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BT Life Insurance Review

BT was created in 1969 as Banker’s Trust. They’ve been owned by a few different parent companies in the past. More recently, Westpac purchased BT from Principal Financial Group in 2002.

The company operates in Australia and New Zealand, and offers a range of wealth management tools to their customers.

BT doesn’t handle life insurance alone. They also tackle investments, retirement income, financial advice, and some other financial services.

  • BT offers a range of financial services outside of life insurance, but still heavily focus on getting you money when you need it most.
  • Life insurance plans from BT cover a range of needs, and include multiple benefits for long-term policy holders.
  • BT ensures that they pay every legitimate claim promptly, while protecting their members from fraudulent claims with diligence.
  • Loyalty Benefit: 5% added to your claim if you’ve been a loyal policyholder for at least three years.
  • Future Insurability: Insures you always receive cover as long as you pay your premiums.
  • Homemakers Cover: BT offers a homemakers cover option as part of income protection, as a way to ease the burden of a non-working spouse’s injury or death. Handling the home duties doesn’t pay, but whichever spouse takes the homemaking role is still indispensable.
  • Protection for Mortgage: Whether you choose term life insurance or income protection insurance, BT will help to ensure you don’t fall behind on your home loan payments in the event of serious injury or death.

BT Insurance provides a variety of cover options. You can choose one or multiple of the following.

Term Life Insurance

Term life insurance from BT provides a lump-sum payment to you or your family if you die or are diagnosed with a terminal illness that will likely result in your death within two years.

BT offers a loyalty benefit with their term life insurance. The benefit provides a 5% addition to your claim when you’ve held a policy for over three years.

Another benefit from BT term life insurance is called Future Insurability. This feature allows you to increase cover throughout your policy without a second medical assessment.

BT makes it easy to increase or decrease your coverage. They know that life events change, and want your policy to reflect your financial needs.

If BT upgrades their policies, they’ll also automatically apply these upgrades to your existing plan.

TPD Insurance

Total and Permanent Disability insurance, as the name suggests, covers you in case you face permanent disability that forces you out of work.

BT allows you to define your occupation and even recognises homemakers as a vital part of the household. The loyalty benefit and future insurability benefit apply to TPD insurance claims as well.

Living Insurance

Living Insurance is more of a general type of insurance, and it can cover you in case you suffer a serious injury.

Hospital bills pile up after a severe and unexpected accident. Living insurance will help ease the burden and might allow you to seek therapies you otherwise couldn’t afford.

BT’s living insurance is among the top of the industry and provides financial assistance for a long list of diseases and injuries.

If you receive a less significant diagnosis, you can obtain a payout from BT for up to $100,000.

Income Protection Insurance

Income Protection is one of BT’s award-winning insurance policies that will give you up to 80% of your income if you’re temporarily forced out of work.

This plan provides rehabilitation benefits so you can get back to work quicker as well. The loyalty benefit will even include a $50,000 death benefit if you have the plan for over three years.

Business Insurance

If an injury or illness forces you out of work when you own a small business, your income will take double the hit. Business Insurance is one of the ways you can protect against this unforeseen possibility.

You can use the payout from business insurance to cover expenses while you get back on your feet. If you want to enhance your cover even further, you can combine business insurance with income protection.

Key Person Income

Every business has a few people who are indispensable. If you can’t envision continuing your business without a few key figures, you should probably take out a key person policy on them.

Key person insurance gives you financial compensation if one or more of your employees suffer an injury or illness that forces them out of work. You can use this money to pay off your debts, look for a replacement, or keep the business afloat while they recover.

BT allows you to take out key person insurance on up to five people.

Children’s Benefit

Children’s Benefit is a way to ease the financial burden of losing a child too soon. Nothing will take away the pain of losing one of your children, but a lump-sum payment will help take away some of the financial implications that pile-on after death or terminal diagnosis.

If your child receives a diagnosis like this, the Children’s benefit can cover some or all of the cost of treatment. You can purchase one of these policies that offer a payment up to $200,000.

BT offered financial assistance to 3,690 Australians in 2016 alone.

The benefits they paid included $320 million of life insurance claims for Australians who had a family member die, were forced out of work or received a terminal diagnosis.

Awards Snapshot

  • 2015 Life Company of the year
  • 2014 & 2015 Best Life Insurance Company (Australia)
  • 2014 & 2015 Life Insurance Product of the Year – Protection Plans (AB+F Insurance Awards)
  • 2016 FSC Life Insurance Award for Consumer Innovation: Advanced Terminal Illness Benefit
  • 2015 & 2016 Claims Team of the Year Award
  • 2015 & 2016 Income Protection Insurance Award: Income Protection Plus

Claiming BT Life Insurance is similar to claiming with any insurer. First, you need to contact them and discuss the reason you’re making a claim.

Call as soon as you know that you’ll have to make a claim, though the BT staff are understandable that insurance isn’t always the first thing on your mind when tragedy strikes.

The consultant you talk to may or may not require you to fill out a form, depending on the type of claim.

Double-check the form once you complete it, and make sure to attach any necessary documents to the form. You might need to bring it to a practitioner to fill in some of the information.

After you send in the form or complete the required questions, your adviser will assess your claim. If everything is above board, they’ll give you a follow-up phone call and eventually issue you a payment.

Speaking with a financial adviser is usually a good idea at this time since these payments can affect your taxes. An adviser will give you information on how to proceed here. BT offers financial services as well, so you can use them for all of your claiming needs if you prefer.

BT Claiming Philosophy

BT consultants always try their best to assess each claim fairly and pay requests as soon as they can. At the same time, they need to protect themselves and their policyholders from fraudulent claims going through the system.

They aim to be as understanding as possible throughout the process and know that most policyholders aren’t intimately familiar with their life insurance plan.

Consultants recognise that life insurance claims are often worst-case scenarios, and try to assess genuine claims and pay them as quickly as they can.

If you decide to work with BT for financial advice outside of life insurance, their advisers and consultants can work together to give you the best information and advice about the claiming process.

They know they play a pivotal role in getting you back on your feet after a tragedy, and take that position seriously.

Website: 131 817

Mailing Address (Life Insurance):
Life Insurance Policy Services
GPO Box 524
Sydney NSW 2001

Contact Form:

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