BT Financial Group (BTFG) has launched a level premium policy replacement process for BT Protection Plans that will allow clients moving their cover from a super fund on a platform, such as BT Panorama, to an SMSF to retain their original entry-age premium rates under the new replacement policy.
The process will allow clients to maintain their level premiums for their life insurance even when the funding method or ownership structure of their policy changes.
This will allow customers to pay a lower rate than if their policy is adjusted to reflect their current age.
Under the new process, turnaround times will be less than one week to replace a policy and administration for advisers will be reduced.
It will also allow clients to continue to benefit from the lower premium rates associated with their original entry age.
BTFG head of product life insurance Kim Cohen said: “Our updated service makes it simple for advisers to implement recommended ownership changes that meet their clients’ changing needs.”