Term life insurance rate chart by age. Westpac Term Life Insurance Review December 2016,

Get financial protection for your family with Westpac Term Life Cover

Y ou work hard to build a safe, comfortable and reliable life for your family, so when it comes to protecting and carrying on that life when you're no longer around, you want to make sure your life insurance is just as comprehensive. Westpac term life insurance teams you up with one of Australia's leading financial institutions to offer you security, value and ease of use when it comes to protecting your family. Term life insurance for families.

Insurance is one of those things you don't truly realise the value of until you need it, and in the case of life insurance, it is your family who will be forever grateful that you planned for their future, when you're no longer there to provide for them. Westpac term life insurance offers you benefits such as:

Flexibility to choose the benefit amount of your policy to suit your family's needs and lifestyle.

Loyalty benefits and discounts, for non-smokers or multi-policy discounts.

Automatic renewal of your death benefit each year until you are 99 years old regardless of your health and other risk factors, as long as your premiums are kept current.

Automatic indexation of your benefits at 3% each year to keep your payout relevant to the cost of living.

Coverage at anytime, no matter where you are in the world.

What does the policy cover?

The Westpac Term Life Insurance product is more than just one policy which pays out to your family when you die. The death benefit is a benefit amount you choose to provide the financial support your family will need to pay their bills, debts and living expenses after you die. However, in addition to a death benefit, the Westpac Term Life insurance policy also includes:

A terminal illness benefit: This means a benefit will be paid to you if you are diagnosed with a terminal illness, to an amount equal to your death benefit amount.

Future insurability: You are able to increase your benefit amount without having to undergo new medical tests, whenever you reach a personal or business event in your life, as specified by Westpac conditions.

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Financial planning benefit: Will reimburse up to $5,000 to help you or your family with the preparations and financial plan required after the payment of a benefit amount.

Funeral advancement benefit: Pays your family an advance of 10% of your benefit amount, up to $25,000, to cover the immediate funeral costs.

Counselling benefit: Will reimburse up to $5,000 for the cost of up to 10 counselling sessions for beneficiaries after a benefit has been paid.

Loyalty benefit: After you have held your policy for three years, your death benefit amount will increase by 5% at no charge.

You can further customise your Westpac Term Life Insurance policy according to your family situation and needs, with the a number of optional extras. These additions will be added to your policy for an extra cost, and the benefit amount you apply for under each option must not be more than your chosen death benefit amount:

Business cover benefit: If you want to use your Westpac insurance to protect your business, you can choose the business cover benefit, which allows you to increase your cover amount in line with your business growth, and you won't need to complete a medical test.

Total and permanent disability benefit: You can also increase your coverage to include a benefit paid if you are totally and permanently disabled. The TPD benefit includes a partial benefit, where you can still receive a partial payout if you are partially and permanently disabled. You also won't have to pay premiums for your policy while you are totally and permanently disabled.

Needlestick benefit: Can be useful if you work in the medical profession, as you can receive a once off payment if you contract HIV, Hepatitis B or Hepatitis C while at work.

Children's benefit: Protects all members of your family, with a once off lump sum payment if your child suffers from a medical event specified in your policy.

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Am I eligible for cover?

The eligible age range for Westpac Term Life Insurance varies depending on the premium structure you select:

If you opt for a stepped premium structure, the age range is 15 to 69 years of age.

If you're on a level premium structure to age 65, the age range is 15 to 59 years. 

If you're on a level premium structure to age 55, the age range is 15 to 49 years of age.  

Are there any restrictions or exclusions?

Westpac Term Life Insurance will not pay a benefit in the following circumstances:

A Death Benefit will not be paid if the insured commits suicide within 13 months of the commencement or reinstatement of the policy or an increase in the benefit amount.

A Funeral Advancement Benefit will not be paid if the insured commits suicide within 13 months of the policy commencing or being reinstated.

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