August 28, 2018
BT will apply a rate guarantee on all new policies within its Protection Plans product suite for two years from the policy commencement date.
The guarantee will apply from 28 August 2018 to stepped and level premiums for the initial sum insured but excludes standard increases, such as age-based adjustments and Consumer Price Index adjustments, and any customer-initiated alterations.
The rate guarantee is part of wider set of enhancements introduced by BT which cover underwriting and updates product terms and medical definitions.
The underwriting enhancements include:
- Increased sum insured limits for a wide range of occupations (such as accountantsand doctors) under BT’s Professionals Package
- Increased sum insured limits forTPD (any occupation) cover for farmers rising from $3 million to $5 million
- Increased cover available to ‘homemakers’ rising to $2.5 million for Term Life and TPD, and $1.5 million for Living insurance
- Medical tests are no longer required for clients under 45 years of age whenthey apply for an income product with a monthly benefit of up to $15,000
BT has released a new Supplementary PDS which includes six updates to medical terms reflecting the most recent changes to clinical terminology and medical advancements.
These updates include:
- The removal of a six-month wait between procedures under the angioplasty advancement allowing multiple partial Living insurance benefit claims for different angioplasty events
- The severe burns definition now applies regardless of the cause of the burn to reflect updated medical terminology.
- A streamlined waiting period requirement for income protection policies
- A simplified process for clients exercising the TPD Continuation Benefit which has removed the requirement to provide ongoing evidence of employment after the TPD Continuation has been exercised at age 65, as long as the client remains in work on a full-time basis
- Removal of exclusions relating to Children’s Benefit and Child Support Benefit
BT Life Insurance, Head of Product, Kim Cohen said “…we’re committed to reviewing our products to ensure that our offer includes the most up-to-date and relevant features and benefits for our clients”.
“We are making life insurance simpler and more accessible, by streamlining the underwriting process so it’s easier for clients to obtain the cover that’s right for them,” Cohen said.
“The changes are aimed at providing clients with access to greater levels of protection and certainty should the unexpected happen, and also make it easier for clients to obtain cover.”