Insuring you and your income

You are your biggest asset, so insuring ‘you’ is important – especially if you have children or others relying on you. With Westpac Life you can insure your life, income and debts.

When to start thinking about Life cover

Any time is a good time. For most people, it’ll be after something major happens, like:

  • Buying a house
  • Joining finances with your partner
  • Becoming a parent
  • Something serious happening to someone you know

Once you start thinking about cover for you and your income, it’s a good idea to keep going until you’re happy you’ve a complete plan in place. Then you can relax with some peace of mind.

What are some things to consider

You might want to start by asking what happens if:

  • I’m made redundant or declared bankrupt
  • I can no longer work because of disability or serious illness
  • I’m diagnosed with a terminal illness or die

If something like this does happen, what will this mean financially for you and the people you care about. You could ask:

  • How much is my mortgage costing me?
  • How much do I pay every month on loans, bills and other expenses? 
  • What do I want to help my children or partner with in the future - education, travel, property, etc? How much will these things cost?
  • Do I have enough money for emergency medical expenses? 
  • How much would it cost if I had to adapt a home for a disability, e.g. ramps, wider corridors, wet rooms, etc? 

These questions are just to get you started. Try also talking to family and close friends, as they’ll give you a wider perspective on what’s important.

How long will your money last?

Once you have a good picture of what your current lifestyle and aspirations might cost, you might ask how you will continue to afford them:

  • How much money and how many assets do I have to meet these costs?
  • How long will it all last before I run out of money?

If you find you don’t have enough, you’re not alone. Many New Zealanders under-insure when it comes to life and income. The important thing is to take practical steps now, so you’re not caught short later.

How the right insurance can help

Westpac has different insurance options that can help provide you with the safety net you want. Life is going to have its ups and downs but with the right cover in place, you can be ready for whatever comes your way.

Get your life insurance sorted today

Get an estimate

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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