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BT Term Life Insurance

BT AustraliaWhat would your family do if you were no longer able to provide for them? Looking after those you care for is possible with BT’s Term Life insurance should you pass away or be diagnosed with a terminal illness. The policy can pay you or your nominated beneficiaries a lump sum payout to cover your family’s future needs, so those you care about can still have the lifestyle they planned for. This can prevent your family drawing down on their assets or taking out loans to provide for their basic day-to-day expenses.

BT’s Term Life can be either a stand-alone product or combined with your BT superannuation policy.

The policy is available for those aged 15-69.

What does Term Life cover?

BT Term Life can help you with:

  • Loss of income to help your family with ongoing financial support needed to maintain their lifestyle. This can help ensure the education and health of your family doesn’t change in the event of your death.
      
  • Reducing debt with a lump sum paid to your family, should you choose to obtain your policy as a lump sum rather than monthly installments.
      
  • Deal with grief through their Grief Care Program, should you and your family need psychological assistance in the event of your terminal illness or death.
      

What’s included?

As with most of BT’s insurance policies, a number of benefits give this insurer a competitive edge over others in the wealth management market. To make sure your policy benefit keeps up with the rises in costs of living, BT will automatically increase the amount of your benefits each year to keep up with inflation.

BT also guarantees that your Term Life policy is 100% renewable. As long as you pay your premiums, BT will not cancel your insurance, even if your health, occupation or lifestyle changes.

Worried that your policy might not be as good as it was when you first took it out? BT will automatically upgrade your policy to their latest versions, as long as the latest version doesn’t result in an increase in premium.

BT also has a loyalty system running, where they increase select benefits by 3% if you’ve been with the insurer for 3 years or more. You can also get a 5% discount for taking out multiple covers.

Other benefits include:
  

  • Death benefit
    Pays a benefit in case of your death.
      
  • Terminal illness benefit
    Help cover the costs of living should you be diagnosed with a terminal illness and have less than 12 months to live
      
  • Future insurability benefit
    Allows you to increase the Death Benefit, TPD Benefit, and Living Benefit in certain circumstances without a medical certificate.
      
  • Financial planning benefit
    You could receive a reimbursement of up to $5000 for the preparation of a financial plan if you’ve received the payment of a Death Benefit, Terminal Illness Benefit, TPD Benefit or Living Benefit.
      
  • Funeral advancement benefit
    Provides up to $25,000 for the upfront costs of a funeral.
      
  • Counselling benefit
    Should you or your family need help dealing with grief, BT will cover $5000 in counseling costs following the payment of a Death Benefit, Terminal Illness Benefit, TPD Benefit or Living Benefit.
      
  • Premium Holiday
    Want to pause your policy, without the hassle of re-applying later? If you can’t afford your monthly premium payments, BT can pause your policy for a maximum of 12 months if you’ve held it for longer than 6 months.
      
  • Worldwide coverage
    Relocating? You’ll still be covered, no matter where you are in the world.
      

Want to compare this policy with others? You can compare BT’s insurance premiums with other policy providers through our free quote service.

Page last updated: February 26, 2014