Income Cover

After a serious accident or illness, you may need time to recover. That’s where Income Cover can help.  It can pay you a monthly benefit while you are unable to work. 

How Income Cover works

Income Cover can help ensure money keeps coming in if you’re unable to work as a result of suffering a total disability due to serious illness or injury.

When you add Income Cover to your Life Cover, you choose a monthly benefit between $1,000 and $4,000.  It just can’t be more than 40% of your income when you apply.

If you then cannot work because of a serious illness or injury, this monthly benefit could be paid to you after 30 days.  These payments continue until you are fit to return to work or for the full benefit period of 36 months. 


Add these other optional benefits

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Crisis Cover

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

Learn more

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Redundancy/Bankruptcy Cover

Can pay a monthly benefit for up to six months if you’re made involuntarily redundant or bankrupt.

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 add Income Cover

Cover up until retirement

You can choose to keep your cover until you’re 65 years old.

Take a premium holiday while you claim

Whilst you’re claiming a benefit under Income Cover, you won’t pay your Term Cover premiums (up to a maximum of $300).


Get your life insurance sorted today


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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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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.

Important things to know

Who can apply for Income Cover

Income Cover is only available with Life Cover and to New Zealand permanent residents. You can apply for Income Cover if you are 18-59 years. 

What’s not covered

Your health will be assessed when you apply, and any existing medical conditions may be excluded from cover. The first 30 days of any claim are not covered.

Income Cover won't cover any disability that arises from:

  • Intentional self-inflicted injury
  • Misuse of drugs or alcohol
  • Taking part in war, riot or illegal acts
  • Pregnancy, childbirth or related conditions
  • Non-disclosed pre-existing conditions.
Read your policy

You’ll find more details about your cover in your policy document.  This includes details on what is a total disability for the purposes of Income Cover along with full details on exclusions and limits on cover including residing or travelling outside New Zealand. Do read it carefully, so you fully understand your cover. 

See your Westpac Term Cover policy