BT Super for Life

Benefits of BT super for your life insurance needs.

The main attraction of BT Super for Life is its transparency. For instance you are able to add extra money or check your balance any time you wish regardless of your location, as long as you have Internet access. You will also find it has fewer fees than many other superannuation plans which divert money for themselves, that could otherwise be invested for your future.

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Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
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Life insurance is another benefit you will receive with your BT Super for life account. You will receive cover for both Death and Total and Permanent Disablement that commences once you have money in your account.

To put it simply a BT Super for Life superannuation fund will:

  • Protect you should something happen during your working life and again on your retirement.
  • Combine all your life insurance, disability insurance and investments needs into the one fund.
  • Give you tailored investments carried out by some of the most astute financial brains in the industry.
  • Benefit you with its low fees meaning more of your funds are working for you.
  • Make it easily trackable online.

What cover can I receive with BT Super for Life?

Included benefitsPolicy features
Death Benefit
  • Yes
Terminal Illness Benefit
  • Yes
Future Insurability Benefit
  • Yes
Financial Planning Benefit
  • Yes
Funeral Advancement Benefit
  • Yes
Counselling Benefit
  • Yes
Optional Benefits
TPD Benefit
  • Yes
Living Benefit
  • Yes
Business Cover Benefit
  • Yes
Multi-link Benefit
  • Yes

Conditions apply, make sure you read the product disclosure statement (PDS) before applying. Information last checked as correct in January 2018 and is subject to change at anytime.

What are some other important features of BT Super for Life?

It is important when considering your superannuation options to ensure that your investments are always working for you. After all, it is your money and you have no doubt worked hard for it. It is therefore very important that you understand the basics of how superannuation actually works to your advantage.

You may want to consider the following BT Super for Life strategies:

  • Choices. Consider the investment options available to you. Your decision should take into account the amount of time your investment will have to run, the amount of risk you carry and your own personal retirement expectations.
  • Personal insurances. Your superannuation will include insurance on your life that the fund trustee actually owns on your behalf. Managing your life insurance in this manner means you will obtain a tax advantage benefit from your fund, while at the same time you obtain maximum protection should you suffer any permanent or temporary disablement including death.
  • Easing your transition into retirement. You can benefit from the transition to retirement rules once you are over the age of 55 years. You will be able to boost your super investment substantially if you feel you need to, or you will be able to start reducing your working hours and make up your loss of salary with withdrawals from your BT Super for Life fund.
  • Contributions. You will be able to contribute to your BT Super for Life fund from many different sources. Most contributions are made from your before tax salary such as that contributed by your employer, or with money you put in yourself from your take home pay.
  • Taxation benefit. Money earned from any non-superannuation investments are mostly added to your taxable income. However, superannuation investment can give you a taxation benefit if your income is taxed at more than 15%. The higher your marginal tax rate the better your taxation relief. The life insurance component can also give a taxation benefit as far as the premium payments are concerned.

You will benefit from BT Super for Life when you and your financial adviser arrange your flexible options to customise your superannuation policy for your specific needs. It consolidates all your insurance and investment needs while allowing you to keep track of what is happening on a day-to-day basis online as well as making your taxation returns that much simpler.

Some final questions you might have

Q. What is required to open an account?

  • A. To open an account you will require:
  • Your email address
  • Your Tax File Number
  • Details of an eligible bank account

Q. Who should consider BT Super for Life?

  • A. BT Super for Life is suitable for anyone with access to online banking that is looking to boost their savings and superannuation for their retirement. For people over 65 years of age, there will be conditions on applicable contributions.

Q. Is it possible to have more than one BT Super for Life Account?

  • A. Yes. You can open different accounts to cater for your different superannuation needs at different stages of life. There are a number of different account options available including;
  • BT Super for Life Savings Account
  • BT Super for Life Transition Account

Q. What fees are there on this account?

  • A. There is a $5 administration fee each month and management fee of 0.99% p.a. of your account balance

Q. What insurance am I provided with?

  • A. The BT Super for Life account automatically provides standard cover for Life and Disability insurance when you open an account. Salary continuance insurance is also available through the account.

Q. Will I be required to undertake a medical exam in order to receive the insurance cover?

  • A. No cover is provided without the need for medical exams or additional questions. Exclusions will apply for some medical conditions so it is worth checking your PDS to identify what you are and are not covered for.

Q. How will my life insurance benefit be paid if I am eligible to claim?

  • A. In the event that you are eligible to claim, the benefit will be paid to the trustee of your super fund. You or your beneficiaries will then be paid the benefit provided you meet the conditions of release.

Q. How are my life insurance premiums determined?

  • A. Premiums are based on your age and gender. Your lifestyle or occupation is not taken into account when determining the premium you will pay.

Q. Will my premiums change?

  • A. The insurer will review your premiums each year and may adjust your premium based on your age. In the event that the premium is increased you will receive 30 days notice.

Q. Can I increase my level of cover?

  • A. You can apply to increase your cover by making a request online within 90 days of your cover starting.

Q. Can I change or cancel my cover?

  • A. You can change or cancel your cover by contacting BT by telephone.

Q. Is there a cooling-off period?

  • A. Each policy is issued with a 14-day cooling-off period from the date that investment advice is provided or the 5th business day following the investment being invested, whatever is the earlier date.

Q. Can I rollover my current super into my BT Super for Life Account?

  • A. Yes. BT has a Superannuation Rollover Tool to assist with this process.

Obtain a Quote for Life Insurance Cover through BT Super

William Eve

Will is a personal finance writer for specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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