BT Financial Group will allow level premium policy holders to change the funding method and ownership structure of their policy while retaining their original entry age premium rates under a new replacement policy.
BT Life Insurance, Head of Product, Kim Cohen said the change would apply to all level premiums products within the BT Protection Plans range regardless of whether they were funded from, or held, inside or outside of superannuation or on a platform.
“Our level premium policy customers have the expectation that prices will be stable…”
“Our level premium policy customers have the expectation that prices will be stable and choose those products because they plan to hold them for a long time. This change will help them to continue to implement that strategy without penalising them for making changes,” Cohen said.
Cohen said the new process would reduce the time its takes to replace a level premium policy to less than one week, and would also reduce the level of administration for advisers while retaining consistency in pricing.
The new process was based on feedback from, and piloted with, advisers who were seeking a simpler mechanism to implement changes in their advice to clients, Cohen said.
She added “…we are committed to making it easy for our customers to stay protected. Our updated service makes it simple for advisers to implement recommended ownership changes that meet their clients’ changing needs.”
