When to start thinking about 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 have 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 your financial plan is:

  • If you’re unable to work, how would you pay your expenses?
  • If you suffered a major illness like cancer, heart attack or stroke?
  • If you’re told you’re going to pass away, or if you 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 are under-insured  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.

Explore your options

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 started here

Things you should know.

Westpac life insurance products are arranged by Westpac New Zealand Limited ("Westpac") and underwritten by Fidelity Life Assurance Company Limited ("Fidelity Life"). None of Westpac Banking Corporation ABN 33 007 457 141 (incorporated in Australia), Westpac, or any member of the Westpac group of companies guarantee the obligations of, or any products issued by, Fidelity Life or any member of the Fidelity Group of companies. Westpac will receive commission payments as a result of the arrangement of Fidelity Life policies. See Fidelity Life’s Solvency. See Fidelity Life's Financial Strength Rating.

Terms, conditions, exclusions and limits apply and more detail can be found in the relevant policy document which may be downloaded at westpac.co.nz/life 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 claim payment is subject to your claim being accepted.