Westpac Life Insurance Review
Read Here for Our Westpac Life Insurance Review:
Westpac has been operating in Australia for more than 200 years now. They have a great legacy, which is why Westpac life insurance is worthy of consideration. Their several life insurance offers can go toe-to-toe with offers from other life insurance providers.
For term life, TPD, and living insurance, eligibility ages for a Westpac life insurance are the following:
- Stepped premium: 15 to 59 years old (15 to 69 for term life)
- Level premium to 65 years of age: 15 to 59 years old
- Level premium to 55 years of age: 15 to 49 years old
For income protection and business overheads, eligibility is between the ages of 17 and 59.
Westpac Life Insurance Products
This life insurance provider has many products of note. These include the following:
- Term Life Insurance
This level of cover pays out a certain amount should the insured die or become diagnosed with a terminal illness. Westpac’s term life insurance is useful particularly because of the following features:
- Automatic renewals occur yearly as long as the premiums are paid. These renewals go on until the insured is 99 years of age.
- Options to include benefits for permanent disablement.
- Compoundable with other insurance policies and loyalty discounts are available.
- 3% of the benefits are automatically indexed.
- Income Protection Insurance
Income protection insurance allows you to earn money based on your income should the insured be too sick to work. While the full income may not be compensated, the benefits could still prove useful. Some features of this product include:
- Automatic renewals occur yearly as long as the premiums are paid. These renewals are available until the insured is 65 years of age.
- The benefits are subject to automatic indexation to keep up with the state of the economy.
- Loyalty discounts are available, especially for people that hold multiple covers.
- Business Overhead Insurance
Business overhead insurance pays benefits should the insured be unable to run their business due to a sickness or disability. Some features of this insurance product are:
- The benefits are also subject to automatic indexation.
- Discounts are available to those that have multiple covers.
- Needlestick benefits are available.
- Living Insurance
This level covers several medical conditions which will be paid out if suffered by the insured. Examples of these medical conditions are heart attacks, strokes, and cancers. Other features of this insurance product include:
- Benefits of up to $2,000,000 are available.
- Some occupations will have the maximum cover limited by the insurer.
- Automatic renewals occur yearly as long as the premiums are paid. These renewals are available until the insured is 75 years of age.
- Total and Permanent Disablement Insurance
If the insured suffers a total or permanent disability, this insurance will pay out a benefit. It also has other features that include:
- Benefits of up to $5,000,000 are available.
- Automatic renewals occur yearly as long as the premiums are paid. These renewals are available until the insured is 99 years of age.
- There are four types of TPD cover. These are own occupation TPD, any occupation TPD, home duties TPD, and general cover TPD. The coverage of each varies.
Claiming Westpac Life Insurance Benefits
This insurance provider promises straightforward claims for all its customers. As such, they provide a hotline (132 135) for customers to connect with an insurance specialist. The specialist will then guide customers through the claiming process.
Compare Life Insurance Policies Between Providers Today
Westpac life insurance policies are excellent if you’re looking for comprehensive cover. However, Westpac isn’t the only life insurance provider of note. There are many others, and it would be wise to consider their pros and cons as you choose.
Makes Cents is an ideal comparison site that allows you to see and compare all offers side-by-side. Don’t miss out on the policies that fit you best. Compare several offers today to get the best deal.
Our Westpac Life Insurance Review is just one of many. You can also read reviews on many more Life Insurance Reviews at MakesCents.