BT launches cover drive for super members
BT Financial Group has made a series of insurance enhancements to its corporate and personal super products, benefiting more than half a million members and their families.
The new options are an attempt by BT to “address industry concerns over chronic underinsurance among Australian families”, according to Gary Cox, BT Financial Group’s head of superannuation solutions.
“Recent analysis is that more than 60 per cent of our members have no insurance and the average death cover is significantly short of the recommended $500,000 to $650,000 for full-time workers.”
The insurance improvements to BT Business Super, BT Lifetime Super — Employer Plan and BT Lifetime — Personal Super take effect on July 1.
A new Life Stages option will be introduced to enable members to increase their death cover, without further underwriting or medical tests, at the occurrence of key life events.
These events include the birth of a child, marriage, divorce, a first-home purchase, or, for the self-employed, at times of significant business change.
In addition, maximum levels of cover have been increased, the need for medical tests has been reduced, and Automatic Acceptance Levels have been extended.
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