BT Financial Group launched its new BT Insurance product and services proposition to advisers in February (see Launch of BT Insurance Service for IFA Market).
In re-vamping its existing BT Protection Plans range, launched under the new BT Insurance brand, the company says it has focused on delivering top quartile insurance features combined with product flexibility.
The product update includes a range of new and enhanced benefits, characterised by flexible payment and policy structuring options.
According to BT, advisers can structure BT Protection Plans for their clients using a combination of:
- Non-superannuation ownership (i.e. an individual, company or trust)
- A self managed superannuation fund
- BT Protection Plans Superannuation (for Term Life as Superannuation)
- SuperWrap
They can also choose to have a combination of these structures with the product’s Flexible Linking Plus and Income Linking Plus options, which allow clients to maximise the benefits that can be held within superannuation while also providing affordability of cover.
A summary of new or enhanced benefits within the BT Protection Plans range include:
Lump Sum Products
- Tiered Lump Sum benefit which allows price-sensitive customers to choose from two levels of cover: Living Benefit or Living Benefit Plus
- Introduction of Needlestick Cover
- Introduction of Double TPD and Double Living Benefits
- New Child Support Benefit which provides $10,000 if the insured’s child suffers from one of a list of specified medical events
- Business Cover Benefit which allows for larger increases to policies taken out for business purposes without the need for underwriting
- New events available through the Future Insurability Benefit
Income Protection Products
- Introduction of a time-based definition of Total Disability, in addition to the existing duties definition
- Removal of the waiting period for the Total Disability Benefit for certain occupation categories for Income Protection Plus policies
- Introduction of the Transport within Australia Benefit which will pay for the insured to be transported within Australia if they become totally disabled and are confined to bed
- Introduction of the Respite Care Benefit which provides for severely disabled people and those who care for them
Other enhancements include:
- New Counselling Benefit, available on all policy types, which provides funds for the cost of counselling sessions for the insured, policy owner or an immediate family member
- The introduction of Multi-Policy Discounts
- New payment options including the ability to pay premiums via a linked Wrap or SuperWrap account
- New Premium Holiday option which allows a client to pause their cover if they are facing financial hardship
Commenting on the launch initiatives, Phil Hay, Head of Life Insurance at BT, said “We’ve developed an IFA life insurance solution that’s been specifically designed in partnership with advisers and includes market leading capability in each stage of the life insurance process.”
“We’ve taken a clean sheet of paper and delivered an end-to-end solution that takes the best parts of product, technology and service unlike other offers that retro-fit or consolidate legacy systems,” added Mr Hay.
The product suite is supported by new technology and services, including LifeCENTRAL, an online portal intended to provide real time 24/7 access to advisers for information on their clients’ applications and inforce data.
