BT upgrades Key Person Income product
BT has announced an upgrade to its Key Person Income insurance product.
The company announced this week that the upgrade, which would become effective from 17 August, was aimed at extending the product to cover more Australian small to medium-sized businesses.
The upgrade updated its award-winning Key Person Income insurance solution to cover more Australian small to medium-sized businesses, with changes coming into effect on 17 August 2015.
According to the BT announcement, the updates to the eligibility criteria include an expansion in the allowance of the overall size of the business — Key Person Income will be available for businesses with up to 40 full-time (or part-time equivalent) employees; the number of key persons eligible for cover, up to five people for each business; and the business ownership and income generation per centage criteria for business owners and employees.
Commenting on the changes, BT national manager, Life Insurance Products, Scott Moffitt said the sudden absence of a key person could have a serious impact on business income and cash flow, causing disruption and uncertainty.
He said the changes had followed direct feedback from advisers.
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