Westpac launches income protection for the masses

Citing the high rate of underinsurance as a major problem among Australians, Westpac has launched a new income protection product.

Known as ‘Bill Cover’, the simplified income protection product offers a monthly benefit to insured parties in the event that they are unable to work due to injury or illness.

Policy holders can receive up to $1,500 a month over two years, which can be used to cover bills and other living expenses.

Head of BT Life Insurance Mark Smith referred to figures suggesting that only 10 per cent of working people have income protection cover, with Australians in general underinsured by $1,370 billion.

“…figures show that at least a third of working Australians will take three months leave due to sickness or injury,” he said.

“[Bill Cover] strongly reflects our focus on the customer and the priority we are placing on identifying and meeting their needs with a stream of innovative products.”

Anyone aged between 18 and 60 who is working at least 15 hours per week in paid employment is eligible to apply.

Bill Cover offers four levels of premium providing monthly cover ranging from $600 to $1,500 per month.

No health checks or medical examinations are required, though premiums are based on age, smoker status, gender and occupation, with an exclusion on pre-existing medical conditions.