KiwiSaver and Insurance

Westpac KiwiSaver Scheme

As well as affecting the health of people around the world, Covid-19 is also affecting financial markets because investors are unsure about the effect it might have on the global economy in the short term.

Since markets have fallen in recent weeks, you may have noticed your Westpac KiwiSaver Scheme balance has reduced as well.

KiwiSaver is generally designed to be a long-term investment and balances will increase or decrease in value, depending on how markets perform. These movements are called volatility.

While share market volatility is likely to continue for a while, the good news is that markets generally recover with time.

The main thing is to choose the right fund for your life stage, adapted to your tolerance of investment risk, and then stick with it.

To check that your Westpac KiwiSaver Scheme fund is right for you, take a look at our Risk Profiler.

For other things to keep in mind when managing your Westpac KiwiSaver Scheme account, click here.

Alternatively, if you have any further questions you can find our KiwiSaver contact details here.

We also have answers to 10 questions you might have about Kiwisaver and Covid-19.

Travel Insurance

The NZ Government is now advising that New Zealanders should not travel overseas at this time due to the outbreak of Covid-19. This may affect customers with Westpac Travel Insurance and travel insurance provided in conjunction with some Westpac credit cards.

  • Westpac Travel Insurance is administered by Cover-More (NZ) Limited and underwritten by Zurich Australian Insurance Limited. For information in relation to Westpac Travel Insurance (Cover-More) please refer to this information sheet or contact Cover-More* directly on 0800 500 22.
  • For information on overseas travel insurance provided in conjunction with some Westpac credit cards# please contact AIG Insurance (the underwriter) on 0800 465 322 or visit Travel Activate.

Life, Income and Debt Insurance

Existing policies in force as at 20 March 2020

There are no specific pandemic exclusions in existing policies that are issued and underwritten by Westpac Life-NZ-Limited (Westpac Life)*.

If you need to make a claim, our standard process will be followed to determine if your claim meets the applicable claims criteria. This includes assessing your claim against:

  • the existing terms and conditions of your policy (including any standard exclusions which apply to your policy), and
  • any special terms and conditions relating to your individual policy (including any exclusions or limitations applied specifically to your policy).

The benefits provided, and the terms and conditions that apply to your policy, are set out in your policy document and your policy schedule (if applicable). Please refer to those documents for more information.

Call us on 0800 738 641 to make a claim or if you have questions about your policy. We’re here Monday to Friday from 8.30am to 5pm. If overseas, call +64 3 372 4855. Our Contact Centre is currently experiencing higher than normal call volumes, so we appreciate your patience.

If your query is not urgent, you can also email us at insurancehelp@westpac.co.nz.

*This means the following Westpac Life products: Card Repayment Cover, Disability Income Cover, Flexicover, Gold Disability Income Cover, Gold Term Cover, Lifetime Guarantee, Loan Protection Plan / Loan Insurance, Mortgage Repayment Insurance, Simplicity Life, Term Cover, Westpac Accident Cover, Westpac Bill Protection, Westpac Loan Cover and Westpac Retirement Plan Insurance (together referred to as “Westpac Life, Income and Debt Insurance Products”).

New policies issued from 21 March 2020

We can continue to help you with your insurance needs at this time. Call us on 0800 177 277 and we can help you determine what is right for you.

Please be aware that for applications for new insurance cover or increases to existing insurance cover:

  • you may need to answer additional underwriting questions, and/or
  • some cover options, such as redundancy and bankruptcy cover, may not be currently available, and/or
  • some exclusions may be applied.