BT has revised its remuneration options for advisers in the lead-up to the introduction of the Future of Financial Advice reforms.

National Life Insurance Product Manager Scott Moffitt says BT has identified ways of adapting the remuneration on life insurance allowing advisers to charge on a fee-for-service basis.

The insurer is now offering advisers an initial commission-only option for life sales.

“This provides advisers with full year one commission without any ongoing trails and the premium is then adjusted accordingly,” he said.   

“Although there is a carve-out for life insurance in relation to ongoing fee disclosures, advisers still need to have the conversation about commissions with their client.”  

BT has also altered the way clients pay their insurance premiums by allowing them to be taken from rollovers in eligible super funds.

Mr Moffitt says this will allow them to maintain the tax benefits of putting insurance in super.

“We are always looking for ways to make it easier for advisers to do business with their clients,” he said.

The move comes as BT makes its income protection product available through super with the ability to allow premiums to be paid by the fund, subject to them meeting a condition of release.