Life insurance

Term Cover Life Insurance gives you simple, flexible cover that can pay out quickly when it’s needed. It could pay out a lump sum if you die. Or be paid out in advance if you become terminally ill – providing for your loved ones when you can’t. 

How does it work?

Life cover that’s simple

A lump sum payment could be made if you die; or a lump sum in advance if you become terminally ill, with up to 12 months to live.

Competitively priced cover

Westpac can offer you comprehensive life cover that won’t cost the earth.

Life cover that can pay out quickly when you need it

Westpac can pay out claims quickly, as soon as we have all the necessary information from your family or the executors of your estate.

We can provide an immediate support benefit which may pay up to $15,000 of the sum insured immediately to help with unexpected costs.

For Income Cover, Bankruptcy and Redundancy Cover the first 30 days of any claim are not covered. 

Flexibility to match your needs

You can easily change your cover as your needs change. For example, you can apply to increase it as your family grows, when you buy a new house or take on more debt; or reduce it when your kids become independent or your home loan is repaid (making changes will affect your premium).
   
Plus you can tailor your cover to suit your situation by choosing optional extra cover like Redundancy/Bankruptcy Cover, Income Cover or Crisis Cover (see the Optional Benefits tab above).

You can choose to have your cover automatically adjusted each year with inflation, so your amount of cover will keep pace with the rising cost of living.

Quality protection when you need it

Westpac Life-NZ-Limited underwrites Westpac’s Term Cover and has a Standard and Poor's Insurer financial strength rating of A+ or “Strong”. So you can relax knowing you’ve chosen high quality protection that will be there when your loved ones need it.

Free accidental death insurance while your application is being processed

On application, you automatically get up to $300,000 for up to 60 days of accidental death cover until your application is processed.

Additional features

Among many other features of Term Cover Life Insurance, the below benefits are included extras with your policy.

Special Events Increase Benefit:

If you experience one of our eight defined special events below, you can increase your Life Cover and/or Crisis Cover without needing to provide any further medical information provided you apply within three months of the special event.

Special Events include:
  • Taking out or increasing a mortgage to purchase a property
  • Marriage or Civil Union
  • Divorce of Legal Separation
  • Death of a spouse or partner
  • Birth of a child
  • Adoption
  • Salary Increase
  • Taking full time care of a Dependant

Guaranteed Enhancement Benefit:

If at any time in the future we make enhancements to this product which are favourable to you, we will automatically apply these to your policy from the effective date of the enhancement.

What happens when I claim?

What will my Term Cover Life Insurance policy cover?

Term Cover Life Insurance can be paid out to you, your estate or your loved ones. It can provide cover if you die; or you are diagnosed with a terminal illness that will result in death within 12 months regardless of any treatment that may be undertaken.

An Immediate Support Benefit is available which may pay up to $15,000 of the sum insured immediately to help with unexpected costs.

You may be entitled to receive a reimbursement of up to $2,500 for fees incurred for financial and legal advice if you receive a payment on the Death/Terminal Illness Benefit.

What situations will not be covered?

Term Cover will not pay out if you die as a result of suicide or attempted suicide within 13 months of commencement, reinstatement or any increase of the policy.

Optional benefits

Tailor your cover to suit your needs with any of these optional extras, if you want to be covered for more than death or terminal illness:

Optional Crisis Cover


May pay a lump sum if you are diagnosed with one of 33 critical health conditions.

More Info

Optional Income Cover

A monthly benefit for up to 36 months if you can’t work due to total disability from illness or injury. The benefit can be up to 40% of your gross income when you apply for cover.

More info

Optional Redundancy/Bankruptcy Cover


A monthly benefit for up to 6 months if you are made involuntarily redundant or bankrupt.

More info

Apply now

Call us on 0800 177 277 or pop into your nearest Westpac branch to give us your details.

30-day free look

You’re entitled to a free look period of 30 days from the date your policy is put in place.

If you decide the cover is not for you during the free look period, just notify us and we’ll refund any premiums you’ve paid.