BT Life Insurance has released a new PDS effective from 1 April 2019, together with a range of initiatives including a new service offer, other product/service enhancements and pricing changes.
Headlining this round of activity from BT is the launch of its value-added My Wellbeing Portal health and wellness offer. Take this link for further details about this new proposition from the insurer:
Launch of BT ‘My Wellbeing’ Initiative
Other key planks in BT’s 1 April 2019 update include:
LifeCENTRAL+ Enhancements
A website version of BT’s quotation and application software tool has been launched.
Trialled since mid-March, the full release of the online version of LifeCENTRAL+ was set to roll out from the beginning of this week.
Other enhancements to LifeCENTRAL+ include an update of its system to include split premium frequency. BT advises this new feature provides greater flexibility for policies linked inside and outside super, with annual, half-yearly, quarterly and monthly payment options available.
New PDS, Adviser Guide
Accompanying the launch of its My Wellbeing offer and enhancements to LifeCENTRAL+ the insurer has released a new PDSs and a new adviser guide, which can be accessed here:
BT Protection Plans PDS 010419
BT Protection Plans Reserve PDS 010419
BT Protection Plans Adviser Guide 010419
Definitions/Benefits Enhancements
The updated PDS includes these enhancements:
Child Support Benefit– BT has extended the expiry age of this benefit, from the review date following a child’s 16th birthday, to the review date following their 18th birthday.
Cancer – excluding specified early stage cancers – updated the cancer definition to include explicit cover for clients who meet a certain level of severity for some rare cancers.
Multiple sclerosis– a single episode of confirmed neurological deficit will allow clients to claim under this condition.
Pricing Changes
BT Life Insurance reports pricing changes for its income protection offer, which will see a ten percent increase to both stepped and level premium IP pricing. This increase, however, does not apply to existing level premium policies.
Meanwhile, BT has reduced pricing for its optional Needlestick Benefit by 50 percent, and has confirmed its Policy Fee Waiver campaign came to an end on 31 March.
Commenting on the product update, BT’s Head of Product, Life Insurance, Sean Boner, noted, “At BT we review our product and policy terms annually, over and above what is required under current regulations, to ensure that product and policy terms remain clear, accurate and easy to understand.”
