BT Life Insurance

BT Life Insurance is Westpac Bank’s wealth management entity. They presently have more than 1.3 million Australian clients or 7.6% of active market share. The company has been operating in the insurance industry since 1987.

With many awards under its belt, BT Life Insurance is consistently in the top 10 of Australia’s best life insurance companies. It is the World Finance Global Insurance Awards’ Best Life Insurance Company from 2015 to 2017, and the 2019 overall winner of Consumer Choice Awards. Australian Insurance Awards (AB+F) also named BT Life Insurance the Life Insurance Company of the Year in 2016 and 2017. It also has many other awards, gaining the industry’s highest esteem.

BT Life Insurance Product Lines

BT Life Insurance offers various insurance options to satisfy your needs. The company can link you up with licensed financial advisers to help you select the best option suited to your lifestyle. Here are their product lines:

• Term Life insurance (Terminal Illness and Death Cover) — the company pays a lump sum if you are diagnosed with, or die of, a terminal illness.

• Total and Permanent Disability (TPD) insurance — the company pays a lump sum in case you become totally and permanently disabled and, as a result, become unlikely to work again.

• Living Insurance (also called Trauma insurance) — the company provides monetary support to help soften the financial strain in case you suffer a specific medical condition such as heart attack, stroke, or cancer.

• Income Protection insurance — the company provides up to 80% of your monthly income to meet your daily living expenses in the event you become unable to earn an income due to sickness or injury.

Compare up to 14 Life Insurers in less than 60 seconds >

• Business Overheads insurance — the company can provide your business with cash flow necessary for its everyday operation. You get peace of mind knowing your livelihood is protected as you focus on your recovery.

• Additional insurance options — the company also offers other insurance solutions for your special needs:

• Needlestick Benefit — it covers you against workplace accidents resulting in occupationally acquired bloodborne disease such as HIV or hepatitis B or C.

• Children's Benefit — it provides coverage against the financial impact of a child suffering from a specific and serious medical condition and loss of life. BT’s Children's Benefit can provide a lump sum benefit which can be used to give your child the best chance of survival and good quality of life.

• Homemakers cover — this option provides a monthly benefit for homemakers in the event they become severely disabled and unable to accomplish their normal household responsibilities due to illness or injury.

BT Life Insurance Pros and Cons

After going through some online reviews and studying BT’s products, here are the pros and cons we found:

Pros:

• BT Life Insurance is a stable company with top-notch performance in the industry
• Has flexible linking option within or outside superannuation.
• Provides 10% funeral advancement benefit to your nominated beneficiary to help with funeral expenses.
• Has future insurability benefit which increases your total amount of cover in the event of a specified major life event.
• Provides multi-policy discounts where you can get to choose between stepped premiums or level premiums.
• Provides an additional 5% loyalty benefit at claim time once the policy has reached more than three years.
• Product upgrades are automatically applied to your policy (as long as the upgrade does not result in increased premiums).
• Has an easy, straightforward, and supported claims process that’s also digitally supported.
• You are guaranteed a continued cover, provided you continue paying your premiums, even if your life situation changes.
• You can select your waiting period and benefit period.
• Has a host of many other benefits — accident, elective surgery, rehabilitation expense, return to work, recurrent disability, financial planning, counselling, multi-link, premium holiday, and business cover benefits!

Cons:

BT Life Insurance won’t provide a payout:

• In case of suicide within 13 months of commencing or reinstating your policy, including cover increase.
• If the claim was due to a self-inflicted injury or intentional self-harm.
• If the claim is a result of any act of war or terrorism (except death during war service).
• If the claim is a result of any high-risk occupation, sports, or pastimes you are engaged in and was not disclosed to the company.

Additional exclusions apply for monthly benefits that have been paid out for 24 months exceeding $40,000. The company will also not pay out the benefit for any period while the insured is in jail.

With many life insurance companies offering attractive policies, it is a good practice to compare before committing.