BT adjusts life product for terminal illness changes
BT has tweaked its superannuation-related life insurance offering to accommodate recent legislative changes which extend the life expectancy time provision for terminal illness conditions of release from 12 months to 24 months.
The company announced the product change this week, with BT's national manager, life insurance products, Scott Moffitt, noting that recent changes to superannuation meant that members were now able to access their superannuation accumulated balance before their life insurance could be paid.
"The enhancement we've made to BT Protection Plans enables those members with BT life insurance to access their money earlier, providing a simpler insurance solution for both customers and advisers," Moffitt said.
He said the advanced terminal illness payment would apply to existing and new customers who hold BT Protection Plans Term Life cover and will be effective from 1 October.
The enhancement was developed in response to an expansion of the Superannuation Industry Supervision (SIS) Act terminal medical condition of release, under which the life expectancy provision was extended from 12 to 24 months.
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