BT

BT - Key Information

Issuers:

• Original issuer (prior to 2022): Westpace Life Insurance Services Limited (WLISL)
• Current issuer: TAL Life Limited

Founded: 1969 ABN: 38 087 480 331 (BT Funds Management Limited – as the overarching entity) AFSL: 233715 Authorised Representative: No – BT operates under its own AFSL.

Core Offering: Retail life insurance products including Life Cover, Total and Permanent Disability (TPD) Cover, Trauma Cover, and Income Protection, historically distributed through financial advisers and BT's platform.

Payout Range: Life Cover sums insured typically range from $100,000 up to $5 million or more, subject to underwriting.Early Payout: Terminal Illness Benefit available with Life Cover, allowing early access to the insured sum upon diagnosis.

Claims Process: Dedicated BT claims support team to guide customers through the claims journey, supported by Australian-based case managers.

Customer Support: Available via phone and online service requests; specialist claims consultants assigned to active claims.Reputation: BT Life was known for competitive features, adviser support, and comprehensive policy options. However, the brand’s direct retail life insurance business is transitioning, and some portfolios are now serviced by TAL Life Limited.

Global Presence (Indirect): BT is part of Westpac Group, one of Australia's largest and most financially secure banking and wealth institutions.

Additional Operational Details

Year Established: 1969 Distribution Channel:

• Historically through financial advisers and BT platforms (BT Panorama, BT Wrap).
• Retail life insurance sales are now largely closed to new business, but existing policies continue to be serviced.

Types of Cover Offered:

• Life Cover
• Total and Permanent Disability (TPD) Cover
• Trauma (Critical Illness) Cover
• Income Protection Cover

Underwriter: Historically underwritten by Westpac Life Insurance Services Limited (WLISL); now administered and transitioning to TAL Life Limited.

Application Process: Historically adviser-led with full medical underwriting for new policies.

Through a Financial Adviser: Yes (prior to the closure of new retail life insurance sales).

Support Services:

• Dedicated claims teams
• Online service requests
• Policy administration through BT service channels

Financial Strength Rating:

• Backed by the Westpac Group’s AA- rating (S&P) during active underwriting operations.
• Current servicing supported by TAL Life Limited’s strong financial rating (AA- S&P).

Headquarters: Sydney, New South Wales, Australia

BT Life Insurance - Company history and milestones

BT Life Insurance was established as part of BT Financial Group, historically aligned with Westpac Banking Corporation, offering a wide range of investment, superannuation, and insurance services to Australians. For many years, BT Life Insurance was a trusted brand for individuals seeking retail and group insurance solutions through financial advisers and superannuation funds.

In 2021, Westpac completed the sale of its life insurance division to TAL Dai-ichi Life Australia Pty Limited. From 2022 onwards, BT Life Insurance policies have been administered by TAL Life Limited, ensuring policyholders benefit from TAL’s strong financial position and insurance expertise.

BT’s historical legacy remains important in the Australian market, even as policy management continues under TAL’s administration.

Key Milestones

• 1969: BT Financial Group established, offering financial services including insurance.
  
• 2002: BT Financial Group becomes a wholly owned subsidiary of Westpac.
  
• 2000s–2010s: BT Life Insurance expands retail and group life offerings.
  
• 2021: Westpac announces the sale of BT Life Insurance to TAL.
  
• 2022: TAL Life Limited officially assumes administration of BT Life Insurance policies.

BT Life Insurance - Key Strengths

BT Life Insurance provides Australians with trusted and dependable life cover solutions, leveraging their extensive experience within a leading financial group. Here are some of the key strengths that define BT Life Insurance:

• Trusted Heritage: Decades of experience through the BT brand in Australian financial services.
  
• Strong Claims Support: Continued support through TAL’s established claims infrastructure.
  
• Diverse Historical Product Range:- Life, - TPD, Trauma, and - Income Protection offerings covered a wide range of customer needs.
  
• Superannuation Integration: Historically offered convenient insurance through superannuation accounts.
  
• Financial Stability: Now supported by TAL Life Limited’s strong financial strength and insurance expertise.
  
• Australian Service Standards: Locally based service and claims teams understand the needs of Australian policyholders.
  
• Ongoing Policy Management: Policies continue to be honored and managed with a customer-first focus.

BT Life Insurance – Awards and Recognitions

BT has long been recognised as one of Australia’s leading financial services brands, delivering award-winning platforms and customer-focused life insurance solutions.

Key Awards and Industry Recognition

• Investment Trends Platform Benchmarking Awards: BT's Panorama platform has repeatedly been recognised as one of Australia's top-rated wealth and insurance platforms, winning awards for Best Overall Platform Functionality and Best Online Business Management.
  
• Outstanding Value Awards (via Westpac Group):BT Life Insurance products, when issued under the Westpac Group, contributed to multiple Outstanding Value Awards for comprehensive life cover solutions and competitive pricing.
  
• Deloitte Australian Financial Services Innovation Awards: BT was recognised for innovation in digital service delivery, particularly for streamlining access to life insurance and wealth management services through mobile and online portals.
  
• Customer Service Excellence: BT has consistently ranked highly in customer satisfaction surveys across financial advice and platform services, reflecting a strong commitment to adviser support and user-friendly customer experiences.
  
• Sustainability Recognition: Through its affiliation with Westpac Group, BT has benefited from Westpac's inclusion in the Dow Jones Sustainability Index (DJSI), recognising responsible business practices and sustainable service delivery across insurance and financial products.

BT - Cover Amount Ranges

BT Life Insurance offered flexible cover options to suit a wide range of personal and family needs. Here’s an overview of the available cover amounts for each type of insurance:

Life Cover

• Minimum Sum Insured: $50,000
• Maximum Sum Insured: Up to $5 million or higher (subject to underwriting and financial justification)

Total and Permanent Disability (TPD) Cover

• Minimum Sum Insured: $50,000
• Maximum Sum Insured: Typically up to $3 million (depending on underwriting assessment and occupation class)

Trauma (Critical Illness) Cover

• Minimum Sum Insured: $10,000
• Maximum Sum Insured: Up to $2 million (subject to underwriting and eligible conditions)

Income Protection Cover

• Minimum Monthly Benefit: $1,500 per monthMaximum Monthly Benefit: Up to 75% of income (capped at around $30,000 per month, depending on occupation and income verification)

Key points for consideration:

• All cover amounts are subject to underwriting approval, occupation class, age, and personal financial circumstances.
• Indexation options were available to increase cover annually in line with inflation.
• Higher sum insured requests typically required additional medical and financial evidence.

Important note: all cover amounts are subject to application, underwriting assessment, age limits, and the terms and conditions outlined in the relevant Product Disclosure Statement (PDS).

BT - Sustainability and Corporate Responsibility Overview

At BT Life Insurance, a commitment to responsible business practices has been an important part of their approach to protecting Australians' financial futures. As part of the broader Westpac Group legacy, BT Life Insurance aligns its practices with principles of environmental stewardship, community investment, and ethical governance.

• Environmental Responsibility: BT Life Insurance, through its affiliation with Westpac Group, has supported initiatives aimed at achieving net-zero carbon emissions by 2050, with a focus on reducing operational environmental impacts.
  
• Community Support Programs: BT has actively contributed to broader BT community initiatives, including financial literacy programs, disaster relief support, and funding for local grassroots organisations across Australia.
  
• Responsible Investment Standards: Historically, BT maintained responsible investment practices, incorporating environmental, social, and governance (ESG) considerations into its financial services and insurance offerings.
  
• Commitment to Diversity and Inclusion: BT Life Insurance has been part of group-wide initiatives promoting gender equality, Indigenous engagement, and inclusive workplace cultures that reflect modern Australian society.
  
• Strong Ethical Governance: Upholding transparency, fairness, and customer-first practices has been a core element of BT Life Insurance’s approach, aligned with Australian financial services codes and consumer protections.

Today, BT Life Insurance’s enduring focus on sustainability and corporate responsibility reflects a long-standing commitment to building a stronger, fairer, and more resilient Australia.

BT Life Insurance - Pricing and premiums

BT Life Insurance historically offered competitive and flexible life insurance pricing through adviser-led channels. Although new BT Life Insurance policies are now closed to new business, many existing policyholders continue to benefit from tailored pricing based on individual needs.

How BT Life Insurance Premiums Were Calculated

Premiums were determined by several key factors, including:

• Age at application
• GenderSmoking status
• Occupation and incomeMedical history and lifestyle factors
• Chosen cover type (Life, TPD, Trauma, Income Protection)
• Selected cover amount
• Policy options such as inflation protection (indexation) and waiting/benefit periods for Income Protection

Premium Structure Options

• Stepped Premiums: Premiums started lower initially and increased with age each year.
• Level Premiums: Available for some cover types, offering more stable pricing over time (higher at first but less impacted by age increases later).

Typical Cover Amounts

• Life Cover: Up to $5 million+ depending on underwriting outcomes
• TPD Cover: Up to $3 million
• Trauma Cover: Up to $2 million
• Income Protection: Up to 75% of pre-disability income (typically capped around $30,000 per month)

BT Life Insurance - Product Disclosure Statement (PDS)

The Product Disclosure Statement (PDS) for BT Life Insurance outlines the key benefits, conditions, exclusions, and terms associated with the life insurance products originally issued under BT Financial Group and now administered by TAL Life Limited.

• Cover Types: Life Cover, Total and Permanent Disability (TPD) Cover, Trauma (Critical Illness) Cover, and Income Protection.
  
• Eligibility: Available originally through retail advisers and superannuation platforms to eligible Australian residents.
  
• Policy Features: Built-in benefits like terminal illness payouts, rehabilitation support, and automatic acceptance under group arrangements.
  
• Exclusions: Standard life insurance exclusions apply (e.g., suicide within 13 months), plus specific health and occupation exclusions.
  
• Claims Process: Now administered by TAL Life Limited’s dedicated claims team, offering expert guidance and support.
  
• Important Note: Always refer to the original BT Life Insurance Product Disclosure Statement (PDS) and subsequent TAL communications for complete policy information.

BT Life Insurance - Target Market Determination (TMD) Overview

• Product Range:Protection Plans Term Life as Superannuation
• Issuer:
  • 1 August 2022 TMD: BT Funds Management Limited (BTFM) ABN 63 002 916 458
  • 1 April 2024 TMDs: Mercer Superannuation (Australia) Limited (MSAL) ABN 79 004 717 533 AFSL 235906 and TAL Life Insurance Services Limited (TAL) ABN 31 003 149 157 AFSL 233728
    
• Effective Date:
  • 1 August 2022
  • 1 April 2024

Target Market Class of Consumers

• The product is designed for super fund members who need a lump sum benefit of at least $25,000 if the insured person dies or suffers a terminal illness.
• The product is designed for a class of consumers whose needs, objectives, and financial situation align with the product's key attributes.

Product Description and Key Attributes

• Provides cover in the event of death or terminal illness of the insured person.
• Policy is only available inside superannuation.
• Provides a lump sum benefit to cover personal or business costs (as detailed in the "Needs, objectives and financial situation") incurred if the insured person dies or suffers a terminal illness that is likely to result in death within 24 months.
• The 1 April 2024 TMDs specify this product is only available for alterations and replacements of existing policies.
  
• Key eligibility requirements:
  • Insured person aged 15-69 at commencement (15-99 for replacement/reinstatement).
  • Premium structure options (stepped, level to 65, level to 55) depending on the insured person's age.
  • Insured person is an Australian citizen, permanent resident, or eligible visa holder.
  • Insured person is working in an eligible occupation.
    
• Key benefits:
  • Death Benefit: Lump sum payment upon death.
  • Terminal Illness Benefit: Lump sum payment if the insured person has a terminal illness with a likely death within 24 months.
    
• Exclusions:
  • 13-month exclusion for suicide at commencement.
  • Other exclusions may apply (refer to PDS).
  • Only sicknesses or injuries after policy commencement are covered.

Needs, Objectives, and Financial Situation

• Covers personal financial costs (e.g., funeral expenses) or personal capital requirements (e.g., mortgage reduction).
• Covers business costs where the insured is a key person or business capital requirements when the insured is a business owner.
• Super fund member has the financial capacity to pay premiums.
• Ability to continue paying premiums if they increase.
• Product is NOT designed for super fund members:
  • If, when first taking out cover:
    • Insured persons aged 70+ at first cover.
    • Non-Australian citizens/permanent residents/eligible visa holders.
    • Insured persons in ineligible occupations.
    • Cover mainly for pre-existing conditions.
    • Cover needed for less than $25,000.
    • Cover needed for insured persons aged 14 or under.
    • Need for cover outside superannuation.
    • Need for TPD, trauma, income protection, or business expenses insurance.
    • Need for health insurance.
    • Consumers who do not want to hold insurance through a superannuation fund.

Alignment to Target Market

• The product is likely consistent with the objectives, financial situation, and needs of the target market.
• This is based on assessing the product's key terms, features, and attributes against the identified consumer class.

Distribution Conditions and Restrictions

• Distribution channels:
  • Financial advisers with an Australian Financial Services Licence.
  • TAL (or TLISL in the 2022 version).
    
• Distribution conditions:
  • Super fund member meets eligibility criteria.
  • New consumers are served by appropriately authorized, trained, and qualified financial advisers (not applicable in the 2024 TMDs as the product is not available to new consumers).
  • Distribution to consumers other than new consumers is provided by TAL (or TLISL in the 2022 version) or financial advisors in specific circumstances:
    • Consumer is within the target market.
    • Either:
      • Consumer previously held the product.
      • Or is replacing a TAL (or TLISL)/MSAL product.
      • While the product may be advertised on comparison websites, applications must be through a financial advisor or TAL (or TLISL).
• The distribution conditions and restrictions are assessed as likely to result in consumers in the target market acquiring the product and are considered appropriate to direct distribution.

TMD Reviews

• Periodic reviews: At least every three years from the effective date.
• Review triggers include significant changes in metrics (complaints, sales, etc.), material changes to product design/distribution (e.g., underwriting criteria), identified systemic issues, change in relevant law, occurrence of a significant dealing, and inadequate distribution conditions.

Distribution Information

• Distributors report complaints (6-monthly) and significant dealings (within 10 business days) to TAL (or TLISL)

BT Life Insurance – Contact Details

• Company Name: BT Life Insurance (Issued by TAL Life Limited)
• Phone (Adviser Enquiries): 1300 366 416
• General Enquiries: 1300 135 181
• Postal Address: BT Life Insurance, GPO Box 3958, Sydney NSW 2001, Australia
• Operating Hours: Monday to Friday, 8:00 am to 6:30 pm (Sydney time)