BT Protection Plans for Mortgage Customers
Your home loan is probably going to be one of the biggest financial commitments you make.
If you and your family rely on your income to meet your home loan commitments, it is important to think about how you might manage to continue repaying the loan if you were unable to work due to sickness, injury or even death.
Protecting your home loan means protecting your home, yourself and the people you love.
Term Life for Mortgages
Pays a benefit which can be used to pay outstanding mortgage debt, if you were to suffer a terminal illness or die.
Income Protection for Mortgages
Pays a monthly benefit, after the 30 day waiting period for up to 2 years, which can help you meet your mortgage repayments, if you cannot work due to sickness or injury.
Flexible plans
Choose between:
- Term Life and Income Protection for Mortgages
- Term Life for Mortgages only
- Income Protection for Mortgages only
Loyalty Benefit
To reward your loyalty, after you have held:
- a Term Life for Mortgages policy for 3 years, we will add an extra 5% to any Terminal Illness Benefit or Death Benefit payable under your Policy; and
- an Income Protection for Mortgages policy for 3 years, we will pay $50,000 should you die while your Policy is in-force.
Multi-policy Discount
If you are covered by both Term Life for Mortgages and Income Protection for Mortgages, you will receive a multi-policy premium discount of 5% on the base premiums.
Guaranteed Renewable
Provided your premiums are paid when due, we won’t cancel your Policy if there is a change in an Insured Person’s health or occupation.
Protecting your home loan is important
You probably wouldn’t think twice about insuring your car, home or valuables but what about protecting your ability to continue paying your home loan if something happens to you?
If you rely on your income to meet your loan commitments, you should make sure you are adequately protected.
Insurance may help you continue making your home loan repayments and allow you and your family to continue to live in your home if sickness, injury or worse meant that you were no longer able to earn an income.
Protecting your home loan repayments means protecting you, your family and your home.
Insurance doesn't need to be complicated and it's important our home loan customers have access to simple and convenient insurance solutions.
Protection Plans for Mortgage Customers was designed to help you continue to pay off your home loan and meet other costs if you suffer a terminal illness or die, or cannot work due to sickness or injury.
Quite simply, you can choose to apply for one or both of the benefits below:
| Benefit | Summary |
|---|---|
| Term Life for Mortgages | Pays a benefit if you suffer a terminal illness or die. You can apply for a Term Life for Mortgages benefit of at least $50,000, up to the lesser of:
|
| Income Protection for Mortgages | Pays a monthly benefit if you are unable to work at your full capacity due to sickness or injury. You can apply for an Income Protection for Mortgages benefit of at least $300, up to the lesser of:
|
Example of a Term Life for Mortgages Claim
Example of a Death Benefit Claim: You and your partner take out a property loan borrowing $400,000. You each take out a Term Life for Mortgages policy with a "Death Benefit" of $400,000. If you both were to die in an accident, we would pay a total of $800,000 (i.e. $400,000 for each insured person), subject to each policy's terms.
Example of an Income Protection for Mortgages Claim
Example of a Total Disability Benefit Claim: Your insured monthly benefit is $2,000. If you become totally disabled then, after the 30 day waiting period, we will pay you $2,000 each month for up to 2 years, subject to your policy’s terms.
Total Support Benefits
Depending on which cover you choose, there are a range of benefits which are available as part of that cover which provide practical support when you need it most.
- Counselling Benefit
- Rehabilitation Expense Benefit
- Financial Planning Benefit
- Rehabilitation Program Benefit
- Funeral Advancement Benefit
- Return to Work Benefit
The BT Protection Plans for Mortgage Customers Product Disclosure Statement (PDS) (PDF 1mb) includes information to help you make an informed decision about whether to purchase Term Life for Mortgages and Income Protection for Mortgages and also includes information about conditions, terms, limits and exclusions.
Important information
Term Life for Mortgages and Income Protection for Mortgages are issued by Westpac Life Insurance Services Limited ABN 31 003 149 157 ('the Insurer'), and distributed by BankSA - A division of Westpac Banking Corporation ABN 33 007 457 141 ('the Bank'). The Bank does not guarantee the insurance.
This information is general information only. Before making a decision in relation to Term Life for Mortgages or Income Protection for Mortgages, you should read the BT Protection Plans for Mortgage Customers Product Disclosure Statement ('PDS') (PDF 1mb) to see if the insurance is right for you.
BT Protection Plans for Mortgage Customers
Product Update
Effective date: 1 July 2017
APRA has approved an application by Westpac Life Insurance Services Limited to restructure its statutory funds under the Life Insurance Act 1995 (Cth).
As a result, from 1 July 2017, the section headed ‘Where we put your money’ at page 22 of the PDS is replaced with:
We pay your premiums for Term Life for Mortgages into the Insurer’s No. 1 Statutory Fund and for Income Protection for Mortgages into the Insurer’s No.2 Statutory Fund. We pay your benefits from these funds. The money in the funds is regulated under the Life Insurance Act 1995.
© BankSA - A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233 714