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What if I lose my income, either temporarily or permanently?

While most of us don’t think twice about insuring our car, home, contents and maybe an investment property, many of us don’t think about our most valuable assets - our health and income.

Have you truly considered the consequences of losing your income, and the financial impact it might have?

What types of protection are available?

As there are a variety of things that can happen to you and your family and everyone's financial circumstances are different, we offer a range of protection policies offering either a lump sum payment or monthly benefit for future peace of mind.

Review your options:

Consider how much cover you need

Lump sum benefits

If you're considering a policy providing a lump sum benefit, you may want to consider whether the benefit is sufficient to clear outstanding debts such as your home loan, car loan and any medical costs, plus provide an ongoing income stream through investment. You should also consider your spouse’s income stream, as they may not be able to work due to new commitments.

Monthly benefits

Your cover may pay an ongoing monthly income if you are unable to work due to illness or injury.

One way to calculate how much you may need is to look at your circumstances and work out how much you are likely to need to cover your ongoing costs and bills, including mortgages, car repayments, child care, medical costs, bills, and general expenses. Alternatively, you may decide to use your after tax wages. Income protection insurance can only provide up to 70% pre tax wages^ so you may want to look at Total and Permanent Disability Insurance in case the worst should happen.


Our income protection products

Things you should know

^ 70% of the first total insurable income up to $330K. Incomes above $330K have a tiered income replacement ratio 50% for the next $220K and 20% for the remainder.


A target market determination has been made for Protection Plans products. Please visit for any of our target market determinations.

The Insurer and Issuer is Westpac Life Insurance Services Limited ABN 31 003 149 157 AFSL 233728, except for Term Life as Superannuation, Income Protection as Superannuation and Income Protection Assured as Superannuation, issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 as Trustee of Retirement Wrap ABN 39 827 542 991. They are subsidiaries of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714, who does not guarantee the insurance. 

This information does not take into account your personal circumstances. Terms and conditions, and limitations and exclusions apply. Read the BT Protection Plans Disclosure Statement (PDS) to see if this insurance is right for you.