Read Our Review on BT Life Insurance and Compare Different Policies
There is a long and interesting pedigree behind what is now known as BT Life Insurance. It all began in Australia in 1969 when a subsidiary of the American owned merchant bank, Bankers Trust, known in the finance industry as, Ord BT Ltd, opened for business in Sydney as a fund management organisation. In 1976 the subsidiary was fully taken over by its parent company the Bankers Trust Company in New York and two years later its name was changed to BT Australia Ltd.
In 1998 Deutsche Bank took over the Bankers Trust Corporation and in 1999 BT Fund Management was put up for sale. As a result the Bankers Trust Australia Group was taken over by the US Principal Finance Group in August 1999.
Types of Insurance Available from BT
Term Life Insurance
This type of insurance provides a lump sum payment to beneficiaries on your death. It is meant to cover expenses such as ongoing living expenses including mortgage or rental payments. It can give you peace of mind knowing that if you were to die your family could continue living in the style they have been accustomed to while you were there to provide for them.
- Keep your family protected for years to come with a lump sum payment in the event of death or critical illness. Customers will enjoy loyalty benefits and the ability to upgrade their policy into the future.
- 24 Hour worldwide coverage.
Total and Permanent Disability Insurance
This insurance cover pays out a lump sum while you are still living but are suffering from an injury or illness that has left you totally and permanently disabled and unable to work to earn an income.
- Receive a lump sum payment if you are unable to work again in the event of a permanent disability. Can be added to your term insurance plan or as a standalone policy.
- Cover rehabilitation expenses and any features needed to make your home accessible.
- Policy is renewable guarantees upgrades.
Income Protection
If you become injured or sick and can't attend to your work, income protection insurance will ensure that you will still receive a monthly income until you recover.
- While many policies will only replace 75% of your income, BT Income Protection Insurance will replace 80% of your wage to help you cover rent, mortgage repayments and living and medical expenses.
- This excellent policy comes with rehabilitation expense coverage and the option to contribute to your super.
Living Insurance (Trauma Protection)
A cover against a specified serious injury or illness such as stroke, heart attack or cancer. The money you receive from living insurance will help you manage your financial affairs while you are suffering from one of the specified events listed in the policy document. It can be added to your life insurance policy or purchased as a standalone document.
- Receive a lump sum payment after suffering from a selection of specific medical conditions including;
- Cancer
- Heart Condition
- Loss of limb
- Protection from over 50 different injuries.
- More comprehensive cover with Living Plus Option
Business Overheads
Business cover is similar to income protection in that it provides a monthly benefit when the policy holder is not able to take part in his or her business activity due to injury or sickness. It will assist you in maintaining your cash flow that could be the difference in your business surviving or not.
- Receive a monthly benefit to cover expenses if unable to work to your full capacity due to sickness or illness.
- Wil provide cash-flow to cover everyday expenses such as;
- electricity
- gas
- mobile
- rent
- rates
BT Flexible Linking Plus and Income Linking
BT Protection Plan ownership can be structured in many ways to suit your needs, either inside or outside superannuation. In addition, BT also offers Flexible Linking Plus and Income Linking Plus that work as a combination of these options, allowing you to hold cover both inside and outside of super.
With Flexible Linking Plus, you can hold your Term Life policy inside superannuation and link a Living Benefit, Super Plus TPD Benefit (Own Occupation TPD) or TPD Benefit to your policy. Another benefit of this type of structure is that you can access the features of BT’s comprehensive income policy - Income Protection Plus, and have the core benefits of BT Income Protection paid through your superannuation with Income Linking Plus.
Super and Retirement Insurance Products
BT Super for Life
- Enjoy easy access with 24 hour online access to help keep your finances in order and top up your super from your savings account with the click of a button!
- Competitive fees;
- 47% lower than the average retail personal super fund
- Management fee of just 0.99%
- $5 monthly fee
- Range of investment options to suit your lifestyle.
BT Lifetime - Personal Super
- Manage your super fund over the course of your working life so you can enjoy your retirement free of stress.
- Employer can make regular contributions to your account.
- Over 20 investment options to choose from.
BT SuperWrap
- Access to over 600 managed funds and your personal insurance combined in one account.
- Simple to organise and contribute to with 24 hour online access.
- Access to TPD, Term Life and Income Protection Insurance.
BT LifeTime Super Employment Plan
- Super plan set up by employers, giving employees numerous benefits including reduced insurance premiums and administration fees.
- Plan can be maintained throughout entire working life.
- Access to following insurance options;
- Death Only
- Death & Total and Permanent Disablement (TPD)
- Death & TPD and Salary Continuance Insurance
BT Business Super
- Future employers able to make contributions to your original super fund.
- Over 40 investment options to choose from to suit your lifestyle.
- Access to
- Death Only
- Death & Total and Permanent Disablement (TPD)
- Death & TPD and Salary Continuance Insurance
- BT Lifetime Flexible Pension
There are additional benefits that you can have added to your life insurance cover with BT Life Insurance. These include a children's benefit that can pay up to $200,000 per child, if your child was to suffer one of the specific conditions listed in the policy document.
BT takes pride in the way they interact with their customers. They are conscious of the importance of listening to customers so they can obtain ideas on how to improve customer relations. For this reason the company has put together a Quality Group which monitors the company processes and its manner of dealing with its customers.
Awards Received and Claims Paid by BT
- 2012 Bronze Winner Risk Company of the Year - Money Management/DEXX&R
- 2011 Bronze Winner Risk Company of the Year - Money Management/DEXX&R
- 2012 Bronze Winner for BT Life and BT Protection Plans - Money Management/DEXX&R
- Total Claims Paid by BT in 2011 - Total $248.2 million (to over 1,400 customers)
- Total Claims Paid by BT in 2010 - Total $101 million (to over 1,020 customers)
Breakdown on Claims in 2011
- Life - $74 million
- Sickness and Injuries - $41 million
- Income Protection - $12 million
BT's International Recognition
BT Financial Group is a subsidiary of the giant Westpac Banking Corporation, one of Australia's Big Four banking establishments, and the second largest bank operating in New Zealand. Following its merger with the St George Bank in 2008 it amassed a total of 10 million clients who were serviced with a network of over 1,000 branches as well as around 2,800 ATMs. The Westpac group was officially regarded as being the world's most sustainable bank for five years in a row in the early 2000s.
Westpac is Australia's second largest provider of wealth producing platforms of funds under administration. An investment in BT Super for Life is not however, an investment in the Westpac Banking Corporation, nor are the Westpac Group finances in any way affected by the performance of BT Super for Life. BT Super for Life is a product of the BT Financial Group which in itself is one of the largest wealth management institutions in Australia. BT Life Insurance is available through all the Westpac Group outlets such as Westpac, St.George, Bank of Melbourne and BankSA as well as through many financial advisers.
A Company With a Corporate Conscience
It is a company that encourages its staff to be passionate about its customers, as well as that of the wider community. For this reason the whole BT Financial Group gets involved in many community organisations such as Clean up Australia Day, Earth Hour, and Australia's Biggest Morning Tea. Besides having a local community conscience the BT Group also follows global best practice in that its corporate policy solidly supports the following causes:
- Climate change. BT Financial supports carbon and water markets as well as the funding of renewable energy, energy efficiency and clean technology.
- Tread lightly. The company leads the sector with its indirect and direct environmental footprint targets.
- Social sustainability. BT has high ideals in relation to its responsible banking and investment goals.
- Sustainable principles. BT Financial Group incorporates sustainable principles in its products as well as in the service it provides.
- Speaking out. BT is stepping up its efforts in encouraging the acceptance of business practices that are sustainable.
Interested in Protection from BT?
If your interested in investing in life insurance or would like more information on any of the products discussed, BT financial group provides access to licensed financial advisers to discuss the best options to match your lifestyle. BT’s experienced financial advisers will help you take control of your finances to keep both you and your family protected for life.
