{"id":9446,"date":"2011-03-01T09:46:59","date_gmt":"2011-02-28T22:46:59","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=9446"},"modified":"2021-01-13T06:35:17","modified_gmt":"2021-01-12T20:35:17","slug":"new-bt-insurance-offer-product-update","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2011\/03\/01\/new-bt-insurance-offer-product-update\/","title":{"rendered":"New BT Insurance Offer &#8211; Product Update"},"content":{"rendered":"<p>BT Financial Group\u00a0launched its new BT Insurance product and services proposition to advisers\u00a0in February (see <a href=\"https:\/\/riskinfo.com.au\/news\/2011\/02\/14\/launch-of-bt-insurance-service-for-ifa-market\/\" target=\"_self\" rel=\"noopener noreferrer\">Launch of BT Insurance Service for IFA Market<\/a>).<\/p>\n<p>In re-vamping its existing\u00a0BT Protection Plans range, launched under the new BT Insurance brand, the\u00a0company\u00a0says it has focused on delivering top quartile insurance features combined with product flexibility.<\/p>\n<p><!--more-->The product update\u00a0includes a range of new and enhanced benefits, characterised by flexible payment and policy structuring options.<\/p>\n<p>According to BT, advisers can structure BT Protection Plans for their clients using a combination of:<\/p>\n<ul>\n<li>Non-superannuation ownership (i.e. an individual, company or trust)<\/li>\n<li>A\u00a0self managed superannuation fund<\/li>\n<li>BT Protection Plans Superannuation (for Term Life as Superannuation)<\/li>\n<li>SuperWrap<\/li>\n<\/ul>\n<p>They can also choose to have a combination of these structures with the product&#8217;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.<\/p>\n<p>A summary of new or enhanced benefits within the BT Protection Plans range include:<\/p>\n<p><strong>Lump Sum Products<\/strong><\/p>\n<ul>\n<li>Tiered Lump Sum benefit which allows price-sensitive customers to choose from two levels of cover: Living Benefit or Living Benefit Plus<\/li>\n<li>Introduction of Needlestick Cover<\/li>\n<li>Introduction of Double TPD and Double Living Benefits<\/li>\n<li>New Child Support Benefit which provides $10,000 if the insured&#8217;s child suffers from one of a list of specified medical events<\/li>\n<li>Business Cover Benefit which allows for larger increases to policies taken out for business purposes without the need for underwriting<\/li>\n<li>New events available through the Future Insurability Benefit<\/li>\n<\/ul>\n<p><strong>Income Protection Products<\/strong><\/p>\n<ul>\n<li>Introduction of a time-based definition of Total Disability, in addition to the existing duties definition<\/li>\n<li>Removal of the waiting period for the Total Disability Benefit for certain occupation categories for Income Protection Plus policies<\/li>\n<li>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<\/li>\n<li>Introduction of the Respite Care Benefit which provides for severely disabled people and those who care for them<\/li>\n<\/ul>\n<p>Other enhancements include:<\/p>\n<ul>\n<li>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<\/li>\n<li>The introduction of Multi-Policy Discounts<\/li>\n<li>New payment options including the ability to pay premiums via a linked Wrap or SuperWrap account<\/li>\n<li>New Premium Holiday option which allows a client to pause their cover if they are facing financial hardship<\/li>\n<\/ul>\n<p>Commenting on the launch initiatives<strong>, Phil Hay<\/strong>, Head of Life Insurance at BT, said &#8220;We&#8217;ve developed an IFA life insurance solution that&#8217;s been specifically designed in partnership with advisers and includes market leading capability in each stage of the life insurance process.&#8221;<\/p>\n<p>&#8220;We&#8217;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,&#8221; added Mr Hay.<\/p>\n<p>The product suite is supported by new technology and services, including LifeCENTRAL, an online portal intended to\u00a0provide real time 24\/7 access to advisers for information on their clients&#8217; applications and inforce data.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BT Financial Group\u00a0launched its new BT Insurance product and services proposition to advisers\u00a0in February (see Launch of BT Insurance Service for IFA Market). In re-vamping its existing\u00a0BT Protection Plans range, launched under the new BT Insurance brand, the\u00a0company\u00a0says it has focused on delivering top quartile insurance features combined with product flexibility.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9446","post","type-post","status-publish","format-standard","category-products"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/9446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=9446"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/9446\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=9446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=9446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=9446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}