Although the principle of life insurance is quite simple many people still believe it is a complicated matter. The main reason they think this way is because they tend to confuse the different types of insurance on the market today. BT Protection Plans cover a wide ranging raft of insurance needs and these insurance products can be divided into two distinct fields; general insurance and life insurance.
1. General Insurance provides you with financial protection should you unfortunately experience any of the following events:
- You can insure against your house burning down or become damaged in some way. Along with any personal property that is damaged or stolen. It can all be covered with Home Content and Personal Valuables Insurance.
- You can insure your car against damage caused by an accident or limit your protection to third party personal injury. Comprehensive motor insurance gives you an all encompassing protection and compulsory third party (CTP) limits your protection to personal injury.
- If you let property out you can obtain landlord insurance. It will protect you from financial loss should your tenant refuse to pay rent; commit wilful damage to your property; steal from your property; as well as cover your for any legal liability you might become responsible for.
- You can also obtain travel insurance that will give you financial cover for any urgent medical cover you might need whilst travelling. Travel insurance will also cover you for any luggage that may become stolen as well as pay your passage home in the event of any emergency.
All these insurances cover you for the loss or damage of your material belongings.
2. Life insurance covers the most valuable item you possess – your life. A cover that can be safely obtained by purchasing a BT Protection Plan.
The BT Financial Group (BT) has been servicing Australians by offering wealth management plans since 1969 and has now become one of the countries strongest wealth managers holding over $95 billion in total investments. Its BT Protection Plans are managed by BT Portfolio Services Limited with its insurances being provided by Westpac Life Insurance Services limited. In 2010 the BT Protection Plan insurer paid out life insurance claims valued at more than $101 million. These claims gave financial help to more than 1,020 BT customers and their dependants, who would have suffered much harder financial times otherwise. In 2010 the following claims were paid:
- $10 million in regular payments for claims regarding income protection.
- $30 million to assist BT policy holders manage their lives better because of injury or sickness preventing them from working.
- $62 million paid out to families who’s loved one had died.
These claims were paid to people who’s ages ranged from 21 to 90 years of age with the average age being 53. Claimants occupations varied from those working in the building trade, white collar workers, farmers and miners. Thirty nine percent of claims made in 2010 went to women.