Taking out insurance

There are some key factors you need to weigh up when it comes to taking out an insurance policy.

Which cover?

Follow these simple steps to help you understand the different types of cover and levels of cover that are right for your needs.

1. Understand how much cover you need

Consider the level of cover for your needs by taking into account:

  • Your personal debt
  • The future education costs of your children
  • How much you would need to cover your current lifestyle if you could not work for an extended period – or if you were never able to work again.
  • Whether you and your family have other financial resources you could draw on if you were unable to work or passed away.

2. Check what insurance you have through super

Get in touch with your super fund to know how much protection your fund provides. If it’s insufficient for your needs, think about options such as increasing it, arranging directly held insurance or holding a combination of both.

3. Talk to a BT Wealth Consultant

Insurance is important for your financial wellbeing. It is worth speaking to an expert who can recommend the products and level of cover that are right for you and your family.

Knowing which types of insurance to select depends on your circumstances. We explain what to look for.

The time may come when you need to make a claim on your insurance. We explain why you may need to make a claim and what you can expect at each stage.
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.
Living insurance is designed to pay you a sum of money if you are diagnosed with a life threatening illness or experience some kind of trauma. Learn more about the benefits and also the drawbacks here.

BT Protection Plans 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 - Part of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714