Key Person Income insurance

Provides a monthly benefit to your business to help cover the income generated by a key person if they become sick or injured and unable to work.

Why BT Key Person Income insurance

Only 6% of small businesses in Australia have key person insurance*, but with BT Key Person Income insurance you can cover up to 5 people in your business if they become disabled due to sickness or injury.

*Source: Ross Cameron Research: The Australian Small Business Market for Financial Services, July 2008

  • Available for key person employees and business owners

  • Insure up to $60,000 per month of key person revenue

  • One year benefit period gives your business time to adapt to the loss of a key person

  • Premiums are generally tax deductible to the business, but you should consult your accountant or tax agent

Features and benefits

Keep your business running smoothly

The monthly benefit can be used to cover business expenses, including fixed costs, staff salaries, recruitment and training. It's a vital solution that will help keep your business working at full speed, even when your key people are unable to do so.

Monthly protection to keep your business running smoothly

A monthly benefit, paid into your nominated account, to help cover lost income due to the absence of a key person.

Choose your cover

Key Person Income allows you to choose when your cover starts and how much of your gross profit or your employee's salary is covered.

Your payment, your choice

You choose what you use your monthly benefit for e.g. existing expenses, hiring a temporary staff member or training up staff.

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.

Low-cost fees

Around $2 a day could provide Key Person Income cover worth about $5,000 per month, and the premium may be tax deductible1.

1Based on rates for BT Protection Plans current as of 29 July 2016. Cost based on Key Person Income insurance for a 45 year old, non-smoking, self-employed male administrator living in NSW paying a stepped annual premium, with a 30 day waiting period and one year benefit, indemnity cover.

Documents and downloads

Contact a BT Wealth Consultant to discuss Key Person Income insurance

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 BT Funds Management Limited ABN 63 002 916 458 (BTFM) as trustee of the Retirement Wrap ABN 39 827 542 991. WLIS and BTFM 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. View the BT Wealth Connect FSG.

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