Protect your standard of living if you can't work again with BT TPD Insurance
Total and permanent disability insurance (TPD) is a personal insurance that is paid as a lump sum payment to the insured person should he or she become totally and permanently disabled and be unable to work. The two defining aspects of this type of insurance is that:
- Work can be defined in two ways. The work for which the insured person is trained to do as his or her usual occupation or any kind of work, and
- The disablement is that as defined in the policy.
BT total and permanent disability insurance can be purchased as either a stand alone policy or as an extra cover added to an existing life insurance or superannuation policy. It will provide financial support should you unfortunately become permanently incapacitated through contracting a serious illness or injury. This review will provide an overview of what the policy covers and its core benefits
What does the policy cover?
|Included Benefit||TPD as an additional benefit to Term Life||Standalone TPD|
|TPD Partial Benefit|
|TPD Continuation Benefit|
|Future Insurability Benefit|
|Financial Planning Benefit|
|TPD Death Benefit|
|Super Plus TPD Benefit|
|Business Cover Benefit|
|TPD Buy Back Benefit|
|Double TPD Benefit|
|Waiver of Life Premium Benefit|
BT Total and Permanent Disability Insurance features in detail
The main features that come with a BT total and permanent disability insurance include the following:
- Counselling benefit. If your situation is such that you need counselling in order to better overcome the new hardship you have suddenly encountered, you will be entitled to an amount of $5,000 to cover such costs.
- Interim cover whilst waiting for your application to be processed. You will be eligible to receive up to $1 million free interim accident TPD cover while you application is being processed.
- Large total TPD pay out. The total cover you will enjoy with BT Total and Permanent Disability Insurance is $2 million.
- Worldwide cover. No matter where you travel in the entire world your cover will always remain the same.
- Optional needlestick benefit. This option is available to people employed in the medical profession. It offers cover of up to $500,000 if you occupationally contract HIV or hepatitis B or C.
- BT Children's benefit is another available option. If this option is chosen it will pay a lump sum amount if your child were to contract a large range of listed medical conditions. Children between the ages of 2 and 14 can be covered up to a maximum of $200,000 per child.
- BT benefits are all adjusted automatically to allow for inflation. This means your cover will always keep up with the cost of living. Guaranteed upgrades will assure you will receive all policy upgrades without cost as they come about. Your policy renewal is also guaranteed so that no matter what level of health you enjoy in future years your policy will always be able to be renewed.
- There is a financial planning benefit. This benefit helps you adjust to your changed circumstances as well as a loyalty benefit that rewards your loyalty to BT if you keep your policy going for three years.
BT TPD Insurance exclusions to be aware of
No TPD Benefit will be paid if your claim is:
- Caused by an intentional self-inflicted injury or attempted suicide
- Caused by any event or condition covered by an exclusion in your policy schedule or certificate of insurance
Who is eligible for BT TPD Insurance?
The eligible entry age for BT TPD Insurance varies according to the premium structure you choose:
- Stepped premiums: You are eligible for cover if you’re between 15 and 59 years old
- Level 65 premiums (level premiums up to the age of 65): You are eligible for cover if you’re between 15 and 59 years old
- Level 55 premiums (level premiums up to the age of 55): You are eligible for cover if you're between 15 and 49 years old
The expiry age review date occurs on the policy anniversary following your 99th birthday.