Change the conversation.

The loss of a key person, either temporarily or permanently, can have a major impact on a small business, potentially resulting in it failing. Despite this, a significant number of small businesses still have no cover in place.

Until now, the lump sum insurance solutions available have left gaps in the way a small business can be covered. BT's new Key Person Income is income protection for small businesses, and closes this insurance gap.

This provides a great opportunity for you to chat to your clients about their Key Person protection strategy.

Talk to your clients about BT's unique business insurance solution today.


Only 6% of small businesses have Key Person Insurance.*

Only 6% of small businesses have  Key Person Insurance.*
* Source: DBM Business Financial Services Monitor. Base: Small businesses (2-19 employees, turnover less than $40m) (11,858). Surveys conducted Feb 2013 to Jan 2014.

Earn CPD points

Sam Kitchen
Senior Adviser William Buck Chartered Accountants, talks about how Key Person Income will help grow his business.

About Key Person Income

The loss of a key person can have a significant impact on the revenue and profitability of a small business. It can literally mean the difference between a business succeeding or failing. BT's Key Person Income is a market-first insurance solution that covers key people within a small business in the event they become temporarily or permanently disabled due to sickness or injury.

Historically, cover for a small business has been limited to lump sum cover, where payment is made upon the permanent disablement or death of a business owner. Key Person Income is unique in that it pays a monthly benefit to the business owner to replace the lost income generated by a key person during their absence.

Key features for your clients

  • Personal & Business
    BT Protection Plans offer a solution to suit both personal and business clients' needs 

  • Peace of mind
    Key Person Income helps provide your small business clients with peace of mind that they can continue to keep their business running during the absence of a key person.

  • Increased coverage
    Key Person Income can be used with Income Protection (IP) to provide broader income coverage for small business owners and employees.

  • Their payment, their choice
    Clients choose how to spend their benefit e.g. to hire a temporary employee to train other employees.

  • Level of cover
    Key Person Income can be used to cover up to 3 key people within the business.

  • Amount of cover available
    Business owners can insure the revenue they produce while employees can be insured for up to 150% of their salary.

  • Tailor the benefit
    Business owners can choose from a 30 or 90 day waiting period, with a 1 year benefit period and a monthly benefit of up to $60,000.

Case studies

A BT Key Person Income  policy allowed Grey Shirts Accounting to continue paying their bills and business expenses when one of the partners was absent for 3 months due to an illness. 

Reinforce Engineering  found that their insurance cover didn't provide the assistance they needed when one of their key people had to take a significant period of time off work due to an accident.

Green Fences Ltd found  that their key man insurance only partially covered their General Manager's illness so were left short which had a massive impact on the business.

Sales toolkit

Jodie Fox

Co-founder of Shoes of Prey, talks to BT about starting a business and the value of key people within the business.

Meet our BT Rehabilitation Team. If you're injured & can't work, they'll give you the help & support you need to recover as soon as possible.

Additional BT Protection Plans Enhancements

BT is committed to providing you with the most innovative insurance solutions for your clients. We are always looking for ways to enhance our BT Protection Plans to ensure that you have the very best solutions available to offer your clients. Here is an overview of the recent enhancements we have made to our BT Protection Plans.

Return to work

BT continues to support your clients by removing the complexity around the claims process. We believe that allowing your clients to remain active and in touch with their work and peers is important, both mentally and physically. BT allows your clients to return to work at full capacity during the waiting period for a specified number of days without changing the waiting period requirements.

Advanced partial payment

BT continues to put the customer first by enhancing our existing claims process. Introducing another market first initiative 'Early first Claim'. 'Early first Claim' ensures that financial support is provided to your clients faster at a time when they most need it.

Future insurability

BT's future insurability benefit is one of the best in market and we're improving it to align with your annual review process. Future Insurability for IP now allows clients under age 55 to increase their monthly benefit yearly, as their salary increases, rather than every 3 years.

Child care benefit

BT has listened to you and your clients and continues to support them whilst they're on claim. BT now offers an extra benefit to help with the additional child care cost while they're totally disabled.

More cover for your clients

BT is committed to providing you with the most innovative insurance solutions for your clients. We are always looking for ways to enhance our BT Protection Plans to ensure that you have the very best solutions available to offer your clients. Here is an overview of the recent enhancements we have made to our BT Protection Plans.

Business Overheads

For business owners their business is their livelihood, so it makes sense they'd want to protect it. Business Overheads helps clients to keep their business running if they are unable to work due to sickness or injury. Business Overheads pays a monthly benefit to the business owner, which they can use to cover day-to-day business expenses like rent, rates, gas & electricity bills. Business Overheads allows the business owner to focus on their recovery, knowing that the day-to-day business expenses are covered.

Homemakers cover

Even though full time homemakers don't earn an income, we recognise that it would cost a substantial amount of money to pay someone else to do their job when they can't. That's why we introduced Homemakers cover. Homemakers cover provides a monthly benefit for homemakers if they become temporarily disabled, due to sickness or injury, and are unable to perform their normal household duties. Homemakers cover is an additional benefit that can be added to any BT Protection Plans policy. The maximum benefit for Homemakers cover is $5,000 per month for 2 years.

BT Reserve

High net worth clients have unique needs. That's why BT introduced BT Reserve. BT Reserve has been specifically designed for clients with high incomes and significant debt, whom need higher levels of protection. BT Reserve offers both higher levels of cover and more services than our standard BT Protection Plans. BT Reserve provides your clients with a trusted solution for their needs that doesn't require a complex strategy. It gives you more flexibility when it comes to crafting a complete insurance solution tailored to your High Net Worth clients' needs.

For more information speak to your Business Development Manager or call Adviser Services.

Winner - ANZIIF Insurance Industry Innovation Award 2013 for Income Cover for Homemakers.

Winner - AFR Smart Investor Blue Ribbon Awards 2013, Trauma Product of the Year for Standalone Living Insurance Plus.

Winner - Financial Services Council BlueChip Communication Social Media Innovation Award for BT Insights.

Winner -  Investment Trends 2013 Planner Risk Report, Product Offering & Underwriting Process.

The Insurer of BT Protection Plans is Westpac Life Insurance Services Limited ABN 31 003 149 157 ('the Insurer'). BT Protection Plans are issued by the Insurer except for Term Life as Superannuation and Income Protection as Superannuation which are issued by BT Funds Management Limited ABN 63 002 916 458 ('BTFM') as trustee of the Retirement Wrap ABN39 827 542 991. The Insurer and BTFM are wholly owned subsidiaries of Westpac Banking Corporation ABN 33 007 457 141 ('the Bank'). The Bank does not guarantee payments under the insurance.

This information does not take into account any client's personal circumstances. Like all insurance, some exclusions, limits and conditions apply. Before making a decision in relation to BT Protection Plans, you should read the BT Protection Plans Product Disclosure Statement ('PDS') for the full terms and conditions and to see if it's right for you.