BT Additional Insurance Cover

Advantages of Additional Cover from BT Insurance

If you want to maximise your future claims from a life insurance policy, you may want to get an additional insurance plan with BT. BT additional insurance cover is an add-on or supplemental insurance in addition to your regular insurance plan. This additional insurance can help you pay other expenses and services which are not generally covered by your regular insurance. Other supplemental plans like the additional insurance cover offered by BT provide cash benefits payable in a lump sum or over a certain period of time. The extra cash you receive from this additional insurance coverage can cover food, medication and unforeseen expenses due to an illness or injury. Additional insurance is optional and provides additional benefits to supplement your regular life insurance policy claim.

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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Additional Insurance Benefit Options

When considering an additional insurance coverage, you need to assess your needs with respect to the benefits you may want from it. The very reason why individuals decide to get additional insurance cover is due to their vulnerability to certain risk factors. There are different options when it comes to additional insurance cover and they vary from one insurance company to another. For BT, the additional insurance cover and benefits it provides to clients include Needlestick Benefit and Children’s Benefit. These supplemental insurance plans cover expenses which are not part of the protection you get from your life insurance policy. Since it is an additional insurance cover plan, it should never replace your regular life insurance plan.

Needlestick Benefits

The Needlestick optional benefit will pay a lump sum maximum amount of $500,000 if you, as a medical professional, contract either HIV or Hepatitis B or C while you are carrying out your work in the medical industry. The proceeds of any successful claim can be used to provide financial support when it is most needed, thereby allowing you to concentrate on getting well again, without having to worry about where your next dollar is going to come from.

This additional policy benefit is available with all BT protection plans but if you have your cover with a superannuation fund you will need to access it through Flexible Linking Plus or Income Linking Plus and then making application for the benefit. It is not available though a SuperWrap account. Some of the important rules that are applicable to the Needlestick benefit are as follows:

  • Must be contracted while working. The benefit will only be paid if you are working in your usual profession as a medical professional.
  • No benefit CPI increases. Benefit increases provided through inflation adjustments, Future insurability benefits, Business cover and Loyalty benefit increases don't apply to the Needlestick benefit.
  • Double cover double benefit. If you are in the position of being able to claim for both the Living benefit and the Needlestick benefit for contracting HIV or Hepatitis B or C, your claim will be capped at $2 million plus any CPI increase that is applicable.

Needlestick Exclusions

No payments will be made in the following circumstances:

  • If the infection was intentionally self inflicted.
  • If you were not working as a medical professional at the time of infection.
  • If you are found to be Hepatitis B surface antigen positive within six months of taking out the cover or within six months of having the benefit reinstated.

Children's Optional Benefit

BT Children's benefit will pay a lump sum benefit of up to $200,000 if your child is diagnosed with contracting any one of a number of specific ailments. The child has to be aged between two and 14 years of age for a claim to be successful. The benefit can be used to relieve the financial stress involved whenever a child becomes ill. It can help you take time off work to care for the stricken child without having to suffer financially as a result. It can also help you obtain the services of a nurse or carer to help you in caring for the ill child. If you have your cover arranged through a superannuation fund you will have to choose either Flexible Linking Plus or Income Linking Plus in order to access the benefit. It is not available through a SuperWrap account.

Children's benefits will be paid under the following circumstances:

  • If the child was to die or suffer from any specific medical condition.
  • A doctor approved by BT provides sufficient medical evidence to support the claim.

No Children's benefit will be paid if the injury or illness is self inflicted either directly or indirectly, if the illness or injury is caused by a congenital condition, if the medical condition is cancer or stroke that occurs within three months of taking up the policy, or of the reinstatement of a previous policy. BT will only pay one benefit for each insured child and the child must not be insured under any other similar policy.

Assessing Your Need for Extra Coverage

Additional insurance cover plans are heavily marketed in many countries, which is the reason why many of us are already familiar with supplemental or add-on insurance plans. The deals are attractive and many people take them on as an added protection. While you can easily purchase the additional insurance because of its affordability, duplication of coverage might happen. That is why assessment of your real need for supplemental insurance protection is very important. It is essential to evaluate whether your regular insurance plan provides a comprehensive benefit for you and your family. Should you find it not to be sufficient for your needs, you should consider getting additional insurance cover. You can make a wise decision if you take the time to read the provisions provided on your present life insurance plan to ascertain if you really need to get an additional insurance coverage to help you pay out for other expenses when unforeseen eventualities happen. Duplication of coverage from your regular life insurance plan with your additional plan coverage will not allow you to file the same claims from both. Therefore you need to ensure you understand the terms, limitation and benefits from each insurance policy you sign up for.

Who Can Benefit From Additional Insurance Cover?

Additional insurance is a type of life insurance policy provided to cover gaps that a regular insurance policy is not able to protect against. Just like the BT additional insurance cover plan, it is designed to supplement your expenses in case your regular insurance is not able to fully provide for you. Those who can consider purchasing additional insurance to cover for other expenses are couples with children, self-employed individuals and those who are unable to handle large medical bills due to illness or injury.

BT additional insurance cover for expenses incurred from occupationally acquired diseases is for you if you feel that you are at high risk and your regular insurance coverage do not include additional benefits. Additional insurance can also cover those who suffer critical illnesses. This can ease the financial burden caused by a serious illness such as cancer and other illnesses as stipulated in the insurance policy.

If you feel that you are highly vulnerable to sickness or want to protect your children from unforeseen eventualities but your regular life insurance plan does not cover all your needs, then it is better that you purchase an additional insurance cover plan. This supplemental insurance is not as expensive as your regular life insurance plan.

Understand the Additional Insurance Cover Plans Available for You

It is the commitment of BT to provide as many options for life insurance and investment plans to their policy holders as they can, but the final decision will always depend on you. It is wise that you look into your options very carefully and see whether you truly need an added coverage to supplement your existing life insurance plan. Determine your financial goals and evaluate your future needs in order to make a sound judgment when choosing the best insurance coverage that fits you. If you feel that you have limited knowledge about your options, you can ask for help from the experts who are able to give you the necessary information before you finally decide. BT has professional financial advisers who can help you with your choice.

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