Skip to main content Skip to main navigation
Skip to access and inclusion page Skip to search input


Key Person Income insurance can help your business if you or your key income generating staff are unable to work due to sickness or injury.

Key Person Income insurance will provide a monthly benefit to the business for up to a year, while the owner or a key employee is unable to work due to sickness or injury.

The benefit is paid to the business, which can be used to maintain income, assist with ongoing expenses and fund the replacement and retraining of staff.

Key Person Income insurance is available through BT Protection Plans.

Of course, like all insurance, some exclusions, limits and conditions apply. Read the BT Protection Plans Product Disclosure Statement (PDF 1MB) to see if Key Person Income insurance is right for you.

Some of the key features include:

  • Flexible levels of cover. You have the option to increase or decrease cover to ensure the policy continues to suit your needs
  • Your policy is guaranteed renewable (as long as premiums are met) and the monthly benefit automatically increases annually in line with any CPI changes, unless you request otherwise
  • Dedicated consultant can make any claims experience as easy as possible
  • Loyalty benefit if you hold a policy for 3 or more years
  • Worldwide cover – 24 hours a day
  • 5% multi-policy discount applies if you‘re covered by more than one eligible BT Protection Plan policy.

See 'Features' for age conditions.

Entry age ranges and conditions

A business can apply for a Key Person Income policy through BT Protection Plans as long as the key person to be insured under the policy is aged between 17 and 59.

See 'Fees' for information on premium structures available.

Irrespective of premium type, cover can continue to age 65.

Benefits included with Key Person Income insurance include:

  • Total Disability Benefit – provides a monthly benefit after the waiting period if the key person is totally disabled because of sickness or injury
  • Partial Disability Benefit – provides a monthly benefit after the waiting period if the key person is partially disabled because of sickness or injury
  • Elective Surgery Benefit – provides a monthly benefit if the key person is totally or partially disabled because of a transplant (where they are a donor) or cosmetic surgery
  • Death Benefit – pays a lump sum if the key person dies whilst the business is entitled to a Total or Partial Disability Benefit.

When establishing the policy, the business can choose between a 30 or 90 day ‘waiting period’ (time from when the key person becomes disabled to the date when benefits begin).

There are a number of different ways to structure your premiums, depending on your needs. BT Protection Plans allow you to choose the premium structure that works best for you:

Stepped premiums - premiums are calculated each year, and will change based on increase in age and the amount of cover. The premium will generally increase every year.

Level premiums - premiums are calculated based on the key person's age at the commencement of the policy, and will not increase each year due to age increases.

For both stepped and level premiums, your premiums may increase in certain circumstances, such as; if your sum insured increases, with Consumer Price Index increases, and when we increase the policy fee.

BT Protection Plans also provide flexibility by providing a number of different ways to pay premiums.

Premiums can be paid by direct debit, an accepted credit card, or cheque (if paying annually).

Generally, the premium account depends on a number of variables, including:

The amount of cover, whether premiums are stepped or level, and frequency of payments

  • The key person's age, occupation, gender, smoking status, health and family medical history
  • Any discounts that may apply
  • The waiting period.

The premium includes a policy fee that increases by the same amount as the consumer price index (CPI) on 1 October each year. As at 1 October 2017, this annual policy fee was $91.90.

You or your representative should contact Westpac Life Insurance as soon as a claim needs to be made.

Call us on 132 135, 8am - 6.30pm, Mon - Fri (Sydney time).

Westpac Life Insurance is here to help and make the process as easy as possible with a dedicated claims consultant.

BT Westpac logo

Westpac and BT – we’re here to help

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.


Through BT, you can access a range of solutions across super, investments and insurance, to help you plan for today and tomorrow. 

Things you should know

BT Protection Plans Product Disclosure Statement (PDF 1MB)

Information provided is for new applicants only. Existing customers should refer to their Policy Schedule for Terms and Conditions relating to their individual policy.


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.