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The importance of protection

The survival and success of your business is critical - it is probably your main source of income and may play a big part in whether you meet your retirement goals.

To give your business its best chance to survive over the long term, and succeed, you need to get smart about protection. No matter how small or large your business, or how it is structured, each business will face a number of risks. These risks could relate to the economy, competition, or changing consumer behaviour and can be hard to control. However, one type of risk you can have a degree of control over is people risk - that is, the financial impact to your business if a key person dies, becomes disabled or suffers a specific medical condition.

Moreover, protection is not just about guarding the financial health of your business, it's also about protecting the ownership of your business - that is, helping to achieve a smooth transfer of business ownership should one of the business owners suddenly exit due to sickness, injury or death.

Why insurance is an important consideration

We all want to avoid thinking about illness, injury and early death. Here are some facts and figures to remind you of just how risky life can be - and why insurance is an important consideration.

  • One in five families will be affected by the death of a parent, or a serious accident or illness that renders a parent unable to work1
  • Around 55,000 Australians suffer a heart attack each year2
  • 1 in 2 men and 1 in 3 women are expected to be diagnosed with cancer before the age of 853
  • It is estimated that more than 43,700 people died from cancer in 20113
  • Almost 2 million adults aged between 25 - 64 have had a disability4

There are a number of different ways that you can reduce the impact that these risks may have on your business.

What insurance cover options are available?

The below table describes some of the different types of insurance policies available within BT Protection Plans.


Type of cover How it can help
Lump sum benefits
Term Life Pays a lump sum in the event of the death of an insured person or if the insured person is diagnosed with a terminal illness.
Total and Permanent Disablement (TPD) Pays a lump sum in the event that the insured person is, depending on the TPD definition selected, unlikely to work again, perform household duties again, or suffers a loss of ability due to a permanent disability.
Living Insurance Pays a lump sum in the event the insured person suffers from a specified medical event such as cancer, a heart attack or stroke. This type of insurance is sometimes referred to as trauma or critical illness insurance.
Monthly benefits
Income Protection Pays a monthly benefit to replace a portion of the insured person's monthly earnings if they're unable to work due to sickness or injury.
Business Overheads Pays a monthly benefit if the insured person is unable to work due to sickness or injury, to help keep their business running.
Key Person Income Pays a monthly benefit to the business in the event the insured person (who can be the business owner or an employee) is unable to work due to sickness or injury to help keep the business viable.
Needlestick Benefit Pays a lump sum if the insured person contracts HIV, hepatitis B or hepatitis C while performing the duties of a medical professional.
Children's Benefit Pays a lump sum if the insured child suffers from a specified children's medical event.


Please note: Needlestick Benefit and Children's Benefit Policies may only be available if you hold another Protection Plans Policy. Living Insurance, Key Person Income, Needlestick Benefit and Children's Benefit are not available within superannuation.

Cover under BT Protection Plans is subject to limits and exclusions. You should refer to the BT Protection Plans Disclosure Statement (‘PDS’) for the full terms and conditions which apply to each policy. 


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Westpac and BT - helping you through your financial life

As part of our Group and one of Australia's leading wealth experts, BT has been helping Australians build and protect their wealth since 1969. With 50 years' experience BT can help you plan for today and tomorrow by helping to identify ways to make more of what you have and empowering you to make smarter, confident financial decisions. As a Westpac customer you have access to a range of financial products and services across superannuation, investments and insurance.

Things you should know
1. The LIFEWISE/NATSEM Underinsurance Report, February 2010.
2.  Heart Foundation, statistics
3.  Cancer Council Facts and Figures
4. AIHW 2011. Australia’s welfare 2011. Australia’s welfare no. 10. Cat. no. AUS 142. Canberra: AIHW.  

The Insurer of BT Protection Plans is Westpac Life Insurance Services Limited ABN 31 003 149 157, AFSL Number 233728 ('the Insurer').

BT Protection Plans is issued by the Insurer except for Term Life as Superannuation and Income Protection as Superannuation which are issued by BT Funds Management Limited ABN 63 002 916 458, AFSL Number 233724 ('BTFM') as trustee of the Retirement Wrap ABN 39 827 542 991. Westpac Life is a subsidiary of Westpac Banking Corporation (Bank). Neither the Bank, nor any member of the Westpac Group (other than the Insurer) guarantees the benefits payable in relation to BT Protection Plans.

This information does not take into account your personal circumstances. Terms and conditions, and limitations and exclusions apply. Read the BT Protection Plans Disclosure Statement (‘PDS’) (PDF 1MB) to see if this insurance is right for you.