BT income protection is not currently available via Finder. You can visit their website at www.bt.com.au for more information or compare alternative options available here.
BT life insurance: Our verdict
It comes with lots of flexibility – BT Income Protection Assured insurance allows you to choose when your cover starts, how long you're covered for and how much of your salary is covered.
Its policies are issued through an adviser so are tailored to your needs.
Rehabilitation benefits are available – some insurers don't offer this.
You can't take out BT Income Protection Assured once you're over 65.
You can also take out cover through super but this may not be the best value option for everyone as it eats into your retirement savings.
BT offers an Income Protection Assured insurance policy which replaces up to 70% of your monthly income. It comes with similar benefits to other insurers. These include:
Rehabilitation and retraining benefits
A monthly benefit which automatically increases annually in line with any Consumer Price Index (CPI) changes, unless you request otherwise
A 5% multi-policy discount if you hold more than one eligible BT Protection Plan policy
Guaranteed continued cover as you continue to pay your premiums
Product upgrades, that don't result in an increase in premiums, get automatically applied to your existing policy
Note: Be sure to check the Product Disclosure Statement (PDS) for terms and conditions.
Applying for cover
To apply for BT cover,
You must be aged 15 – 59 at the time of commencing cover or aged 17 – 65 for any replacement or reinstatement
You must be an Australian citizen, a permanent resident of Australia or the holder of an eligible spouse/partner or work visa
You must work at least 20 hours per week
You must be working in an eligible occupation (speak to a financial adviser or contact BT Customer Relations for more on eligibility)
You must not be an undischarged bankrupt
Still wondering if BT is right for you? Here are the main pros and cons summarised:
Pros
You can also get cover in your super.
Policies are guaranteed to continue.
Cons
You can't take out cover if you're over 65.
What are some of the key exclusions?
As with any insurance, certain conditions and exclusions apply and in the case of BT Income Protection Insurance, a benefit will not be paid if your death or disability is caused directly or indirectly by:
an intentional self-inflicted act or attempted suicide
an accident while you are under the influence of alcohol or non-prescribed drugs
an act of war (whether declared or not), except when you die on war service
engaging in any sport, pastime or occupation not normally covered at standard rates
any condition that you knew about before applying for cover.
How do I lodge a claim?
BT has a dedicated claims consultant who will talk you through how to lodge a claim. This can make it easier for you to lodge a claim successfully. Not all insurers have this. In some cases, BT may be able to assess your claim on the spot, over the phone.
Compare other leading income protection insurance brands
Gary Ross Hunter was an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio
Gary Ross's expertise
Gary Ross has written 648 Finder guides across topics including:
One of the benefits of income protection insurance is that you may have the ability to claim a tax deduction on your premium benefits. Find out if the same rules apply for policies inside super.
Find out how much your income protection insurance policy will pay out in the event of a claim. Receive quotes for income protection and apply securely.
Find out what an income protection waiting period actually is and how the longer you wait can impact your premiums and benefit payments.
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