Personal loan protection

Get help with your Westpac Loan repayments if you’re seriously ill or hurt and can’t work. Personal loan insurance could cover you until you’re better, or even pay off your outstanding loan. 

How Westpac Loan Cover works?

You can ask for Westpac Loan Cover when you apply for a Westpac Personal Loan, or restructure an existing one. It can help in a number of situations:

If you’re unable to work because of disability

After 7 consecutive days of illness or injury, up to $1,500 per month could go towards covering your repayments until your loan is repaid or you are no longer totally disabled.

If you’re made involuntarily redundant

After 30 days of unemployment Loan Cover could pay up to $1,500 per month for up to four months towards covering your repayments.

If you’re self-employed and made bankrupt

Loan Cover could pay up to $1,500 per month for up to four months. Payments can start immediately.

If you die

The outstanding amount of your personal loans could be repaid, up to $80,000.


More reasons to choose Westpac Loan Cover

Cover more than one personal loan

Your can have cover for multiple loans. We’ll add together all your loan repayments for you. The maximum payout of $1,500 cover per month in total will apply across all the loan repayments (or up to $80,000 to help repay the loan if you die)

One simple payment

There’s only a one-time premium and you can add this to your loan. If you choose this option, your loan will be charged additional interest.

Speed up loan repayments and save costs

If you pay off your loan early we can refund to you a proportion of the loan cover premium you paid.

No medical information required

There are no medical questions to answer when you apply. Acceptance is automatic. However you will not be covered for any pre-existing medical conditions

Get Westpac Loan Cover with a 30 day free look

Call for a quote

With our 30-Day Free look, 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.

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Credit card

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. 

Important things to know

Who can apply for Westpac Loan Cover?

You need to aged 18-59 years when you apply. Your loan term must also end before you turn 61.

What's not covered

Westpac loan cover will not pay out in certain circumstances.


There is no cover for death which is the result of:

  • suicide within 13 months of the commencement date, or intentionally self-inflicted injury
  • any injury, sickness or disease which existed, whether diagnosed or not, at the commencement date
  • war or act of war
  • aids or aids related conditions.
Total disability

No benefit will be paid:

  • for the first seven consecutive days of total disability
  • for any injury, sickness or disease which existed, whether or not diagnosed, at the commencement date
  • for any sickness or disease which first made itself known within 28 days after the commencement date
  • for intentionally self-inflicted injury
  • where the total disability is a result of:
    • war or any act of war
    •  Aids or an Aids related condition
    • taking or use of alcohol, poison or drugs other than a drug advised by your doctor
    •  for pregnancy, childbirth and abortion.

No benefit will be paid:

  • for the first 30 days of redundancy
  • for voluntary redundancy, resignation or dismissal
  • if you knew or ought to have known, within 60 days from the commencement date, of possible redundancy
  • if you are not paid by salary or wages
  • if you are self-employed, or in seasonal or contract work, or in temporary or casual work
  • if you are a director with control over your employment, or employed by a direct family member.

No benefit will be paid:

  • for the first 30 days of bankruptcy
  • if you knew at the commencement date that a bankruptcy notice was likely or possible or that a creditor’s application would be made
  • if, at or before the commencement date, you had received a bankruptcy notice, or committed an act of bankruptcy
  • if you are not self-employed
  • for voluntary bankruptcy.

Read your policy

You’ll find more details about your cover in your policy document including full details on exclusions and limits on cover. Do read it carefully, so you fully understand your cover.

See your Personal Loan policy