The cost of insurance

Ensuring you have enough cover to help protect you and your family could be more affordable than you realise.

Factors that determine costs

Insurance can be seen as just another expense for your household to bear. But when the unexpected occurs, your cover can provide a financial lifeline.

The good news is that insurance may cost less than you expect. There are a number of factors applicable to determining the cost of insurance, including: your age, claims history, health, location, the sum insured, the property or person to be insured and many other factors depending on the risk insured.

Let's look at some general guidelines

Term Life cover – with BT Term Life Insurance, you could pay from around $2.50 per day for $750,000 cover.

Insurance cost based on Term Life cover for a 45 year old, non-smoking male, living in NSW, paying a stepped annual premium based on our underwriting rates as at June 2016.

Total and Permanent Disability (TPD) insurance – enjoy the peace of mind of having $750,000 for as little as $4.40 per day.

Insurance cost based on Term Life insurance with additional any occupation TPD insurance for a 45 year old, non-smoking, male, marketing manager, living in NSW, paying a stepped annual premium based on our underwriting rates as at June 2016.

Living Insurance – Pay from around $3 per day for $200,000 Living Insurance.

Insurance cost based on cover for a 45 year old, non-smoking, male marketing manager, living in NSW, paying a stepped annual premium on Standalone Living Insurance based on our underwriting rates as at June 2016.

Income protection insurance – From around $2.80 per day for cover worth $3,000 per month. Premiums are normally tax deductible for workers based on our underwriting rates as at June 2016.

Insurance cost based on Income Protection insurance for a 45 year old, non-smoking, male administrator living in NSW paying a stepped annual premium, with a 30 day waiting period benefit to age 65, indemnity cover based on our underwriting rates as at June 2016.

The cost of insurance will depend on your individual circumstances and insurance needs, so speak with your adviser for more information.

Contact a BT Wealth Consultant to discuss BT’s insurance options
Knowing which types of insurance to select depends on your circumstances. We explain what to look for.
Your superannuation fund may offer a low cost and potentially tax-effective place to buy insurance. We explain the benefits and what to be aware of.
When a crisis occurs, your insurance kicks into action. BT offers our insurance customers a dedicated claims team, who aim to make the process quick and easy.

BT Protection Plans and BT Protection Plans for Mortgage Customers are issued by Westpac Life Insurance Services Limited ABN 31 003 149 157 (WLIS), except for Term Life as Superannuation and Income Protection as Superannuation which are issued by Westpac Securities Administration Limited ABN 77 000 049 472 (WSAL) as trustee of the Westpac MasterTrust ABN 81 236 903 448. WLIS and WSAL are wholly owned subsidiaries of Westpac Banking Corporation ABN 33 007 457 141 (the Bank).  The Bank does not guarantee the insurance. This information does not take into account your personal circumstances. Terms and conditions, and limitations and exclusions apply.  Read the Product Disclosure Statement to see if this insurance is right for you.

© BT Financial Group – a division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714