What has been announced?
On 9 August 2021 Westpac Group announced it has agreed with TAL Dai-ichi Life Australia Pty Limited (“TAL”) to sell Westpac Life Insurance Services Limited (WLISL), the Issuer of BT Protection Plans and known as BT Life Insurance.
Why has this decision been made?
Westpac Group is simplifying its business and focussing on its consumer and business banking operations in Australia.
When will the change take effect?
We expect the transition will take effect in the second half of 2022. We remain open for business and continue to honour all new and existing policies and contracts that we have with you and your clients.
Who is TAL?
TAL is Australia’s largest life insurer and is well established in the IFA market. TAL already offers insurance products to more than 4.5 million Australians and is well placed to help your clients protect the people they love.
How does this change impact my existing clients’ life insurance policies?
Today’s announcement does not change the terms and conditions that apply to your clients’ cover nor change to the way you and your clients are provided with support and service across claims, underwriting, acquisitions and servicing. TAL will ensure all your clients have continual cover. The transition of BT Life Insurance (WLISL) to TAL is expected to take effect in the second half of 2022.
How do I make a claim on behalf of my client?
In the same way you have always been able to. There is no change to our existing claims process as a result of this announcement, and the terms and conditions of the policy will be honoured by TAL. Any claims that are in progress already will continue with their dedicated claims consultant. If you need to make a new claim or check the status of an existing one, you can speak with a claims consultant by calling 1300 553 764 from 8.30am - 6.00pm, Mon - Fri (Sydney time).
Are there going to be changes to my adviser servicing team? How will we be supported going forward?
You will continue to work with the same BT Life Adviser Distribution team as you have before - either your Regional/National Managers, your Strategic Partnerships Manager, your BDM and/or other members of the Adviser Distribution support team. Similarly, there are no changes to your underwriting, claims or acquisitions and servicing contacts as a result of the announcement.
We expect the transition of BT Life Insurance (WLISL) to TAL will take effect in the second half of 2022. You will continue to engage with the team as usual, and if there are any changes or updates in the future, we will keep you informed. If there’s anything you are interested in finding out more about, please contact your BT Life Insurance team and we’ll do our best to answer any questions.