Term life insurance
Helps protect and provide for your family when you are no longer around.
Term Life Insurance is available through BT Protection Plans and pays a lump sum if you die or are diagnosed with a terminal illness.
Some of the key features include:
- Flexible levels of cover. The maximum sum insured will vary depending on your circumstances. You have the option to increase or decrease cover to ensure the policy continues to suit your needs, no matter what life stage you're at
- Guaranteed renewable (as long as premiums are met) and the sum insured automatically increases annually in line with any CPI changes, unless you request otherwise
- Dedicated consultant can make any claims experience as easy as possible
- Potential tax advantages if taking Term Life Insurance within superannuation
- 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 Plans policy.
Apply from age 15 to 69. Cover can continue to age 99 (see 'Features' for conditions).
Entry age ranges and conditions
The maximum age you can apply for a policy depends on the type of premium structure you choose for your policy. BT Protection Plans provide the following premium structures for Term Life and Term Life as Superannuation:
- Stepped premium - if you're aged 15 to 69
- Level premium to age 65 - if you're aged 15 to 59
- Level premium to age 55 - if you're aged 15 to 49.
See 'Fees' for more information on premium structures.
No matter what your premium structure, cover can continue to age 99. However, some benefits may end prior to this date.
Benefits included with BT Protection Plans Term Life and Term Life as Superannuation insurance:
- Financial Planning Benefit - receive up to $5,000 for the preparation of a ﬁnancial plan following the payment of a Death, Terminal Illness, Total and Permanent Disablement, or Living Benefit
- Funeral Advancement Benefit - advances 10% of the lump sum Death Benefit (up to a maximum of $25,000) to assist with funeral costs
- Counselling Benefit - receive up to $5,000 for a maximum of 10 days following the payment of a Death, Terminal Illness, Total and Permanent Disablement, or Living Benefit.
Please note: for Term Life as Superannuation, these benefits are only available as a linked policy and must be held outside superannuation.
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 your age at the commencement of the policy, and will not increase each year due to age increases. When the specified period of time has elapsed, the premium will revert to a stepped premium structure until age 99.
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 you with flexibility by giving you a number of different ways to pay your premiums. Premiums can be paid:
By direct debit, an accepted credit card, or cheque (if paying annually); or
By rollover from an eligible superannuation fund for Term Life as Superannuation (if paying annually).
Generally, the amount of your premium depends on a number of variables, including:
- The amount of cover, whether premiums are stepped or level, and frequency of payments
- Any optional beneﬁts selected
- Your age, occupation, gender, smoking status, health and family medical history
- Any discounts that may apply.
The premium includes a policy fee that increases by the same amount as the Consumer Price Index on 1 October each year. As at 1 October 2013, this annual policy fee was $85.50.
Making an insurance claim can be daunting. That’s why we do everything we can to help you through the process with a Claims team that is here to streamline the process for you.
Call one of our insurance specialists on 132 135, 8:30am - 5:30pm, Mon-Fri (Sydney and Melbourne time) to start your claim and we will guide you through every step.
Things you should know
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.