BT introduces Level Premium Policy Replacement

BT Financial Group (BT) has launched a new Level Premium Policy Replacement process for BT Protection Plans, which allows clients to maintain their level premiums for their life insurance, even when the funding method or ownership structure of their policy changes.

For example, a client moving their cover from a super fund on a platform, such as BT Panorama, to a self-managed super fund (SMSF), will retain their original entry age premium rates under the new replacement policy. This means the customer will pay a lower rate than if their policy were adjusted to reflect their current age.

The new process results in a faster turnaround time of less than one week to replace a policy and reduced administration for advisers. It also enables clients to continue to benefit from the lower premium rates associated with their original entry age.

Kim Cohen, Head of Product, Life Insurance, BT, said, "The new Level Premium Policy Replacement process is just another way in which BT is enhancing our life insurance products to provide greater levels of service and offer value to clients and advisers".

"AT BT, we are committed to making it easy for our customers to stay protected. Our updated service makes it simple for advisers to implement recommended ownership changes that meet their clients’ changing needs," Ms Cohen said.