BT has introduced further upgrades to its life insurance quote and application software LifeCENTRAL+, making it even easier for financial advisers to obtain cover for their clients. Following the enhancements made last year, BT has added two new features:
Split payment options for policies linked inside and outside super
Clients’ Protection Plans that are linked inside and outside super can now be split, and paid for annually or monthly.
Being able to see the breakdown of the split payments on LifeCENTRAL+ means greater convenience and simplicity for advisers whose clients are considering flexi-linking or superlinking as a way of owning insurance. This strategy involves a policy being held inside super, so the policy can be paid for with pre-tax dollars or with accumulated super. However, since there are restrictions on the type of cover that can be held within super, flexi-linking or super-linking allows some components of the policy to be held outside of super. This means that clients can enjoy the benefits of comprehensive life insurance cover as well.
The split quotes feature shows the different payment frequencies across the super and nonsuper environments, helping clients understand how flexi or super-linking works in practice.
Integration with OmniLife Risk Research tool
LifeCENTRAL+ is now integrated with the OmniLife Risk Research tool, allowing advisers to populate client data within the research software. The integration with OmniLife saves advisers time and increases the quality of record-keeping.
In addition, BT has extended its offer to waive the policy fees for Protection Plans for new applications submitted by 31 March 2019. The waiver is available for Term Life, Total Permanent Disablement and Living Insurance policies. It is also available for income protection policies which are quoted and applied for at the same time as the lump sum cover.
Sean Boner, Acting Head of Product, Life Insurance at BT, said: "We’re pleased to be able to offer these latest upgrades as we continually improve LifeCENTRAL+ for advisers and their clients. Life insurance can seem complex and obtaining cover does take time. We are committed to finding ways to make the customer experience easier, more streamlined and efficient."
Media release (PDF)