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Westpac Insurance Guide

Westpac insurance is a personal banking product offered by the Westpac Banking Corporation. Westpac is Australia’s oldest bank having being founded in 1817 as the Bank of New South Wales. In 1982, it merged with Commercial Bank of Australia to become one of the biggest banking organizations in Australia under its current name. It also operates in New Zealand.

Westpac’s insurance coverage includes car, travel, home, life, credit card and loan repayment, BT income protection, caravan and trailer, and boat insurance. It also provides financial protection for businesses.

  • While Westpac offers a wide variety of insurance coverage, it does not guarantee those covers will be available to you. One reason is that some are underwritten by other insurance companies.
  • You can access insurance premiums that are payable in instalments. But the numbers for those premiums are subject to change due to financial transaction fees.
  • Westpac offers many customized insurance options to suit your business and personal needs.
  • Many of Westpac’s business insurance policies are issued by Allianz Australia Insurance. Where insurance provided is underwritten by other companies, Westpac receives a commission.
  • You can pay for many Westpac insurance policies on a monthly basis at no extra charge. That makes the premiums quite affordable.
  • Most insurance covers offer 24/7 claims support in case you need financial assistance in a hurry.
  • You can get a quote on available insurance coverage by providing details online of what you want to insure.

Westpac offers many types of life covers for individuals and families to help safeguard you, your loved ones and your lifestyles.

Total & Permanent Disablement Insurance

The Total and permanent disablement (TPD) insurance cover is one that provides a lump sum payment if you become totally and permanently disabled. It’s available through BT protection plans. Your coverage could be as high as $5 million depending on your income, career, and duties. If you end up being partially and permanently disabled, you would get a partial TPD benefit of 25% to a maximum of $500,000.

You can apply for Westpac’s TPD cover if you are aged 15 to 59. But the cover can continue until you are age 99. It’s a worldwide coverage and your policy is guaranteed renewable so long as the premiums are met.

There are four different types of TPD cover which serve different purposes:

  • Own occupation TPD
  • Any occupation TPD
  • Home duties TPD
  • General cover TPD

You will be advised on which one is best suited to your needs. However, this kind of coverage generally helps you to maintain your family lifestyle and meet your medical expenses in case of partial or full disablement in the event of temporary or permanent disability. And the cover levels are flexible and can be adjusted to suit your needs at any given point in time.

Term Life Insurance

This kind of life insurance cover from Westpac will pay a lump sum if you are diagnosed with a terminal illness or die. Even when you are no longer around, you would be able to provide and protect your loved ones. The money can be invested for your children’s education or can be used to pay off debts like credit card debts or the mortgage.

Applicants have to be between 15 to 69 years old. But coverage can extend up to 99 years. You will be able to access the loyalty benefit if you hold the policy for three or more years. And if you are covered by more than one eligible BT protection plans policy, you will also benefit from a 5% multi-policy discount.

Do not that the term life insurance provides flexible levels of cover. You can increase or decrease the coverage to suit your current situation in life.

Living Insurance

Westpac’s living insurance will pay out a lump sum if you suffer from specified illnesses such as a stroke, cancer, or a heart attack. It will help cover your and loved one’s medical and lifestyle costs after such a traumatic event. This coverage can be as high as $2 million. And the money will provide you with the financial support you need as you take the time to recover.

Applicants should be aged 15-59 years. But the coverage can extend until you are 75 years old. So long as premiums are met, the policy is guaranteed renewable and provides worldwide coverage. The levels of cover are flexible and can be adjusted downwards or upwards depending on your needs at any given stage in your life.

Income Protection

This life insurance policy will help you cope with loss of income in case of an injury or illness. You will receive a monthly benefit of up to 75% of your regular income while you are unable to work and these will help you cover your expenses including your children’s expenses.

There are three types of protection cover:

  • Own Occupation Income Protection
  • Home Duties Income Protection
  • General Cover Income Protection

This policy takes care of people in a wide range of careers and ages. Applicants can be between the ages of 17 to 69 years but coverage may be extended up to 70 years depending on the package type.

You can apply for this cover if your main duty is to take care of your household or even if you have no job at the moment. It offers flexible levels of cover that can be adjusted upwards or downwards to suit your current needs. And the coverage is worldwide and guaranteed renewable so long as premiums are met.

Westpac has been reliably providing insurance for over 200 years. It supports many charitable activities including educational scholarships, helping the underprivileged access banking services, and it also supports communities in need and the charities that help them.

Awards

During its 200 years of operation, AAMI has won numerous awards. Recent ones include:

  • Asiamoney’s Cash Management Customer Satisfaction Awards 2017
  • Bloomberg FX Forecast Accuracy Ranking – AUD and NZD, Q3 2019- Number 1 bank globally
  • FX Euromoney FX Survey 2018 – Number 1 Australian bank
  • Best Digital Bank in Australia – Asiamoney Best Bank Awards for Australia 2017
  • Best Service Provider – Trade Finance, Australia – The Asset Triple A Treasury, Trade, Supply Chain and Risk Management Awards 2018
  • KangaNews Awards 2017 – Australian and New Zealand Market Awards

Don’t admit any liability. You can claim your Westpac insurance online. All you need to do is to access the Westpac Insurance section and select make a claim.

Fill in the form and submit, save your reference number, and wait for a call from a claims consultants.

As a customer of Westpac, you may be able to access customer rewards. These include special offers and discounts.

Benefits and rewards include:

  • Savings of up to 10% when you combine building and contents within the same address under the one policy
  • There is a 5% multi-policy discount on offer if you have other eligible insurance policies.
  • You will also benefit from a loyalty benefit if you hold the policy for at least three years.
  • Savings of up to 10% Safe Driver Discount for eligible drivers
  • Discounts of up to 5.8% when selecting the Named Driver Option and listing all your drivers on the policy

Website: https://www.westpac.com.au/

Home Insurance Phone: 1300 650 255

Car, Travel, Boat, Caravan & Trailer: 1800 502 077

Address: Westpac Banking Corporation
Level 18, 275 Kent Street
Sydney NSW 2000

N.B

Westpac currently is not one of the insurers Life Insurance Comparison works with.

We are able to offer you quotes from our panel of insurers, which include AIA, BT, CommInsure, OnePath, TAL, MLC, ClearView, Zurich, and NEOS.

For life insurance we sell income protection, trauma, life insurance and total permanent disability.

To see sample quotes online, enter your details here.

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