Protection Plans for Mortgages
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 and Income Protection for Mortgages are issued by Westpac Life Insurance Services Limited ABN 31 003 149 157 ('the Insurer'), and distributed by St.George Bank - 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 St.George Protection Plans for Mortgage Customers Product Disclosure Statement ('PDS') (PDF 525kb) to see if the insurance is right for you.
St.George Protection Plans for Mortgage Customers
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 21 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.
© St.George - A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233 714