BT Life Insurance

Written by: TJ Ryan

BT Life Insurance Logo

BT is a provider of life insurance, income protection insurance, business insurance, superannuation funds, investment products, and financial advice.

“Prepare for the unexpected with BT insurance.”

Policy Options: What BT life insurance covers

The inclusions below represent a selection of what is covered. Additional conditions may apply to different features. CANSTAR is not making any suggestion or recommendation to you about this product.  Please ensure that you read the product disclosure statement to determine all the current policy options and inclusions for the product you are considering.

Term Life Policy

  • Financial protection for your loved ones if you die or become terminally ill.
  • Maximum sum insured varies depending on personal circumstances, renewable (guaranteed).
  • Paid in a lump sum.
  • Advance payment up to $25,000 available to help with immediate funeral costs.
  • Covers up to $5,000 for the preparation of a written financial plan, when a lump sum benefit is paid.
  • Covers up to $5,000 for 10 counselling sessions following the payment of a Death Benefit or Terminal Illness Benefit.

Total and Permanent Disablement Policy

  • Benefit from a payment if you become totally and permanently disabled and are therefore unable to work.
  • Covers up to $5 million (or $15 million with BT Protection Plan Reserve policy upgrade) , renewable (guaranteed).
  • Paid in a lump sum
  • Partial benefit paid if the Insured Person is partially and permanently disabled.
  • Covers up to $5,000 for the preparation of a written financial plan, when a lump sum benefit is paid.
  • Covers up to $5,000 for 10 counselling sessions following the payment of a TPD Benefit.
  • Death benefit of $10,000 applies if you pass away before receiving TPD Benefit.
  • Optional cover: Life insurance policy premiums are waived if you have been totally and temporarily disabled for at least 6 months.
  • Optional cover: Life policy Death Benefit is restored, up to same amount as TPD benefit paid.

Living Insurance Policy (Trauma and Critical Illness Policy)

  • Benefit from a payment if you have a specified medical event such as cancer, stroke, or heart attack.
  • Covers up to $2 million (or $10 million with BT Protection Plan Reserve policy upgrade) , renewable (guaranteed).
  • Advance payment available for certain specified medical events such as angioplasty, loss of sight in one eye, or loss of one limb.
  • Covers up to $5,000 for the preparation of a written financial plan, when a lump sum benefit is paid.
  • Covers up to $5,000 for 10 counselling sessions following the payment of a Living Benefit.
  • Pays a benefit of $10,000 if your dependant child dies or suffers a specified medical event.
  • Death benefit of $10,000 applies if you pass away within 14 days of suffering a specified medical event.
  • Upgrade to Living Benefit Plus policy to cover a much larger list of specified medical events.
  • Optional cover: Reinstate your Living Benefit and Death Benefit cover after receiving the Living Benefit, up to the amount paid for Living Benefit.

Income Protection Policy

  • Provides you with a replacement income stream if you cannot work due to serious illness or injury.
  • Covers up to 80% of your income, up to $60,000 for employed persons and up to $5,000 for unemployed persons, renewable (guaranteed).
  • Paid in an income stream of monthly payments.
  • Level of cover varies depending on employment status, whether employed, self-employed, or occupied with home duties.
  • No premium is charged while you are claiming a Total Disability Benefit, Severe Disability Benefit or Partial Disability Benefit payment under this policy.
  • Death benefit applies if you pass away while entitled to receive a payment.
  • Elective surgery benefit paid monthly if you are totally or partially disabled because of a transplant surgery where you are the donor, or elective cosmetic surgery.
  • Severe disability benefit applies if you become severely disabled.
  • Recurring disability benefit applies if your disability recurs.
  • Rehabilitation benefits help pay approved costs of rehabilitation and a rehabilitation program while you are totally disabled.

Business Overheads Policy

  • Pays certain business expenses to keep your business running while you can’t work due to sickness or injury.
  • Covers up to $60,000.
  • Paid in an income stream of monthly payments.

Protection for Mortgages Policy

  • Helps you pay off your mortgage and meet other costs if you die, suffer a terminal illness, or cannot work due to sickness or injury.
  • Death benefit of $50,000 up to the lesser of the property loan amount or $750,000.
  • Paid in a lump sum.
  • Advance payment up to $25,000 available to help with immediate funeral costs.
  • Covers up to $5,000 for the preparation of a written financial plan, when a lump sum benefit is paid.
  • Covers up to $5,000 for 10 counselling sessions following the payment of a Living Benefit.

Needlestick Benefit

  • Covers those working in certain medical/health occupations (doctors, surgeons, dentists, nurses, ambulance officer) if you accidentally acquire HIV, Hepatitis B, or Hepatitis C while performing your normal duties.
  • Covers up to $1 million.
  • Paid in a lump sum.

Children’s Benefit

  • Benefit from a payment if your child aged 2-14 years dies or suffers a specified medical event.
  • Covers up to $200,000.
  • Paid in a lump sum.

About BT

BT was founded in 1969 to help Australians create and manage wealth. Today, BT is part of the BT Financial Group, which is the wealth management arm of The Westpac Group.

BT offers a loyalty reward of an extra 5% added to your sum insured after you’ve held a BT Protection Plan insurance policy for 3 years.

Prepare magazine by BT is available for the public online and covers superannuation, investment, and insurance topics.

How BT supports the community

  • Partnering with the School for Social Entrepreneurs Incubator (SSE)to run a mentorship training program for Australia’s emerging social entrepreneurs.
  • Partnering with It Gets Better Australia, a non-profit organisation that helps LGBTI youth cope with harassment and discrimination relating to their sexuality.
  • Runway For Success fundraising and donating clothing to Fitted For Work, a not-for-profit organisation that helps disadvantaged women to get a job and keep it, from providing clothes for a job interview to helping them “prepare for the best” and build a career to provide for her family.

How BT supports the environment

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