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Westpac Loan Cover - personal loan insurance
Your circumstances can change, but Westpac Loan Cover may help give you some financial protection.* If you have a personal loan with Westpac, repayment insurance could remove some of the worry – helping you to repay the loan in the event of illness (where you can't work), involuntary redundancy, or death.
Westpac Loan Cover gives you
- peace of mind - should the unexpected happen and you lose your income, our cover can help reduce some of the financial burden on you and your family from your personal loan
- a simple one off payment to meet the cost of cover is added to your loan so you won’t need to find extra money each payday
- flexibility to apply for loan cover when you take out or restructure your personal loan
- automatic acceptance if you are between the ages of 18 and 59 when you apply (and your loan will end by the time you turn 61). Note pre existing medical conditions are not covered
- a free 30-day look - we’ll cancel the policy and refund any premiums paid if you write to us within 30 days from when the cover starts
Your Westpac Loan Cover could make
- a lump sum payment if you die which may cover the outstanding amount of your personal loan
- the cost of your loan payments up to $1,500 a month for any period that you're completely disabled due to injury or sickness
- the cost of your loan payments up to $1,500 a month for up to four months if you lose your income because of involuntary redundancy or bankruptcy
How does it work?
Westpac Loan Cover is comprehensive insurance that is available when you take out a Personal Loan, if you're between 18 and 59.
If you die
If you die it may pay the outstanding amount of your personal loan
If you become disabled
If an accident or illness prevents you from working for 7 consecutive days or more, your personal loan repayments can be covered, up to a maximum of $1,500 per month.
If you are made redundant
If you are a full time salary or wage earner and you lose your job because of redundancy (for more than 30 consecutive days), your personal loan repayments can be covered up to a maximum of $1,500 per month for up to four months.
If you are made bankrupt
If you have been self-employed and are adjudicated bankrupt as a result of creditors applying to a New Zealand court, your personal loan repayments can be covered up to a maximum of $1,500 per month for up to four months while you remain bankrupt.
What is not covered
Westpac Loan Cover will not pay out if the claim results from:
- suicide within the first 13 months of the commencement date
- intentional self-inflicted injury
- war or any act of war
- any condition or event which is caused by AIDS or any AIDS related condition
- any injury, sickness or disease which existed at the commencement date
- any injury, sickness or disease which first occurred within 28 days of the commencement date of the policy
- the taking of or use of alcohol, poison or drugs not medically prescribed
- any pregnancy, childbirth or abortion
You can apply for Westpac Loan Cover when you take out a Personal Loan.
To apply for Wesptac Loan Cover contact any Westpac branch or call 0800 177 277 (Monday to Friday, 8am to 8.30pm; Saturday, 9am to 3pm).
30-day free look
You’re entitled to a free look period of 30 days from the date we receive your application.
If you decide the cover is not for you during the free look period, then please advise Westpac Life in writing (PO Box 27031, Wellington) and we’ll refund any premiums you’ve paid.
Westpac Loan Cover is underwritten by Westpac Life-NZ-Limited (“Westpac Life”), which is a wholly owned subsidiary of Westpac Financial Services Group-NZ-Limited, which is a wholly owned subsidiary of Westpac Banking Corporation ABN 33 007 457 141, incorporated in Australia. Neither Westpac Banking Corporation nor Westpac New Zealand Limited (“Westpac”) guarantees the obligations of, or any products issued by Westpac Life. Westpac will receive commission payments as a result of the arrangement of Westpac Life Insurance policies. For Westpac Life’s solvency margin please click here. For Westpac Life's financial strength rating please click here.
Terms, conditions, exclusions and limits apply to Westpac Loan Cover. A policy document may be downloaded here as a PDF or obtained from any Westpac branch free of charge. The availability of any insurance cover is subject to the acceptance and approval of a completed application.
Any payment is subject to your claim being accepted.