Life Insurance FAQs
What are some of the benefits of life insurance?
- Life Insurance could help support your loved ones with financial commitments, such as mortgage or rental repayments, your children’s education or just everyday general living expenses.
- Life Insurance could help support your loved ones in maintaining the lifestyle you have worked hard to create for them.
- Life Insurance could help provide you with peace of mind that your family has some protection if you are no longer around.
What types of life insurance products are there?
- Life Insurance
- Total and Permanent Disability Insurance
- Critical Illness or Trauma Insurance
- Income Protection Insurance.
Is there an age limit for taking out Life Insurance?
If you are 19 to 74 years old, an Australian citizen or hold a permanent residency visa, and reside permanently in Australia, you may be eligible to take out a Life Insurance policy with our partner, TAL.
Can I increase or decrease my Life Insurance Cover?
Most life insurers can support you with any changes to your policy at any time. Some common changes include:
- Increasing or decreasing your cover options
- Adding or removing any additional benefits such as Total & Permanent Disability, Critical Illness or Trauma or Income Protection.
Any changes to your policy would be reflected in your premium payment and in some cases may require you to provide additional health and lifestyle information to your insurer to determine your eligibility.
Who will receive my life insurance payout?
When you apply for Life Insurance you have the option to nominate a beneficiary that will receive any death benefits under your policy.
What does underwriting mean?
This is a term used by insurers to describe the process of assessing a person’s risk as part of a life insurance application.
When you apply for life insurance, the insurer will ask questions about your personal circumstances, such as your health and medical history, occupation, income, lifestyle, pastimes, and current and past insurance. This information is assessed by the insurer to determine if your application can be accepted and if so, on what terms and cost.
How much Life Insurance cover might I need?
Every situation is different, so the amount of cover that you may need or would like to apply for will depend on your personal circumstances.
You can also speak to a financial adviser if you need further help.
TAL is our life insurance partner, one of Australia’s largest Life Insurers.
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Things you should know
Any financial product advice provided on this website is of a general nature only and does not take into account your personal circumstances. Westpac refers customers to TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life), the issuer of life insurance policies. TAL Life is part of the TAL Dai-ichi Life Australia Pty Ltd ABN 97 150 070 483 group of companies (TAL). If you purchase a life insurance policy as a result of a referral from us, Westpac will receive a commission of 10% of your premiums (exclusive of GST) for the period you continue to hold a policy.
Before purchasing life insurance, you should read the Product Disclosure Statement (PDS) and the Target Market Determination (TMD) to help you decide if life insurance is appropriate to your objectives, circumstances and needs. You can obtain the PDS and TMD from TAL’s website or by calling TAL on 1300 345 620.
If you would like help deciding whether life insurance is right for you, we recommend speaking to a financial adviser.