BT Protection Plans: Income Protection

BT Protection Plans Income Protection gives you the opportunity to replace up to 80% of your monthly earnings if you are unable to work following an accident or illness. Income Protection insurance gives you peace of mind that you will be able to cover your ongoing living expenses without having to borrow money, use your savings or call on family or friends for help.

There are three types of Income Protection cover available under the BT Protection Plans:

• 'Own occupation' IP provides a regular income until you are able to return to work at full capacity.
• 'Home duties' IP offers a valuable opportunity to buy up to $5,000 per month of cover for homemakers, who in most cases don't qualify for IP insurance. The purpose is to allow you to pay someone to do all the things you do for your family while you recover from your illness or injury.
• 'General cover' IP is a broader insurance which pays a monthly benefit if you are severely disabled or suffer from cogitative impairment as a result of an accident or illness.

Your BT Protection Plans Income Protection cover can be structured through your superannuation fund. BT offers an optional 'Super Plus IP Benefit' which offers a split policy structure, where some benefits fall within and some outside of your superfund. You should seek advice from your financial advisor if you plan to hold life insurance with your superannuation as there can be drawbacks if you choose the wrong structure.

For full details of the BT Protection Plans range of life insurance products you can download the Product Disclosure Statement here.