Personal Loan Repayment Insurance - Westpac Loan Cover

Everyone’s circumstances change, however Westpac Loan Cover may help give you financial protection.

If you have a personal loan with Westpac, Westpac Loan Cover could remove some of the worry for you – helping you to meet your loan repayments in the event of an injury or illness (where you can't work), involuntary redundancy, bankruptcy or death.

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Or give us a call on

0800 177 277

Westpac Loan Cover gives you

  • Peace of mind - should the unexpected happen and you lose your income, Westpac Loan Cover can help reduce some of the financial burden on you and your family from your personal loan repayments.
  • A simple one off payment to meet the cost of cover which can be added to your personal loan. If exercising this option, additional interest will be charged to your loan.
  • Flexibility to apply for Westpac Loan Cover when you take out or restructure your personal loan.
  • The ability to cancel your policy at any time. If this occurs a pro-rata refund may be paid to you.

Note: Westpac Loan Cover provides automatic acceptance (meaning we do not assess your health and lifestyle status) and any injury, sickness or disease which existed at the policy commencement date will not be covered including any medical condition(s) you were unaware of.

If you die

If you die it may pay the outstanding amount of your personal loan up to a maximum of $80,000.

If you become disabled

If an injury or illness prevents you from working for 7 consecutive days or more, your personal loan repayments may be covered, up to a maximum of $1,500 per month* until your loan is repaid or you return to work.

If you are made redundant

If you are made involuntarily redundant your personal loan repayments may,after 30 days, be covered up to a maximum of $1,500 per month* for up to 4 months.

If you are self employed and declared bankrupt

If you are self-employed and are adjudicated bankrupt as a result of creditors applying to a New Zealand court, your personal loan repayments may be covered up to a maximum of $1,500 per month or up to 4 months while you remain bankrupt.

*If you have more than one Westpac Personal Loan covered by Westpac Loan Cover, the instalments of those loans will be aggregated and the maximum amount of $1,500 per month will apply.

Note: Westpac Loan Cover provides automatic acceptance (meaning we do not assess your health and lifestyle status) and any injury, sickness or disease which existed at the policy commencement date will not be covered including any medical condition(s) you were unaware of.

To be eligible, you must be aged between 18 and 59 years when you apply (and the term of your loan must end by the time you turn 61).

Westpac Loan Cover is comprehensive insurance that is available when you take out a Personal Loan. It offers the option of a single premium that can be added to your Personal Loan balance at the time you apply. If you exercise this option additional interest will be charged to your loan.

 

What is not covered

Westpac Loan Cover will not pay out if the claim results from:

  • any injury, sickness or disease which existed at the commencement date, including any medical condition you were unaware of
  • 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 first occurred within 28 days of the commencement date
  • the taking of or use of alcohol, poison or drugs not medically prescribed
  • any pregnancy, childbirth or abortion

Full details of exclusions and limits can be found in the policy document which may be downloaded here.

You can apply for Westpac Loan Cover when you take out a Personal  Loan.

To apply for Westpac 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.

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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.