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Compare BT Life Insurance Features And Benefits

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Russell Cain
Russell Cain Published/updated: 24 January 2018

BT Life Insurance is one of the larger, well-known insurance companies in Australia. They offer a range of flexible products and services, including term life insurance, total and permanent disablement cover, living insurance (trauma cover) and income protection insurance.

When it comes to getting the right cover for you, it’s important you first know the kind of cover you want and what you can afford. Then, you can use reviews like this one to find out what’s covered, what’s excluded, and if there are any added benefits and options that are important to your specific requirements.

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About BT life insurance Australia

BT Insurance was founded in 1969 and is owned by the BT Financial Group, the wealth management branch of the Westpac Group. Since 1987, they have been committed to protecting Australian families through their quality Protection Plans, which include:

The life insurance company has paid out $320 million in claims to about 3,690 customers in 2016 alone and won the Claims Team of the Year Team Award at the AFA/Strategic Insight Awards 2016.

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BT Protection Plans

There are several types of BT Protection Plans to choose from, each with its own unique features, benefits, and key exclusions. Below is a review of each product so that you can choose the one that’s right for your particular circumstances, stage of life and budget.

Remember, together with reading any life  insurance review you must also carefully go through the Product Disclosure Statement (PDS) to get a complete breakdown of what is and isn’t covered.

Term Life Insurance

Term life insurance pays out a lump sum death benefit in the event of your death or a terminal illness benefit if you are diagnosed with a terminal illness. The money paid out for a claim can be used for mortgage payments, paying off outstanding debts, and funeral arrangements.

BT term life cover provides you with worldwide cover, 24 hours a day, 7 days a week. If you want comprehensive coverage at a more affordable price, you can take advantage of the insurer’s unique Flexible Linking Plus option.

Flexible Linking Plus option

Essentially, you can structure your cover to suit your needs, either inside or outside your superannuation. This works by linking benefits under two policies, like Life Term and TPD. You’ll then pay some of your premiums from your own account and others through your superannuation contributions.

Funeral advancement benefit

Pays out a 10% advance of the Death Benefit (up to $25,000) to help pay for funeral expenses.

Future insurability benefit

The total amount of cover that you have will be increased without the need for further medical underwriting if you inform BT of a specified life event, like getting married or having children.

Key exclusions

Benefits won’t be paid out if:

Total Permanent Disablement (TPD)

The TPD benefit pays out a lump sum should you become totally and permanently disabled as defined by your choice of TPD cover.

The insurer will increase your benefit annually to keep up with inflation (increases are in line with CPI or a minimum of 3%), however, you can opt to remove this benefit if you want to keep your premiums more affordable.

BT TPD insurance categorises their cover into 4 different TPD groups, providing you with the opportunity to choose the one most relevant to your specific circumstances.When choosing a relevant TPD cover, you’ll receive a lump sum payout to help maintain yours and your family’s standard of living should you become totally and permanently disabled, as defined by the insurer.

Please carefully review the BT life insurance PDS for any additional details and clarification.

4 TPD categories to choose from

Any Occupation TPD

If you can’t perform Any occupation for which you could reasonably be suited by experience, training, or education.

Own Occupation TPD

If you’re unable to work in your Own or specific occupation or field for which you’ve specialised and trained.

Home Duties TPD

If you can’t ever again perform domestic duties at home, for example cooking for the family, doing laundry, taking care of children or other dependants.

General Cover TPD

If you suffer from a loss of independent existence, or total and permanent loss of the use of two limbs, or a limb and the sight in one eye, or your sight in both eyes.

TPD partial benefit

For an additional fee you can add the TPD Partial Benefit, which will pay a partial benefit should you, the insured person, become partially and permanently disabled.

TPD death benefit

The insurer will pay you a death benefit of $10,000 if you, the insured person, dies while your policy is still enforce and the TPD benefit (including the TPD partial benefit) has not been paid.

Key exclusion

The TPD Benefit won’t be paid if your sickness or injury was caused by an intentionally self-inflicted injury or attempted suicide.

Living Insurance (trauma cover)

Living Insurance, also known as trauma cover, pays out a lump sum benefit if you have a specified medical event, as defined in the BT life insurance PDS, for example, cancer, stroke, and heart attack. This policy type can be bought as a standalone policy, or added to your Term Life policy.

The Living Benefit Plus option covers a more comprehensive list of specified medical events than those covered under the Living Benefit.

Advancement benefit

If you suffer from specified medical events, but don’t qualify for the entire Living Benefit amount, then part of this benefit is paid in the form of an Advancement Benefit.

Living Insurance death benefit

Receive up to $10,000 if you suffer one of the listed medical events but don’t live past another 14 days.

Child support benefit

Pays a benefit of $10,000 if your eligible dependant child dies or has a specified children’s event.

Living buy-back benefit

You can reinstate your death benefit after receiving payment for a specified medical event, however, this benefit is not available if Multi-link benefit is selected.

Living reinstatement benefit

An optional add-on that reinstates the Living Benefit 12 months after your claim has been paid (no further underwriting is required).

Key exclusions

The Living Benefit won’t be paid if the specified medical event that has resulted in a claim was caused (directly or indirectly) by an intentional or self-inflicted injury or attempted suicide.

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BT Income Protection Insurance

A monthly benefit, generally paying up to 75% of your income when you’re unable to work for a specified period of time due to injury or illness. BT income protection is designed to help you cope with your financial obligations, such as your medical expenses, household bills, and groceries, while you recover.

Income Protection Plus replaces up to 80% of your income but requires you to make superannuation contributions. It also provides additional benefits, like nursing care, specified injury benefit, crisis benefit and accommodation benefit to name a few. See BT life insurance PDS for additional information.

Elective surgery benefit

Provides a monthly benefit if you become totally or partially disabled due to an organ transplant or cosmetic surgery.

Rehabilitation expense benefit

Pays an amount to cover rehab costs (approved by the insurer), while a rehabilitation program benefit reimburses the cost of attending an approved rehab program while you’re totally disabled.

Return to work benefit

Provides a benefit if the rehabilitation expense or program benefit has been paid and you, the insured person, has returned to work on a full-time basis for 3 consecutive months.

Recurrent disability benefit

Your waiting period will be waived if you become disabled within a certain period of time after receiving a total disability or partial disability benefit due to the same sickness or injury which the benefit was paid for.

Accident benefit

Pays a benefit if you are totally disabled for a specified number of days, due to an accidental injury, while serving your waiting period.

Exclusions

If your monthly benefit amounts exceed $40,000 and you’ve received the insured monthly benefit for 24 months, then additional exclusions will apply, including alcohol abuse, alcohol dependence, drug use, mental illness, and fatigue syndromes. In addition, no benefit will be paid for any period while you are in jail.

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Frequently asked questions

  • How much does BT life insurance cost?

    The cost of BT Life Insurance depends on a variety of factors, like your age, smoking status and occupation (if applying for income protection). Keep in mind, while the price is a big deciding factor, it’s not the only important consideration. For instance, the waiting periods, exclusions, added features and benefits, and discounts offered, should also play an important role in your decision.

    To find out what you’ll pay, based on your specific circumstances and needs, it’s best to speak with a financial adviser or use a comparative website, like ComparingExpert, to provide you with side-by-side quotes on-screen.
  • How should I lodge a claim?

    You can make a claim by contacting the BT Customer Relations Consultants through their call centre. They are available Monday to Friday, 8 am – 6:30 pm (Sydney time) and will arrange for you to receive any forms or information that you might need in order to complete your claim. Their contact details are available on their website.
  • Who is eligible to apply?

    If you are an Australian citizen, between the ages of 15 and 69 then you are eligible to apply for Term Life, TPD, Living Insurance, and Income Protection through BT.
  • How can I get a BT life insurance quote?

    You can get a BT life insurance quote by visiting the BT life insurance Australia website and applying directly. Alternatively, you can request a quote from ComparingExpert and have BT insurance prices on-screen and compared to other leading life insurance companies in Australia.
  • What are BT Wellbeing Rewards?

    BT has launched their My Wellbeing Rewards, which gives new and existing customers (policies purchased after April 2006), the ability to save 10% on their premiums and have their policy fee waived, when they’re between 30 and 55 years old with a BMI equal or less than 28. You’ll need to have an eligible BT Protection Term Life insurance policy and create an account on the My Wellbeing Portal to review your eligibility. Please contact your broker for assistance.

Life Insurance Quotes

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Want to talk to a specialist? Call 1300 743 254

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