BT Life Insurance

BT Life Insurance has a long and interesting pedigree in Australia, running back to 1969. Today it's a well known fixture of Australian financial services, offering a range of insurance, investment and advisory services.

As a large provider it can offer a range of flexible options, and products to meet a diverse set of needs. If you're looking for an insurer that can help you closely tailor your cover, and offer a range of other services alongside life insurance, you might want to consider BT.

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Name	Product	Maximum cover	Maximum Entry Age	Minimum Sum Insured	Cooling-off (days)	Expiry Age	Short Description
Virgin Life Insurance - Tailored Cover		$1,500,000	65	$3,000	30	80	Choice of cover options and flexible premiums to suit your budget. No lock-in contracts and fast application.	Get quoteMore info	Compare	loading Fetching your data...
AAMI Life Insurance		$1,000,000	60	$100,000	30	99	Get life cover up to $1 million.	Get quoteMore info	Compare	loading Fetching your data...
NobleOak Life Insurance 2019 Winner		$15,000,000	69	$50,000	30	99	Get two months free when you combine life insurance with another type of cover. T&C’s apply. Ends 20 December 2019.	Get quoteMore info	Compare	loading Fetching your data...
Real Family Life Cover		$1,000,000	64	$100,000	30	No expiry age as long as premiums are paid	Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™.	Get quoteMore info	Compare	loading Fetching your data...
ahm Life Insurance		$1,500,000	65	$100,000	30	No expiry age as long as premiums are paid	Get life cover up to $1.5 million. Plus, ahm health members can save 10% off premiums.	Get quoteMore info	Compare	loading Fetching your data...
Medibank Life Insurance		$1,500,000	65	$100,000	30	No expiry age as long as premiums are paid	Get a quote & you could win a $1,000 eftops Gift Card. Offer ends 19 January 2020. T&C's apply.	Get quoteMore info	Compare	loading Fetching your data...
nib Value Life Insurance		$1,000,000	65	$100,000	30	80	Receive one month's premiums off every year if you pay annually upfront. T&C’s apply.	Get quoteMore info	Compare	loading Fetching your data...
Zurich Ezicover Life Insurance		$1,500,000	69	$50,000	30	99	Receive a 10% discount on the second person when two applications are submitted at the same time, and both policies are issued.	Get quoteMore info	Compare	loading Fetching your data...
Insuranceline Life Cover		$1,500,000	65	$100,000	30	99	Take out a policy and get a $100 bonus gift after holding cover for 2 months. T&C's apply. Ends 31 March 2020.	Get quoteMore info	Compare	loading Fetching your data...
Guardian Life Insurance		$1,500,000	64	$100,000	30	No expiry age as long as premiums are paid	Cover up to $1.5 million with Guardian Life Insurance.	Get quoteMore info	Compare	loading Fetching your data...

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• Summary of BT Life Insurance
• Pros and Cons
• Recent awards

About the insurer

BT has been protecting the insurance needs of Australians and their families since 1987. It is part of the BT Financial Group, an Australian wealth management organisation that offers everything from superannuation to investment products, retirement income products and a range of insurance solutions. Established in 1969, the BT Financial Group is the wealth management division of The Westpac Group.

BT’s suite of insurance policies includes term life insurance, TPD insurance, income protection insurance, business insurance, key person insurance and more.

Types of Insurance Available from BT

Term Life Insurance

Total and Permanent Disability Insurance

Income Protection

Living Insurance (Trauma Protection)

Business Overheads

Can I combine cover inside and outside super?

BT Protection Plan ownership can be structured in many ways to suit your needs, either inside or outside superannuation.

With BT's "Flexible Linking Plus" and "Income Linking Plus" you can combine your options, and hold different cover both inside and outside of super.

This has the potential benefits of:

• Letting you pay for some of your premiums through superannuation contributions, and others out of pocket. This might let you get more comprehensive cover more affordably.
• Letting you find tax advantages by arranging different cover types inside and outside of super.

Is BT Life Insurance tax deductible?

Whether certain cover types are tax deductible depends on your situation, what cover types you hold and whether they're held inside or outside of superannuation.

By offering a full range of options, BT might be able to help you get tax deductible life insurance where other providers can't. It can be worth finding out how life insurance and tax works to get an idea of how much you might be able to save.

Super and Retirement Insurance Products

BT Super for Life

BT Lifetime - Personal Super

BT SuperWrap

BT LifeTime Super Employment Plan

BT Business Super

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.
• A needle stick benefit that can pay a lump sum maximum amount of $500,000 if you, as a medical professional, contract either HIV or Hepatitis B or C while you are carrying out your work in the medical industry

Does this insurer have any rewards programs included with its cover?

To reward you for your loyalty, after you have held your BT life insurance cover for three years from the commencement date of your policy, an extra 5% of your sum insured will be added to any Death Benefit, TPD Benefit, Living Benefit or Children’s Benefit payable when you make a claim. This increase is provided at no extra charge.

If you have Income Protection, Business Overheads or Key Person Income Insurance, after you have held your policy for three years, BT will add a Death Benefit of $50,000 to your policy for no additional cost.

How much does BT Life Insurance cost?

The cost of your policy will depend on a range of factors, including:

• Your age and chosen cover types
• Your health, occupation and situation
• How much cover you're taking out

It can also be affected by factors like pre-existing conditions, or whether you opt for medical testing before getting cover.

• Do I need medical testing before taking out life insurance?

  You can take out cover with BT with or without undergoing medical testing first. However:

  • A higher sum insured, or certain circumstances might mean you can only get cover with medical testing.
  • If you're in good health, then "proving it" with medical testing might make you eligible for lower premiums with some insurers.
  • If you have pre-existing conditions, a medical assessment might be needed to get cover for them.

• Can I get cover for pre-existing conditions with BT life insurance?

  Whether or not an insurer covers pre-existing conditions may depend on the cover types you're looking at, and the nature of the condition. Typically these will only be covered by life insurance if you disclose them to the insurer, and it has a chance to medically assess it.

  If you do not disclose pre-existing conditions that you're aware of, or if you otherwise opt out of cover for it, then your policy might not pay out for injury, disability, death or other loss that occurs as a result of it.

BT contact and customer service

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.

BT insurance has its own phone line, available 8.00am to 6.30pm Mondays to Fridays (Sydney and Melbourne time).

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.

Payment options

You can also choose between stepped and level premiums for your policy:

• If you choose stepped premiums, your premium is calculated each year and is based on your age and the sum insured
• If you choose level premiums, your premium for the time period specified (eg Level 65 means level premiums to the age of 65) is calculated based on your age at the commencement of cover.

How often you can pay

The policy owner is responsible for paying the premiums of all BT life insurance policies. As outlined in the table below, there are a range of flexible premium payment options available.

Where and how to buy BT life insurance

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.

The wide range of options, and different ways you can tailor the insurance for different value and cover, means it might be best navigated with the help of a financial adviser.

If you're interested, want a no-obligation quote or just want to learn more, you can get in touch with a BT Life Insurance adviser below.