BT Financial Group is a company based in Sydney, Australia. Whilst they have very few operations outside of Australia and New Zealand they are regarded as a rather large insurance provider and those who undertake policies with them can feel confident that their money is in the safest possible hands.
BT was formed in 1969 as an off-shoot of the New York company; Bankers Trust Company. Over the years they have been owned by a number of financial groups all over the world. Since October 2002 they have been under the sole ownership of Westpac, a fellow Australian company.
BT Life Insurance Cover
The selection of life insurance policies offered by BT is slightly ‘slimmer’ than other insurance companies out there. At the time of writing they only offer term life insurance policies. This means that you will need to renew the policy anywhere between every 1 and 10 years. There are a couple of benefits to the term life insurance policies offered by BT Life Insurance that you will not be able to find with most other companies though.
BT Life Cover Benefits
As mentioned previously; term life cover offered by BT Life insurance is slightly different to other companies out there insofar as the fact that there are a lot more benefits. Those who opt for BT Life Cover can look forward to:
- Guaranteed continued cover: whilst other insurance providers out there will ‘cut’ your insurance policy at their discretion, BT Life will allow you to continue to roll your policy as long as you keep paying your premiums. This means that you could in theory keep the life insurance policy, and the benefits that go with it, for the rest of your life. It is however worth noting that the price will go up at the end of each term.
- You will be able to increase or decrease your level of cover based upon your changing circumstances. This means that you will be able to continue to pay the premiums even if you hit one of those hurdles in life.
- You are able to add a number of different ‘policies’ onto your life insurance coverage. This includes income protection and TPD benefits.
BT Life Cover Eligibility
You are able to apply for BT Life coverage at any age. It is however worth noting that the cost of the premium will go up the older you get. It is not worth applying for BT Life cover over the age of 50, although you almost certainly can continue to renew your policy after this age. BT Life Insurance will require some people to undergo a medical, although the younger you are, the less likely you are going to be to need to undergo this medical.
BT Life Income Protection
Income protection policies offered by BT Life are designed to replace up to 80% of your monthly income in the event that you find yourself unable to work for a temporary period of time (TBD insurance will cover you in the event of permanent disability). There is just one policy offered by BT Life which should make it easy to determine exactly what you need from your income protection policy. If you have life insurance through BT Life then you will be pleased to know that you can ‘add’ the income protection policy to this for a low cost.
BT Income Protection Insurance Benefits
- BT Life Insurance will cover you up to 80% of your income in the event that you are unable to work for a substantial period of time. The amount of coverage you get, and the length of time that you will be receiving benefits will be based upon the premium that you pay for the insurance.
- The policies are incredibly flexible, despite being some of the ‘simplest to understand’ policies in Australia.
- You can use the income protection insurance to cover any bills. This includes rent, mortgage, medical expenses, living expenses, and any educational costs. You will receive the full benefit in ‘cash’ during the time frame that you are unable to work.
- The policies are incredibly affordable. You can also feel safe knowing that your money is in the safest possible hands. After all; BT are one of the largest insurance providers in Australia.
BT Income Protection Eligibility
You are able to apply for BT income protection insurance at any stage of your working life. The policy will expire upon retirement. Unless you are taking the policy ‘out’ with a life insurance policy it is unlikely that you will need to undergo any medical examination.
BT TPD Insurance
TPD Insurance from BT is designed to provide a ‘lump sum’ payment in the event that you become totally and permanently disabled and thus unlikely to enter the working life again. The lump sum can be used to cover just about any expenses related to your disability. It has mainly been designed for those who need to make adjustments to their lifestyle as a result of the injury that they have suffered. You are able to apply for TPD insurance through BT as either an individual policy or as part of a larger life insurance policy. You can make considerable savings if you go down the latter route.
BT TPD Insurance Benefits
- TPD insurance through BT is regarded as a ‘term policy’ and thus you will have the ability to renew it every 1 to 10 years (depending on the policy that you took out). Unlike other insurance companies however there is a guaranteed renewal from BT. Providing you keep up to date with your insurance payments they will never decline your request for the policy to be renewed.
- Changing your job? You will be pleased to know that you can add and subtract from your TPD insurance cover as and when you need. This means you will always have the policy that suits your needs.
- The ability to take your BT TPD insurance as a standalone policy or as part of your life insurance.
BT TPD Insurance Eligibility
You are able to apply for TPD life insurance through BT at any age. You will be unable to apply for the insurance policy if you are currently out of work or have reached retirement age.
BT Funeral Insurance
BT does not currently offer a funeral insurance policy.
Do Life Insurance Policies through BT include Funeral Coverage?
Yes they do. However you do have to be aware that the cost of the insurance policy will go up substantially as you get older. If you are after dedicated funeral coverage then it may be best to look for another provider.
Is a Medical Required for Life Insurance Policies Through BT?
Yes; in most cases you will need to undergo a medical. There have been reports that younger people taking up the policy have not been required to undergo a medical. If you are offered one however then it is suggested that you take the opportunity. This is mainly for the fact that it is going to save you money on the premiums.
Is BT a Safe Company for Life Insurance Policies?
Whilst BT does very little in the way of business outside of Australia and New Zealand you can feel confident that your money is in the safest possible hands when you take an insurance policy through them.
Is the Claims Process Easy?
Yes! If you ever need to make a claim then you will be designated a ‘single point of contact’. This should make communication a whole lot easier.
Is the Guaranteed Continued Cover really Guaranteed?
Providing you pay your premiums on time every time then you will always be able to renew your policy…no matter how old you are.