BT Insurance

BT Insurance

BT Insurance is part of BT Financial Group (BTFG), which is the wealth management arm of the Westpac Group and also includes the wealth division of St.George Bank, Bank SA and the new Bank of Melbourne. BTFG is a strong stable of market-leading brands and capabilities.

Today, the brands within BTFG provide its customers with a full spectrum of wealth services investment, superannuation and retirement income products, investment platforms, financial advice, private banking and insurance solutions. In 2010, BT paid over $101 million in claims to over 1,020 customers.

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BT Life Insurance

BT Protection Plans (BTPP) is underwritten by Westpac Life Insurance Services Limited (Westpac Life). BT Insurance offers a comprehensive range of life insurance solutions through its BTPP portfolio, including:

  • Term Life, Living and Total & Permanent Disablement
  • BT Term Life Insurance
  • BT Term Life as Superannuation
  • BT Standalone Living Insurance
  • BT Standalone Total & Permanent Disablement 

BT Income Protection Insurance

  • Income Products
  • BT Income Protection Insurance
  • BT Income Protection Plus
  • BT Business Overheads 

Other BT Insurance Offerings

  • BT Childrens Benefit
  • BT Needlestick Benefit 

BT Insurance Protection Plan Features

Guaranteed upgrades We automatically upgrade your policy should better features and benefits (that don’t result in an increase in premium) become available further down the track. We will always give the best definition available under BTPP from the time the policy is taken out, to the date of sickness or injury.
Cover that’s in line with inflation We will automatically increase your benefits each year on the review date in line with increases in the Consumer Price Index (CPI). Benefits under Term Life, Term Life as Superannuation, Standalone Living Insurance, Standalone Total & Permanent Disablement and the Childrens Benefit are subject to a minimum CPI increase of 3% a year. A minimum CPI increase does not apply to Income Protection, Income Protection Plus and Business Overheads.
Guaranteed renewable BTPP policies are guaranteed to continue for the term specified. So for as long as your premiums are paid when due, we will continue your insurance even if there is a change in your health, occupation or pastimes.
Premium holiday If you are going through tough times, after you have owned your policy for at least 6 months, you’ll enjoy the ability to suspend your policy for up to 12 months, rather than having to cancel it. During this period you will not have to pay premiums however you will not be eligible to claim for any sickness, injury, or any other event that happens in the period that the premiums were not being paid.
Worldwide cover – 24 hours a day We provide you with peace of mind, regardless of where you are, as full cover applies at anytime, anywhere in the world.
5% Multi-Policy discounts We offer a multiple policy discount of 5% on premiums. The more BTPP policies (Term Life, Term Life as Superannuation, Standalone Living Insurance, Standalone Total & Permanent Disablement, Income Protection, Income Protection Plus or Business Overheads) you hold, the more you’ll save.
Additional 10% Wrap and SuperWrap discount Where a BTPP policy is sold via a Wrap/Wrap Essentials or SuperWrap/SuperWrap Essentials account, a further discount of 10% on those premiums will be applied.
Loyalty Benefit If you hold your Policy with BT for 3 years or more, we’ll add an additional 5% to any Death Benefit, Total & Permanent Disablement (TPD) Benefit, Living Benefit or Childrens Benefit payment on their Term Life, Term Life as Superannuation, Standalone Total & Permanent Disablement or Standalone Living Insurance policy at no charge. Or, if you hold Income Protection, Income Protection Plus and Business Overheads Policies, we’ll add a $50,000 Death Benefit to your policy, at no cost.
Flexible ownership options BT Protection Plans can be structured in many ways, with different ownership structures available, including:

  • Non-superannuation ownership including individuals, companies or trusts
  • Self managed superannuation funds (SMSF)
  • BT Protection Plans Superannuation for Term Life as Superannuation, or
  • SuperWrap.

You can also choose a combination of these structures with the Flexible Linking Plus and Income Linking Plus options. This gives your clients flexibility on how to pay for insurance without having to compromise on product benefits.

Stepped or level premiums You will have the choice of stepped premiums (where the premium increases each year as you get older), or level premiums (the premium stays the same for a specified period of time). The specified period of time can either be to age 55 for the Level 55 premium option (not available in some circumstances on Income Products), or to age 65 for the Level 65 premium option. When the specified period of time has elapsed, the premiums will revert to a stepped structure. Premiums will increase if the sum insured increases, with CPI increases, and when we increase the policy fee.

For full details of the product features and benefits, please refer to the BT Protection Plans Product Disclosure Statement and Policy Document.

Award Winning Claims Service

BT Insurance won the AFA/Plan for Life Risk Insurance Innovation Award 2010 for their Tele-claims service.

The initiative is first to market. It requires a claims assessment to be conducted over the phone. Decisions about the claim and total risk exposure can be decided live without forms and signatures, once a medical certificate is received. Claims eligible for a Tele-claim are deposited into a customer’s account the same day following receipt of the medical certificate.

Since launching Tele-claims in March 2010, BT Insurance has paid around 23% of all income protection claims without the requirement to lodge a claim form.

BT Superannuation

BT offers a number of superannuation and retirement products for Australians. These include:

  • BT Super for Life
  • BT Lifetime Personal Super
  • BT SuperWrap
  • BT SuperWrap Essentials
  • BT Lifetime Flexible Pension 
Does BT Still Offer Value for Money?


Published: July 30, 2013

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