BT Life Insurance

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

Compare BT life insurance

Considering BT life insurance? See our comparison table below for a snapshot of its current market offerings. Please note that this table has been formulated based on a non-smoking, 30-year-old male in an accountant occupation who is seeking $1.5 million in term life cover. To compare more advised life insurance products, please click here.

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The inclusions mentioned represent a selection of what is covered at the time of writing. Additional terms and conditions may apply to different features. Additional fees may apply to the product. CANSTAR is not making any suggestion or recommendation to you about this product. Please ensure that you read the product disclosure statement (PDS) to determine all the current options and inclusions for the product you are considering.

How do I buy BT life insurance?

You can buy BT life insurance through your financial adviser. BT life insurance products are called BT Protection Plans.

To buy BT life insurance through your financial adviser, have a look at the BT life insurance products in the Canstar advised life insurance comparison tables for your occupation and age, then talk to your financial adviser. For more information, you can request a call back or phone BT on 1300 553 764.

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How much does BT life insurance cost?

The cost of your life insurance will vary depending on several different factors such as your age, occupation and choice of insurer. The table above shows the usual premiums charged per year on a BT life insurance policy for the specified profile.

You can compare BT life insurance premiums for advised life insurance for your situation by clicking on the link below. Compare these premiums to the average premiums for advised life insurance on our database.

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BT Life Insurance FAQs

It depends on whether you buy a policy through BT or your financial adviser, or if you only have life insurance included through your super fund.

For income protection cover, the insurance premiums will be generally tax deductible if you buy it from BT through your financial adviser. However, the premiums are generally not tax deductible when you buy income protection through your super fund, because the expense is not paid by you directly out of pocket.

Premiums for other forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible. Ask your tax accountant or financial adviser for details.

That depends on whether you choose stepped premiums (which increase as you age) or level premiums (which do not have age-related increases, until the specified upper age limit of 55 years or 65 years, depending on your choice of policy). Level premiums may still increase over time due to rate increases, Consumer Price Index (CPI) increases and policy fee increases.

For more information about stepped premiums versus level premiums, read this article.

Similar to other providers, whether a blood test or medical examination is required will depend on the sum insured, your age and the type of life insurance policy you choose.

With BT life insurance, you have the option to increase or decrease your level of cover as your life stages change, so that your policy continues to suit your needs.

You should be able to change your level of cover by adding or removing features like TPD cover, and by increasing or decreasing your sum insured for each type of cover included in your life insurance policy. If you wish to change your policy inclusions, contact BT to discuss your options.

Keep in mind that increasing your level of cover or adding your spouse or children to your policy is likely to mean you pay a higher insurance premium, and in some cases a medical examination or blood test may be required.

It depends on the condition. When applying for BT life insurance, you must disclose (tell BT about) any pre-existing medical conditions you have now or had in the past, as well as current medications and health issues. Find out more about pre-existing conditions for life insurance here.

You or your beneficiaries can claim with BT life insurance by contacting BT on 1300 553 764 (open Mon-Fri). BT will assign a dedicated claims manager (“Claims Consultant”) to your case, to make the claims experience as easy as possible for you, so be sure to write down your Claims Consultant’s name and phone number.

In some cases, a phone call is all that is needed to start your claim. In other cases, BT may request that after phoning them, you fill in an insurance claim form and return it together with medical certificates or other documentation it may ask for.

If your insurance claim is approved, BT will arrange the payment of your benefit via either direct deposit or cheque, and will contact you to confirm when your payment has been processed. If your claim for an income protection benefit is approved, this will involve ongoing payments while you are eligible to continue receiving a benefit, rather than one lump sum payment.

BT was founded in 1969 to help Australians create and manage wealth, and BT has been offering life insurance since 1987. Today, BT is part of the BT Financial Group, which is the wealth management arm of the Westpac Group.

Source: BT Financial

At the time of writing, BT continues to offer a loyalty reward of an extra 5% added to your usual benefits after you’ve held a BT term life insurance policy for more than three years.

Members can use the Adviser View website to search for financial advisers in particular locations and areas of expertise, and give reviews of the advice experience they receive.

BT Financial supports the community by partnering with several organisations making a difference in Australia. It partners with the School for Social Entrepreneurs Incubator (SSE) to run a mentorship training program for Australia’s emerging social entrepreneurs, and created the Stella Network in 2013 to support women becoming financial planning advisers. It fundraises and donates clothing for Dress For Success, a not-for-profit organisation that helps disadvantaged women to get a job and keep it by providing clothes for job interviews, help writing resumes and other support.

BT is also a partner of Jawun Indigenous Corporate Partnerships, in which corporate employees are seconded to Indigenous organisations for several weeks to share their skills and contribute to the sustainability of those organisations.

BT Financial protects the environment by reporting on its carbon footprint, and investing in accordance with environmental, social and governance (ESG) principles.

Written by: TJ Ryan | Last updated: