Life insurance

Westpac Term Cover can help during the toughest times. It's life insurance with optional cover for critical illness or injury, or loss of income.


How Westpac Term Cover works

Term Cover starts with Life Cover

Life Cover could pay a lump sum if you die or are diagnosed with a terminal illness with less than 12 months to live.


Life Cover is a simple way to look after those you care about if you’re no longer able to.

You and your loved ones can decide how you use this money. It might pay off the mortgage, look after the bills or help with the kid’s education. 

Add to your cover with these optional benefits

Term Cover with Westpac is flexible, so in addition to Life Cover, you can apply to add these extra benefits to your policy:

Crisis Cover

Can pay a lump sum if you’re diagnosed with one of 33 conditions.

Learn more

Income Cover

Can pay a regular income for up to 36 months if you can’t work because of serious illness or injury.

Learn more

Redundancy/Bankruptcy Cover

Unfortunately we're currently unable to accept new applications for Redundancy/Bankruptcy Cover. However, existing cover for customers with Redundancy/Bankruptcy Cover is unaffected.

Learn more


To understand how optional benefits can work with Life cover to provide you with great protection, you can compare your Term Cover options now.

More reasons to choose Term Cover

Flexible premiums

Find out how little life cover could cost you with a life insurance calculator.

We pay claims fast

Once we’ve everything we need, most claims are paid out in 7 days, and in the event of death, up to $15,000 can be paid out in advance too, to help with immediate costs.

Enjoy any policy improvements automatically

If we improve our Term Cover in a way that does not increase our standard premium rates, we’ll automatically update your policy so you can enjoy the benefits too.

You can increase your cover after a special event

No medical information is needed if you want to increase your Life cover within three months of getting married, receiving a pay rise or other defined special events, if you satisfy a few conditions.

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.

 You might also like this option

Income protection

Westpac Term 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.

Terms, conditions, exclusions and limits apply to Westpac Term 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

Among many other features of Term Cover Life Insurance, the below benefits are included extras with your policy.

Special Events Increase Benefit:

If you experience one of our eight defined special events below, you could increase your Life Cover and/or Crisis Cover without needing to provide any further medical information provided. You need to satisfy a few conditions and apply within three months of the special event.

Special Events include:

  • Taking out or increasing a mortgage to purchase a property
  • Marriage or Civil Union
  • Divorce of Legal Separation
  • Death of a spouse or partner
  • Birth of a child
  • Adoption
  • Salary Increase
  • Taking full time care of a Dependant
Guaranteed Enhancement Benefit:

If at any time in the future we make enhancements to this product which are favourable to you, we will automatically apply these to your policy from the effective date of the enhancement.

Read your policy

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

See your Westpac Term Cover policy

Get your life insurance sorted today

Get an online 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.