- It comes with lots of flexibility – BT Income Protection Assured insurance allows you to choose when your cover starts, how long you're covered for and how much of your salary is covered.
- Its policies are issued through an adviser so are tailored to your needs.
- Rehabilitation benefits are available – some insurers don't offer this.
- You can't take out BT Income Protection Assured once you're over 65.
- You can also take out cover through super but this may not be the best value option for everyone as it eats into your retirement savings.
Income protection insurance
- Rehabilitation and retraining benefits
- A monthly benefit which automatically increases annually in line with any Consumer Price Index (CPI) changes, unless you request otherwise
- A 5% multi-policy discount if you hold more than one eligible BT Protection Plan policy
- Guaranteed continued cover as you continue to pay your premiums
- Product upgrades, that don't result in an increase in premiums, get automatically applied to your existing policy
Note: Be sure to check the Product Disclosure Statement (PDS) for terms and conditions.
Applying for cover
- You must be aged 15 – 59 at the time of commencing cover or aged 17 – 65 for any replacement or reinstatement
- You must be an Australian citizen, a permanent resident of Australia or the holder of an eligible spouse/partner or work visa
- You must work at least 20 hours per week
- You must be working in an eligible occupation (speak to a financial adviser or contact BT Customer Relations for more on eligibility)
- You must not be an undischarged bankrupt
Still wondering if BT is right for you? Here are the main pros and cons summarised:
- You can also get cover in your super.
- Policies are guaranteed to continue.
- You can't take out cover if you're over 65.
As with any insurance, certain conditions and exclusions apply and in the case of BT Income Protection Insurance, a benefit will not be paid if your death or disability is caused directly or indirectly by:
- an intentional self-inflicted act or attempted suicide
- an accident while you are under the influence of alcohol or non-prescribed drugs
- an act of war (whether declared or not), except when you die on war service
- engaging in any sport, pastime or occupation not normally covered at standard rates
- any condition that you knew about before applying for cover.
BT has a dedicated claims consultant who will talk you through how to lodge a claim. This can make it easier for you to lodge a claim successfully. Not all insurers have this. In some cases, BT may be able to assess your claim on the spot, over the phone.