover apply and are explained in the PDS. Before making a decision about these policies, you should obtain and consider the PDS.
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Support

Background

Harry* is a 35 year old married man with two young children. He works as a project manager in the building industry. Over five years ago, Harry and his family returned home from an overseas posting in the middle of Australia’s property boom, and like many Australians, took out a large mortgage to buy the family home.

Illness

Late last year Harry was diagnosed with a blood vessel malformation that put pressure on the lower spinal nerves and reduced his mobility. Harry required surgery and physiotherapy as well as a long period off work to rehabilitate.

How Income Protection Plus helped Harry

Thankfully Harry had taken out an Income Protection Policy 3 years ago. He claimed against the Policy, satisfied all of the policy terms and conditions, and as a result received a monthly benefit payment of $6,619 following the end of the waiting period. Nursing Care Benefits were also paid for the period of his hospitalisation. Harry and his family could then meet the mortgage costs and other expenses during his time off work.

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.

Things you should know
  • Westpac Income Protection and Westpac Income Protection Plus are issued by Westpac Life Insurance Services Limited ABN 31 003 149 157 (Westpac Life). Westpac Life is a subsidiary of Westpac Banking Corporation ABN 33 007 457 141 (Bank). This policy is not an investment in or deposit with the Bank. Neither the Bank nor any member of the Westpac Group (other than Westpac Life) guarantees this insurance. A Product Disclosure Statement and Policy Document (PDS) is available for Westpac Income Protection and Westpac income Protection Plus and can be obtained by downloading it here, by calling 131 817 or visiting any Westpac branch. Conditions, limits and exclusions on cover apply and are explained in the PDS. Before making a decision about these policies, you should obtain and consider the PDS.
  • Real life example for illustrative purposes only. Names and some details have been altered.
  • 1.Westpac Financial Planners are representatives of Westpac Banking Corporation, AFSL No 233714 (Bank).
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