BT Insurance offers new options
BT Insurance has launched a range of new protection plans for homemakers and high net worth (HNW) individuals, as well as more flexible application processes for financial advisers.
According to the insurer, the products available in the BT Protection Plan have been a reflection of consultations with financial advisers over the past 12 months and are designed to meet the insurance needs of a broader range of Australians.
Underinsurance occurs in the Australian market, because for many people, traditional life insurance products do no meet their needs, said BT head of life insurance, Phil Hay.
As part of the expanded product range, homemakers will now have access to an income style product, a protection plan traditionally unavailable to this segment of the market, BT stated.
The insurer added that financial advisers can now talk to their clients about the impact of sickness and injury to the homemaker on the household budget and recognise the financial value of household tasks.
Targeted specifically at HNW clients, BT Insurance has also released BT Reserve, which will offer customers in this category insurance cover well above traditional levels.
As part of the new protection offerings, financial advisers will now have the option to process life insurance applications entirely electronically, via paper or a combination of the two.
Financial advisers also have the opportunity to utilise BT's tele-interviewers, who can contact their clients to complete the medical components of an application, "saving time and often difficult medical conversations between the adviser and their client", BT Insurance stated.
"What we have done is create flexible products that reflect the changes taking place in the market," said Hay.
AUTHOR
Staff Writer
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
