Your client can treat the benefit payments almost as if they were a monthly salary – using it for loan repayments, day-to-day living expenses and any medical expenses.
The insured person can make a claim under one of three definitions: one duty, 10 hours, or loss of income.
The option provides flexibility and choice at claim time, to suit their circumstances.
Day one partial benefit for blue and white collar workers (excluding E class) on Income Protection and Income Protection Plus.
If the insured person is eligible to receive a Total Disability Benefit, BT will provide an advanced payment just two weeks after the end of the waiting period.
The insured person can increase their monthly benefit in line with the increases to their income every 12 months up to a maximum of 15% each year.
BT Protection Plans offer three types of Income Protection (IP):
Own Occupation IP provides cover if the insured person is unable to work in their usual occupation at full capacity. The benefit can be used as a replacement income.
Home Duties IP provides cover if the insured person or their partner are unable to carry out normal household duties. The benefit provides funds which could be used to pay for a nanny or housekeeper to keep the household running.
General Cover IP provides cover if the insured person is unable to perform any two activities of daily living or if they suffer significant cognitive impairment. The benefit can fund assistance in the home or pay for any modifications to the home.
Income Protection can be held outside of superannuation, or within. When held outside superannuation, the policy owners can be the insured person, a trust, or a business entity3. When held within superannuation, the policy is owned by the fund’s trustee, and can be through a MasterTrust4, Platform Super5 or an SMSF5. Income-linking allows your client to split the policy ownership between superannuation and non-superannuation; ensuring the policy terms are not confined to superannuation restrictions.
Generally, premiums are tax deductible and payments are assessable for tax purposes.
All BT Protection Plans provide the following features, to ensure that your client is receiving the most value out of their policy:
Wrap and Platform Super discount
Worldwide cover – 24 hours a day.