BT Term Life Insurance Product Review
BT Term Life Insurance will provide a lump-sum benefit payment in the event of your death or terminal illness so your family can continue to manage any outstanding debts or future expenses. The policy comes with a range of additional features including financial planning benefit.
This review will outline the key benefits of the policy and eligibility requirements. If you are ready to receive a quote, simply enter your details in the form below.
What does it cover?
|Included Benefits||Policy Features|
|Terminal Illness Benefit|
|Future Insurability Benefit|
|Financial Planning Benefit|
|Funeral Advancement Benefit|
|Business Cover Benefit|
Benefits of BT Term Life Insurance
BT Term Life Insurance can give you a sense of security knowing your family will be properly taken care of when you pass away. This insurance policy provides comprehensive cover which includes terminal illness benefit which pays you out if you have 12 months to live. It also provides counselling benefit which could prove helpful as your loved ones go through tough times. In addition, BT Term Life Insurance also rewards its loyal customers with a Loyalty Benefit which pays an extra 5% to your insurance policy. Other key features of this product are as follows:
- Inflation Protection: This protects your policy against inflation in line with the Consumer Price Index.
- Guaranteed Renewable: This feature allows you to renew your policy for the term specified.
- Guaranteed Upgrades: Should there be any upgrades or improvements, you will be notified and can make the necessary upgrades.
- Financial Planning Benefit: This benefit reimburses you a maximum of $5,000 for getting financial advice after a benefit has been paid to you.
- Future Insurability Benefit: This allows you to increase your cover in the event of some life changes, such as marriage or the birth of a child without further medical proof.
- Terminal Illness Benefit: This pays you a lump sum equal to the amount of the Death Benefit upon diagnosis of serious or terminal illness.
- Death Benefit: This benefit will pay a lump sum to the named beneficiary upon the death of the insured.
- Funeral Benefit: This advances 10% of your Death Benefit of up to a maximum of $25,000 for the immediate costs of the insured person’s funeral.
- Counselling Benefit: This reimburses you a maximum of $5,000 for payment of up to 10 sessions of counselling after a benefit has been paid you.
Aside from the above mentioned key features, the BT Term Life Insurance has other optional benefits you can add as you deem necessary.
- Business Cover Benefit: This allows you to increase your cover in proportion to the growth of your business without further medical proof.
- TPD Benefit: It pays you a benefit in the event you become totally and permanently disabled. This benefit has four different types of product namely: own occupation TPD, any occupation TPD, home duties TPD, and general cover TPD.
BT Term Life Insurance has a range of extra benefits which could tailor your policy in accordance with your needs and budget. Since it is provided by Westpac, you can always rest assured that you will get value and security for your premiums.
What won't the policy cover?
If you’re thinking of applying for a BT Term Life Insurance policy, remember there are a range of exclusions that apply to your cover. These include:
- the death benefit will not be paid if you commit suicide within 13 months of your cover commencing, being reinstated or increased. This exclusion applies regardless of whether you are sane or insane. The same applies to the Funeral Advancement Benefit
- the TPD benefit will not be paid if the sickness or injury that results in your claim was caused by an intentional self-inflicted injury or attempted suicide. This applies regardless of whether you are sane or insane
- the living benefit will not be paid if the specified medical event that results in your claim was caused by an intentional self-inflicted injury or attempted suicide. Whether you are sane or insane is unimportant, while this also applies to the advancement benefit
- under the living benefit, a three month exclusion applies for the following specified medical events: cancer, prostate cancer, angioplasty, coronary artery bypass surgery, heart attack, open heart surgery, stroke
- under the advancement benefit, a three month exclusion applies: angioplasty, carcinoma in situ of certain organs or parts of the body, early stage melanoma, prostate cancer
- the child support benefit will not be paid if the medical event giving rise to the claim is caused by an intentional self-inflicted injury, a congenital condition, or if it occurs within three months of the policy’s commencement or reinstatement date. The same applies to the children’s benefit
- the needlestick benefit will not be paid if the infection is the result of an intentional self-inflicted injury, if the person is not working as a medical professional, or if you had become positive to the hepatitis B surface antigen within six months of commencing or reinstating the benefit.
So who can take out a policy?
The entry age for BT Term Life Insurance varies depending on the premium option you select when you apply for cover:
- Stepped premiums. The entry age range is 15 to 69 years.
- "Level 65” premiums (level premiums until you reach 65 years of age). The entry age range is 15 to 59.
- “Level 55” premiums (level premiums until you reach 55 years of age). The entry age range is 15 to 49 years.
The maximum sum insured you can apply for varies depending on your personal circumstances. Cover expires on the policy review date following your 99th birthday.