What has been announced?
On 9 August 2021 Westpac announced it has agreed with TAL Dai-ichi Life Australia Pty Limited (“TAL”) to sell Westpac Life Insurance Services Limited and enter an exclusive 20-year strategic alliance for the provision of life insurance products to Westpac’s Australian customers. Westpac Group expects this transition will take effect in the second half of 2022. Our agreement with TAL will mean we can continue to help you with your life insurance needs.
Why has this decision been made?
The Group is simplifying its business and focussing on its consumer and business banking operations in Australia.
When will the change take effect?
We expect the transition will take effect in the second half of 2022. We remain open for business and continue to honour all existing policies that we have with you.
Who is TAL?
TAL already offers insurance products to more than 4.5 million Australians and is well placed to help you and the ones that you love.
What does this mean for my life insurance?
You do not need to make any changes as a result of this announcement. The announcement does not change the terms and conditions that apply to your insurance. You continue to hold the same level of cover and benefits, and you have access to the same service and support.
How do I make a claim?
In the same way you have always been able to. There is no change to our existing claims process as a result of this announcement and your policy will be honoured by TAL. Any claims that are in progress already will continue with your dedicated claims consultant. If you need to make a new claim or check the status of an existing one, you can speak with a claims consultant by calling 1300 553 764 from 8.30am - 6.00pm, Mon - Fri (Sydney time)
Who do I contact if I have any questions or concerns about this announcement?
Contact us on 1300 553 764 from 8.30am – 6.00pm, Mon - Fri (Sydney time)
A target market determination has been made for Protection Plans products. Please visit bt.com.au/tmd for any of our target market determinations.
The Insurer and Issuer is Westpac Life Insurance Services Limited ABN 31 003 149 157 AFSL 233728, except for Term Life as Superannuation, Income Protection as Superannuation and Income Protection Assured as Superannuation, issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 as Trustee of Retirement Wrap ABN 39 827 542 991. They are subsidiaries of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714, who does not guarantee the insurance. This information does not take into account your personal circumstances. Terms and conditions, and limitations and exclusions apply. Please read the Product Disclosure Statement to see if this insurance is right for you.
© Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714