Back to: Life and income insurance

 

• Why do I need to insure my life and my income?
• What types of cover can I choose from?
• How much insurance do I need?

Why do I need to insure my life and my income?

You can't predict the future, but insurance can help you control it.

Life is full of the unexpected, and because we don't know what twists and turns life will deal out, insurance lets us manage the impact these unexpected events have on our lives.

Most people don't think these unexpected events will happen to them, but in reality it can. Take a look at and find out what are your most valuable assets.

Mr Harris, 54, suffered a stroke which meant he was unable to continue working and had to undergo extensive medical procedures both overseas and in Australia. Income protection enabled Mr Harris to continue to pay his mortgage, provide for his children and cover other day to day expenses.
How much is your income worth?

Marie, 39, was diagnosed with breast cancer. Fortunately for Marie, four years earlier, she took out a Term Life policy with a Living Benefit attached to it. She claimed on her Living Benefit and received $549,900. This allowed Marie to access the best possible medical treatment which included the use of a special drug to protect her ability to have a family.

Insuring your life and your income will protect your lifestyle, your family and your wealth.

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What types of cover can I choose from?

You can choose from the following types of insurance.

• Term Life insurance provides a lump sum on death
• Total and Permanent Disablement Insurance provides a lump sum in the event of total and permanent disability
• Living insurance provides a lump sum for serious illness or injury
• Income protection provides a regular monthly income if you become disabled because of sickness or injury and are unable to work
• Business Overheads provides a monthly benefit for the day to day costs of running your business if you are disabled because of sickness or injury and are unable to work in your business
• Estate plan provides a lump sum when you die for final expenses.

For more information see our list of products.

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The cost of insurance for you will depend on your individual circumstances and insurance needs.

For example, Geoff is 36 year old non-smoker. If he takes out $300,000 death cover his monthly premium would be $44.70. If Geoff decided to take $200,000 worth of additional cover for total and permanent disability, his monthly premium would be $66.60.

The cost is illustrative only. You can obtain a quote by making an appointment to see a Westpac Financial Planner.

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In 2008, Westpac Life paid over $73.6 million in life insurance claims, providing financial assistance to over 1154 Westpac Life customers and their families during difficult times.

Some recent examples include:

Occupation	Age at claim	Years in Force	Amount paid	Cause of claim
Company Director	69	8 years	$2,182,078	Death as a result of cerebrovascular accident
Sales consultant	40	5 years	$119,867	Living (Trauma) due to major head trauma
Registered nurse	50	18 years	$121,667	Total and Permanent Disablement as a result of Melanoma
Graphic designer	32	2 years	$54,915	Income protection due to anxiety

If you are an existing customer wishing to make a claim, please contact our Customer Relations consultants on 131 817 (8am – 6.30pm AEST).

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How much insurance do I need?

Everyone's circumstances and insurance needs are different. We strongly recommend that you speak to a Westpac Financial Planner to discuss your insurance needs directly.

If you don't have one, make an appointment to see a Westpac Financial Planner.

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