Compare options

Term Cover is a flexible policy that you can tailor to your needs.  By adding optional benefits on top of Life Cover, you can enjoy the level of cover you want and feel confident about the future.  

How your options fit together

Our Term Cover policy includes Life Cover, which you can choose to add to with optional benefits.  These include Crisis Cover, Income Cover and Redundancy/Bankruptcy Cover.  To get Redundancy/Bankruptcy Cover, you must also have Income Cover.  It works like this:

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Compare your different options with Term Cover

 

Life Cover Cover for death or terminal illness
Crisis Cover Optional benefit Cover for a critical illness or an injury
Income Cover Optional benefit Cover if unable to work due to total disability due to illness or injury
Redundancy/ Bankruptcy cover Optional benefit Cover for involuntary redundancy or, if you are self-employed, bankruptcy

 

Dependency on other Covers

Life Cover Base Cover within a Term Cover policy
Crisis Cover You need Life Cover to get this benefit
Income Cover You need Life Cover to get this benefit
Redundancy/ Bankruptcy cover You need Life Cover with Income Cover to get this benefit

 

Frequency of payments

Life Cover Pays a one-off lump sum - $15,000 could be paid out in advance of settlement to help with immediate costs
Crisis Cover Pays a one-off lump sum – deducted from your Life Cover
Income Cover Pays a monthly benefit – separate from your Life Cover
Redundancy/ Bankruptcy cover Pays a monthly benefit – separate from your Life Cover

 

Min/Max Cover

Life Cover Up to your Sum Insured
Crisis Cover Up to your Sum Insured
Income Cover $1,000-$4,000 (must be less than 40% of your income when you apply)
Redundancy/ Bankruptcy cover Same as your chosen Income Cover

 

Waiting period (before claim payments can start)

Life Cover None - $15,000 could be paid out in advance of settlement to help with immediate costs
Crisis Cover None
Income Cover 30 days after total disability, with the first payment one month after the end of the wait period
Redundancy/ Bankruptcy cover 30 days after redundancy or bankruptcy with the first payment one month after the end of the wait period

 

Maximum benefit period available

Life Cover N/A
Crisis Cover N/A
Income Cover Up to 36 months
Redundancy/ Bankruptcy cover Up to 6 months

 

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 Westpac Term Cover policy


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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. 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 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.