BT Protection Plans - Key facts

This information is designed to provide you with key facts about your policy.

This document is a summary and is not a Product Disclosure Statement (PDS). The full terms and conditions of cover provided under BT Protection Plans are set out in the BT Protection Plans PDS and Policy Document, along with any Policy Schedule (if applicable).

This document contains general advice only and does not take into account your individual objectives, financial situation or needs. Before you decide to continue to hold your BT Protection Plans policy, you should carefully read the PDS and Policy Document.

For key facts about the different types of cover we offer, please refer to the relevant Key Facts Sheet for the applicable cover type.

BT Protection Plans is an insurance policy. It is not a savings product. No refunds are provided when the plan ends, and it does not accumulate a cash value. Like other insurances, the premium you pay provides protection if the insured event happens.

 

What is Term Life Insurance?

Term Life insurance is a way for you to financially provide for your loved ones, should you die or have a terminal illness and will be unlikely to live for more than 24 months. It protects the people who financially depend on you to look after them. If your family relies on your income, Term Life Insurance can help make sure your family’s home and lifestyle are secure if something were to happen to you.

 

How does Term Life Insurance work?

Term Life Insurance provides worldwide cover 24 hours a day and may provide a lump sum payment in the event of either death or diagnosis with a terminal illness with 24 months or less to live. 

 

What is Income Protection Insurance?

Income Protection Insurance provides a monthly benefit to replace a portion of the income lost when you are unable to work at your full capacity due to sickness or injury.

 

How does Income Protection Insurance work?

Income Protection Insurance provides worldwide cover 24 hours a day and may provide a monthly benefit in the event that either sickness or injury causes you to be unable to work for longer than the waiting period.

 

What is Living Insurance?

Living Insurance pays a benefit if you experience a specified medical event (such as cancer, stroke, or heart attack) and your condition meets our definition of the relevant specified medical event. The specified medical events that are covered, and how they are defined, are set out in the Product Disclosure Statement and Policy Document. Living Insurance can help with major expenses, providing financial peace of mind during your recovery.

 

How does Living Insurance work?

Living Insurance provides worldwide cover 24 hours a day and may provide a lump sum payment should you experience a specified medical event.

 

What is Total and Permanent Disablement (TPD) Insurance?

Total and Permanent Disablement (TPD) insurance pays a benefit if, because of sickness or injury, you become totally and permanently disabled. Whether you are totally and permanently disabled may be assessed according to your ability to perform your own occupation, a suited occupation or home duties (depending on the option you choose), or to look after yourself, or whether you have suffered permanent loss of use of limbs, sight, or intellectual capacity. TPD Insurance may assist with medical and rehabilitation costs and provide a level of financial security for your family.

 

How does Total and Permanent Disablement (TPD) Insurance work?

Total and Permanent Disablement (TPD) Insurance provides worldwide cover 24 hours a day and may provide a lump sum payment in the event of total and permanent disablement due to sickness or injury.

 

What is a beneficiary?

A beneficiary is the person who will receive your life insurance payment should you pass away.

When choosing your beneficiary, it’s important to think about who you would want to take care of financially should something happen to you. For most people, this is their spouse or children.

The person you nominate will be listed on your Policy Schedule. If you’re yet to nominate your beneficiary, you can easily do so. Please call us on 1300 553 764 to nominate or change your Beneficiary at any time.

 

What is underwriting?

Underwriting is a term used to describe the process of assessing insurance risk prior to issuing a policy. It usually takes the form of questions about your occupation, medical history and pastimes. Underwriting is designed to ensure the premiums and cover terms for your insurance plan reflect your own medical situation, lifestyle and occupation, and for the insurer to assess if insurance can be provided to you and if so, on what terms. In some cases, cover may be subject to conditions such as a premium loading, or an exclusion.

  

How to make a claim

When making a claim, we will endeavour to make the claims process as easy as possible for you or your Beneficiary. You or your Beneficiary can just call us on 1300 553 764 and we will explain the claim requirements. Some information can be taken over the phone, and we’ll also advise specifically what other documents and requirements we need at the time of lodging a claim. Our assessment of a claim may require obtaining information such as medical, employment, lifestyle, pastimes or financial evidence, that we require to make a decision on your claim.

 

Paying your premiums

Your cover only continues while premiums are paid up to date. BT Protection Plans is an insurance policy, not a savings plan. In this sense, it works in the same way as many other insurances, such as car insurance. Other than if you cancel your policy during the cooling off period or make a claim, if you stop paying, your cover will end and there will be no refund of any of the money you’ve paid in premiums.

For more information about understanding your premiums and adjusting your cover to fit your budget please visit the affordability page.

 

Cancelling your cover

You can cancel your cover at any time, however once your cover is cancelled, you will not be able to make a claim. For full details, please see the PDS.

 

What if I can no longer afford the cost of my insurance?

There are a number of ways to help keep cover affordable. If you are concerned that your cover is unaffordable, please contact us so that we can explain options that may reduce your premium.

 

What is the Life Insurance Code of Practice?

We are committed to the Life Insurance Code of Practice (the Code). The Code outlines the life insurance industry’s key commitments and obligations to our customers, including that we act with honesty, fairness and transparency.

Please click here to read more information about the Code.