Making changes or cancelling your cover

Change your cover to suit your lifestage and circumstances

Your BT Protection Plans policies are designed to be flexible. So they can change with you as your life circumstances change:

  • Increase, decrease or pause your premiums to suit your current situation. 
  • Take out more cover when you have more debt and less cover later when, for example, kids have left home and you have paid off your mortgage.
Lifestage changes - More debt and responsibilities: New house, New investment, New car, Getting married, Having children vs. Less debt and responsibilities: Receiving an inheritance, Children becoming financially independent, Paying off mortgage

To discuss making changes to your cover, speak to your financial adviser or call our life insurance specialists on 1300 553 764.

Woman painting at an easel

My recommendation to anybody with life insurance – never cancel it. If you come across financial difficulties you can always alter it.
- Life insurance customer1

Things to consider before cancelling your cover

If you’re finding it difficult to pay your premiums


Talk to us.

We understand that when premiums increase, it might become challenging to manage the increasing cost of staying covered and financially protected. 

You don’t think you need your policy anymore


If you couldn’t work, would you be able to continue to finance the life you lead? An unexpected event can see things unravel financially very quickly.  

Just make sure you fully consider your financial position and personal obligations before cancelling your cover.

You think you can get a better deal elsewhere


Depending on the type of cover you have, it can sometimes look like you can get the same cover for less. However, this isn’t always a ‘like for like’ comparison and you should consider the fine print in the Product Disclosure Statement carefully. 

If you’re considering replacing your policy

You may need to undergo an underwriting assessment which could result in your application being declined, an increase to your premiums and/or limitations on your cover, if your health has changed.

Celia’s relieved she didn’t cancel

Celia1, 61, had held her policy for five years. With everyday expenses increasing, she was thinking about cancelling. Celia called our life insurance specialists and they discussed reducing her cover, which would also reduce her monthly premium. In the end, Celia felt that this reduction wouldn’t give her the same peace of mind and decided to keep her existing level of cover. Four months later, Celia was diagnosed with breast cancer and submitted a claim. It was paid within the same month allowing Celia to focus on getting better, rather than worrying about her finances while she underwent treatment.

Before cancelling your policy, speak to your financial adviser or call our life insurance specialists on 1300 553 764. There may be ways we can help you stay protected.

If you still want to cancel your policy, we can assist you with the process.

1 The testimonial is a real life example and is provided for illustrative purposes. Celia (not her real name) is a real customer and the testimonial is provided with her consent.

A target market determination has been made for Protection Plans products. Please visit 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