BT revamps life products
BT Financial Group has overhauled its life insurance products to give increased coverage to clients and provide easier processes for advisers.
Changes to insurance products in its Westpac and BT Life Protection Plans include the introduction of a new total and permanent disablement partial benefit, a life premium benefit waiver for clients who have a term life policy with a disability benefit, new conditions to pay benefits and a broadening of the definition of cancer.
BT’s Head of Life Insurance Phil Hay is also urging advisers to ensure clients don’t neglect their risk profile during the current market conditions.
“With some clients’ investment assets dropping substantially in the current market conditions, the need for quality advice and insurance solutions is now greater than ever,” Mr Hay said.
“Typically where a client has accumulated enough wealth they may mistakenly believe there’s no need for life insurance and that they are self-insured. Advisers need to remain vigilant and make sure they encourage clients to insure themselves and their investments.”
Changes to insurance products in its Westpac and BT Life Protection Plans include the introduction of a new total and permanent disablement partial benefit, a life premium benefit waiver for clients who have a term life policy with a disability benefit, new conditions to pay benefits and a broadening of the definition of cancer.
BT’s Head of Life Insurance Phil Hay is also urging advisers to ensure clients don’t neglect their risk profile during the current market conditions.
“With some clients’ investment assets dropping substantially in the current market conditions, the need for quality advice and insurance solutions is now greater than ever,” Mr Hay said.
“Typically where a client has accumulated enough wealth they may mistakenly believe there’s no need for life insurance and that they are self-insured. Advisers need to remain vigilant and make sure they encourage clients to insure themselves and their investments.”