As part of its effort to provide greater levels of service and value for life insurance customers, BT Financial Group (BT) has launched a new level premium policy replacement process for BT Protection Plans.
The new process allows clients to keep their level premiums for their life insurance, even when the ownership structure or funding method of their policy changes. It enables a faster turnaround time to replace a policy and allows clients to continue benefiting from the lower premium rates linked to their original entry age.
Kim Cohen, head of product, life insurance, BT, commented: “The new level premium policy replacement process is just another way in which BT is enhancing our life insurance products to provide greater levels of service and offer value to clients and advisers.”
If, for example, a BT policyholder wants to switch from a super fund on a platform like BT Panorama to a self-managed super fund (SMSF), the new replacement policy process will enable them to retain their original entry age premium rates. They will pay a lower rate than if their new policy was adjusted to reflect their current age.
“AT BT, we’re committed to making it easy for our customers to stay protected,” Cohen added. “Our updated service makes it simple for advisers to implement recommended ownership changes that meet their clients’ changing needs.”