Important change to insurance within super

As part of last year’s Federal Budget, the Government proposed a number of reforms designed to protect your superannuation savings. One of the key changes focuses on insurance held within super. This regulation was formally passed through Parliament earlier this year, and will impact some members with insurance cover.

What is the change?

Starting from 1 July 2019, if you haven’t made a contribution or rolled over funds in the last 16 months, we can’t continue to provide you with insurance cover within your existing BT superannuation account, unless you take action and tell us you want to keep your cover by ‘opting-in’.

How can I keep my insurance cover?

If you are impacted by this change, we will have contacted you to let you know the types and amounts of insurance cover that you have through your super account with us and the date that your cover will end. This communication also included the action you need to take if you want to keep that insurance cover.

What insurance do I currently have?

You can review the insurance cover you have within your BT superannuation account by logging into your online account, or you can call us on 132 135, Monday to Friday 8am - 6.30pm (Sydney time).

Insurance cover with BT

At BT, we think the greatest wealth is to be healthy and live well. And we’re all about supporting our members, and being there for them, when something goes wrong. Last year, around $192 million was paid in claims to our members who, like you, had insurance in their super – helping them get back to work, pay their bills, modify their homes and support their families¹. So – even if you don’t spend a lot of time thinking about it, your insurance through your super can make a big difference to you and your family, if something unexpected happens.

Here today and invested in tomorrow 

When it comes to preparing for the future, we’re here for you.  

If you have any questions about this change please call our team of super specialists on 132 135 between 8am - 6.30pm, Monday to Friday (AEST), contact us anytime via our online contact form at bt.com.au/contact-us/ or speak to your financial adviser if you have one.  

 

Things to know

1 BT Annual Insurance Review as reported to the BT Super Trustee for all superannuation products and all insurance cover types (WILIS & AIA) for the period 1 January to 31 December 2018.

BT Lifetime Super – Employer Plan
BT Funds Management Limited ABN 63 002 916 458, AFSL 233724 (BTFM) as the trustee of and the issuer of interests in BT Lifetime Super – Employer Plan (LSEP), which is part of Retirement Wrap ABN 39 827 542 991. A Product Disclosure Document is available for LSEP and can be obtained by calling BT Customer Relations on 132 135 or visiting bt.com.au. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of interests in LSEP.

BTFM is a member of the Westpac Banking Corporation ABN 33 007 457 141 (Westpac) Group. An investment in LSEP is not an investment in, deposit with, or any other liability of, Westpac, or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment or loss of income and principal invested. None of Westpac or its related entities stands behind or otherwise guarantees the capital value or investment performance of LSEP.

BT Business Super
Westpac Securities Administration Limited ABN 77 000 049 472, AFSL 233731, RSE L0001083 (WSAL) as the trustee of and the issuer of interests in BT Business Super (BTBS), which is part of Westpac MasterTrust – Superannuation Division RSE R1003970, ABN 81 236 903 448. A Product Disclosure Document is available for BTBS and can be obtained by calling BT Customer Relations on 132 135 or visiting bt.com.au. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of interests in BTBS. WSAL is a member of the Westpac Banking Corporation ABN 33 007 457 141 (Westpac) Group. An investment in BTBS is not an investment in, deposit with, or any other liability of, Westpac, or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment or loss of income and principal invested. None of Westpac or its related entities stands behind or otherwise guarantees the capital value or investment performance of BTBS.

BT Super for Life
BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 (Trustee) is the trustee and issuer of BT Super for Life which is part of Retirement Wrap ABN 39 827 542 991. Insurance within BT Super for Life is issued by Westpac Life Insurance Services Limited ABN 31 003 149 157 AFSL 233728 (Insurer). A Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for BT Super for Life can be obtained by calling 1300 653 553 or visiting bt.com.au. You should consider the PDS before deciding to acquire, continue to hold or dispose of interests in BT Super for Life.

The Trustee is a member of the Westpac Banking Corporation ABN 33 007 457 141 (Westpac) Group. An investment in BT Super for Life is not an investment in, deposit with, or any other liability of, Westpac Banking Corporation ABN 33 007 457 141 (Westpac), or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment, or loss of income and principal invested. Except as expressly disclosed in the PDS or the Additional Information Booklet for BT Super for Life, Westpac and its related entities (including Trustee and the Insurer) do not stand behind or otherwise guarantee the capital value or investment performance of any investment options or any related assets of BT Super for Life.

This information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to your personal objectives, financial situation and needs having regard to these factors before acting on it.

The information is current as at 10 May 2019.