Westpac Life Insurance

Westpac is one of Australia’s largest banks and also provides insurance products such as life insurance, income protection insurance and travel insurance.

Westpac life insurance policies 

According to Westpac it offers the following types of life insurance policies:

  • Term life insurance, which pays a lump sum if you die or are diagnosed with a terminal illness.
  • Total and permanent disablement, which pays a lump sum if you become totally and permanently disabled.
  • Living insurance, provides a lump sum if you suffer a specified medical condition such as cancer, stroke or a heart attack.

Canstar does not currently compare Westpac life insurance, but you can compare other life insurance providers on Canstar’s database:

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How much does Westpac life insurance cost?

Westpac says the cost of its life insurance policies depend on factors including your age, gender, the type of and amount of cover included, and whether or not you smoke. Westpac also takes your occupation, health and family medical history into account.  

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Eligibility to apply for Westpac life insurance

According to Westpac, Australian citizens and Australian permanent residents between the ages of 15 – 69 (inclusive) may apply for a Westpac Term Life Insurance policy. Level premiums (where the policy cost does not increase as you get older) to age 65 are only available to applicants aged 15 to 59. Level premiums to age 55 are only available to applicants aged 15 to 49.

Upon application, you may also be asked some simple questions about your health, lifestyle and family medical history to determine what level of cover Westpac is willing to offer to you and how much it could cost you.

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How to apply for a Westpac life insurance policy

Before taking out a life insurance policy, it may be beneficial to first compare various providers to help ensure you’re applying for a policy that suits your needs.

If you fit the eligibility criteria, you can apply for Westpac life insurance over the phone.

But first you might like to use the Canstar website to compare other life insurance policies before choosing a product that suits your needs:

Compare Life Insurance with Canstar

Westpac Life Insurance FAQS

At the time of writing, Westpac does not have a dedicated online portal.

You or your beneficiaries can claim with Westpac by calling the Westpac Claims team.

Before you submit a claim, you may need to have certain details on hand, such as:

  • Your policy information
  • Information about the incident, if applicable (date, time, place)
  • Original birth certificate and death certificate if the claim relates to somebody’s death
  • Medical reports, test/examination/laboratory results, if applicable

If your insurance claim is approved, Westpac will arrange the payment of your benefit to your nominated beneficiary.

Generally speaking, premiums for forms of life insurance such as term life insurance, total and permanent disability (TPD) insurance or trauma insurance may not be tax deductible, according to the Australian Taxation Office (ATO). Ask your tax accountant or financial adviser for more details on this.

Westpac Term life insurance gives you the choice of stepped premiums, level premiums to age 65 and level premiums to age 55. Stepped premiums increase as you age while level premiums generally do not increase as you get older. As your insurance risk typically increases with age, when the specified period of time has elapsed, Westpac will change your level premiums to stepped premiums.

When you apply for Westpac Term Life Insurance, your insurance premium is calculated based on factors such as your chosen benefits and level of cover, your age, your occupation, your gender, whether you smoke, your health, family history and whether you engage in hazardous activities.

The cost of your policy is recalculated each year on your policy’s anniversary, so your premium may increase for your particular age bracket or your occupation category.

After buying a Westpac life insurance policy, you can apply to increase the amount of your cover at any time. Your application to increase your cover will be subject to the same eligibility criteria that Westpac uses to assess your eligibility for the product initially.

You may be able to change your level of cover by adding or removing features or coverage, and by increasing or decreasing your sum insured for each type of cover included in your life insurance policy. If you wish to change your policy inclusions, phone Westpac to discuss your options.

Keep in mind that increasing your level of cover or adding your spouse or children to your policy is likely to result in you having to pay a higher insurance premium.

This may depend on the condition and policy you decide to take out. When applying for Westpac life insurance, you must disclose (tell Westpac about) any pre-existing medical conditions you have now or had in the past, as well as current medications and health issues.

According to Westpac it was Australia’s first bank and its first officially incorporated company. Established in 1817 as the Bank of New South Wales, Westpac now serves around 13 million customers. It is one of the big four Australian banks and it owns a number of other banking brands including St. George, Bank of Melbourne, BankSA, and RAMS.

Written by: Tamika Seeto | Last updated: December 4, 2018