Life Insurance Cover, Income Protection and More — 5 Things to Know — BT Financial


If you ever need to make a claim, it’s our role to provide you support during those difficult times. How important is life insurance?
Life insurance in my opinion is like one of the most important purchases you’ll ever have to make.
Retirement disability or great loss, you’re protecting your most important asset, you. We all protect our cars, our homes and our mobile phones.
But the only reason we can afford those things is our income. Working in claims for so many years has really taught me the value of our ability to earn that income.
So when we hear the word ‘life insurance’, people automatically reference the word death.
Death insurance is only 25% of what we can offer. What are the main types of insurance?
There are four major types of life insurance products, which sometimes confuses people. So there’s life cover. This is death insurance. If the insured person was to pass away, we would pay a lump sum benefit. The monies go to the beneficiaries, such as the family. TPD, that’s total and permanent disability. This pays a lump sum benefit if you’re totally and permanently disabled
from ever returning to work. Trauma cover also pays a lump sum benefit if you’re diagnosed with a critical illness. There’s multiple conditions that we cover, such as cancer or heart disease. And finally there’s income protection, which replaces your income lost due to your inability to work from an injury or illness. How much does life insurance cost?
Premiums for life insurance are affordable for most Australians. You can pay them monthly, quarterly, half yearly or yearly.
The income protection premiums are 100% tax deductible. What happens if you need to make a claim?
Life insurance isn’t about giving you a cheque and saying “Good luck”. It’s about providing you support through your recovery.
In products such as income protection, we also provide rehabilitation services. This is at no extra
cost to you, and in addition to your benefits that you were paid.
We provide support over the phone, but we also provide support in the
majority of our income protection claims, face to face, to really support you though your recovery. How much insurance cover do you need?
While there’s no exact answer,
life insurance is key to protecting your ability to earn and provide. I’d recommend you go
seek advice from a financial adviser. They’ll help you through your individual circumstances and provide you cover to suit your needs. Remember it’s the most important
purchase you’ll ever have to make. Insure your most valuable asset.

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