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Westpac Income Protection Insurance Review
Find a flexible plan and pick between three main cover levels with Westpac income protection insurance. Plus, compare heaps more income protection options.
Westpac Protection provides coverage under the following policies:
Income Protection – a monthly benefit provided in the event that you become partially or completely disabled.
Income Protection Plus – is a more comprehensive policy that includes the core benefits offered under a regular Westpac Income Protection Policy, as well as, built-in support benefits designed to assist you during your recovery.
Income Protection as Superannuation – is an Income Protection Plan offered through Westpac MasterTrust.
Optional cover
Key points of Westpac optional cover
If you want to go the extra mile, to ensure that you're protected for additional unforeseen events, Westpac Additional Options offer a variety of choices to suit your varying needs. These choices include:
Term Life Protection:
A lump sum payment if you are diagnosed with a terminal illness or dies
Repay debts such as credit cards, mortgage and loans
Pays for home modification and rehabilitation costs and
Gives financial support for necessary lifestyle adjustments
Living Insurance:
Pays a lump sum if you suffer from one of their covered medical events
Covers all medical costs
Offers financial support in order for you to focus on recovering
Needlestick Benefit - provides medical professionals with a lump sum if they acquire HIV or Hepatitis B or C and also offer financial support when you are in need.
Children's Benefit - provides insured children with a lump sum if they suffer from a covered medical event. This additional benefit will also:
Pay for medical treatment and
Provide assistance when you need it to take time off from work and care for your child.
Please note that Children's and Needle Stick Benefits are only offered to individuals who hold other Protection Plans.
Accident Benefit provides coverage if you are totally disabled for a specified number of days during the waiting period because of accidental injury.
The superannuation contribution option will cover an additional portion of your superannuation contributions if you are totally disabled and the
Super Plus IP Benefit makes it possible for you to structure your income protection cover with the benefits offered under an Income Protection Plus Policy over two separate policies.
Applying for cover
Eligibility for Westpac cover
Westpac Income Protection is offered to individuals of different ages and occupations and individuals who are responsible for caring for their household. Unemployed persons can be covered under this income protection plan as well.
You must be an Australian citizen, a permanent resident of Australia or the holder of an eligible spouse/partner or work visa.
The minimum age to apply is 17, and the maximum age is 59.
You must be employed and working a minimum of 20 hours per week in an eligible occupation.
Children between the ages of 2 and 14 qualify for coverage under the Children's Benefit Option. The age you enter into your premium, will determine the amount of cover you qualify for and the cost of your premium.
What factors affect the cost?
When purchasing a Westpac Income Protection plan, they make it easy for you to structure your premium based on your needs and finances. There are two premium types for you to choose from:
Stepped Premiums – are calculated on a yearly basis and is calculated based on age and the amount of coverage you need. These premiums will generally increase each year as you age.
Level Premiums – that are calculated based on your age at the time your policy becomes active; however, this premium, as the name suggests, remains leveled and will not increase as you age.
To determine the cost of your premium, a number of factors are taken into consideration:
The amount of coverage needed and whether the premium is Stepped or Level, as well you’re your payment frequency.
Your occupation, age, health and family medical history, as well as, gender and smoking status.
Your waiting period
Any additional optional benefits chosen
The benefit period
All discounts that you may qualify for and
The type of benefit chosen
The overall amount you will pay for your premium, includes a calculation of the coverage provided for each benefit for each insured individual plus the policy fee.
Exclusions to be aware of with Westpac income protection
The Westpac Insurance Company will make claim payments once they have accepted the liability to do so; however, there are certain exclusions that apply which will cause the company to cease all payments being made. The company will discontinue payment in the event that:
The insured individual isn’t totally, partially or severely disabled, as defined in the insurance policy.
A SOA containing the Westpac Protection Plans recommendation under an Interim Accident and Sickness Cover Certificate is not provided.
The company will also not pay a benefit in the event that the death, specified medical event, total or permanent disability, accident, sickness or injury was caused directly or indirectly by:
Any act of war
An intentional, self-inflicted act or attempted suicide
An accident or illness that is caused while the insured person is under the influence of alcohol or self-medicated drugs
A pre-existing condition
Your current occupation is not covered under their insurance policies.
How to make a claim
Contact a Westpac Life Insurance claims consultant. For claims being made under an Income Protection, Income Protection Plus, or Income Protection as Superannuation, a report must be made within 30 days after the insured event occurred and you must return all claim forms within 60 days after receiving them.
You will need to provide documentation to support your claim. Westpac may require one or all of the following documents as proof:
Medical evidence from a specialist medical practitioner or doctor
Certificates or Reports from the doctor providing treatment
Proof of age and in certain circumstances,
Proof of income, business income or expenses
Other important things to know before you apply
When purchasing an insurance plan, it is good to know everything about the policy and the company before you make that final purchase.
Because it’s human nature to change our minds; Westpac Income Protection gives new members a cooling off period to adjust or cancel their plans. If you aren’t 100% satisfied with your policy, you may cancel it within:
28 days from the commencement date or
23 days after you receive all documents.
The company will cancel your policy and refund all payments made, minus all applicable taxes.
With the Flexible Linking Plus policy, you’re able to add a TPD Benefit with own occupation TPD definition to a Term Life as Superannuation, Term Life and Standalone TPD policy that are held within superannuation.
Westpac Income Protection comes with tailored payment options, which means that you have the option to choose the frequency at which you pay your premiums. You may choose either:
Monthly
Quarterly
Half-yearly or
Yearly
Compare more income protection policies
Tip: If you want to compare policies side-by-side, simply click the 'Compare' tickbox that's just underneath the green buttons!
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Frequently asked questions
You can apply for income protection cover with Westpac via TAL, by calling their insurance specialists on 1300 345 620, or filling out an online form on TAL's website. You will need to provide information about your age, occupation, income, and health when applying for cover. TAL also offers a range of other insurance products, including life insurance and total and permanent disability cover, to help protect you and your family.
The maximum monthly payment you can receive with your income protection policy is 70% of your pre-disability income, up to a maximum of $10,000 per month. The actual benefit amount you receive will depend on the level of cover you select when you apply, and any additional options you choose, such as a longer benefit period or indexation.
Waiting periods refer to the length of time you must be unable to work due to illness or injury before you can start receiving benefits. Waiting periods can be 4, 8 or 13 weeks, depending on the level of cover you select. The longer the waiting period, the lower the premium you'll pay. You can find more information about waiting periods and other features of TAL's income protection cover on their website.
There are three benefit periods for the income protection cover: a 1-year benefit period, a 2-year benefit period or a 5-year benefit period.
While the specific exclusions may vary depending on the policy, typical exclusions for income protection insurance include injuries resulting from self-harm or suicide attempts, criminal activity, war or acts of terrorism, and injuries sustained while under the influence of drugs or alcohol. Additionally, pre-existing medical conditions may also be excluded, or subject to a waiting period before being covered.
Important note. These FAQs were generated by ChatGPT. A real-life human at Finder – James Martin, editor for insurance – reviewed the responses before publication.
As Finder's insurance group publisher, Alex Holderness aims to make confusing topics easy to understand. She's been published in Money Mag, Yahoo Finance, Hospital Health, and is a contributing author for Google's Startup Grind. She has a keen passion for running and is currently studying for her General Insurance certification. See full bio
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