- 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.
You pay the same as buying directly from the insurer. We make money
from referral fees when you choose a policy, but you don't pay any extra.
Unlike other comparison sites, we're not owned by an insurer. Our opinions are our own and all guides must meet our editorial standards
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Since 2016, we've helped thousands of Australians find income protection by explaining your cover options, simply and clearly.