Value for Money
0.5
Features & Benefits
0.5
Customer Service
0.5
Review Promotion

Write a Review on BT

How would you rate this insurer for the following: (1 Star = poor, 5 Star = Excellent)
Please describe your overall experience with this insurer. i.e. what you liked, disliked and would you recommend this insurer to your family or friends. (Min 20 words).
Your Information
By submitting a review you are confirming that you have had, or currently have an insurance product with this insurer. You also accepted and acknowledge our review posting guidelines.
Competition closes 07/07/2017 and prizes will be drawn on 10/07/2017. Participants must be over 18 years of age, be Australian permanent residents and have held either a Life Insurance, Income Protection, Total Permanent Disability, Trauma or Funeral Insurance from the insurer they review. Terms and Conditions apply.

About BT

BT is one of the many brands of the BT Financial Group Australia which is the wealth management division of the Westpac Group.

BT has become one of Australia’s leading wealth management companies and helps customers manage, grow and protect their money by providing insurance solutions, superannuation and retirement income products, investment, financial advice and private banking.

With more than $136 billion in total investments as at June 2015, BT’s insurance division continues to protect over 1 million Australian’s with various protection products including life insurance and income protection.

The Westpac Group

Established in 1817, The Westpac Group is the oldest banking corporation in Australia and consists of 5 key divisions:

  • Consumer bank: Assisting Australians with their banking and financial needs.
  • Business bank: Responsible for all sales and services for small-to-medium businesses in Australia.
  • BT Financial Group Australia (BTFG): The wealth management division.
  • Westpac Institutional Bank (WIB): Provides financial services to larger institutions.
  • Westpac New Zealand: The largest New Zealand banking organisation.

Most of these divisions expand to Australia and Asia, the United Kingdom and the United States, serving over 13 million customers across an array of world class services. The Westpac Group has a 31% interest in BT Investment Management and wholly acquired BT Financial Group (BT) in 2002.

History of BT

The first Bankers Trust Company was established in 1903 in New York, providing trust services to customers of state and national banks on the promise that it would not lure commercial customers away, hence the ‘trust’ part. BT has a strong financial services heritage in Australia beginning 47+ years ago in 1969 when Bankers Trust Australia opened its doors.The Bankers Trust took 40% investment in the newly established merchant bank Ord BT Ltd.

In 1998 Deutsche Bank bought Bankers Trust and sold the Bankers Trust Australian division to the US-based Principal Financial group in 1999, who then sold the BT Funds Management to Westpac Banking Corporation in 2002. Westpac then combined BT Funds Management with the Rothschild asset management business to form an expanded wealth management division of Westpac, called BT Financial Group (BTFG). Six years later, in 2008, BTFG and the St George Wealth Management business merged and formed one of Australia’s largest wealth management businesses.

1903

The Bankers Trust is formed in New York.
BT Australia

1969

The Bankers Trust establishes an Australian division through a partnership with Ord Minnett.

1998

Deustche Bank takes over BT Global Corporation.
BT Insurance

1999

BT Australia Group is acquired by Prinicipal Financial Group.

2002

Westpac acquires BT Financial Group.

2008

St George wealth management merges with BT Financial Group
after St George Bank merges with Westpac.

Key Statistics

BT Insurance pays over $4 million in claims each week, having paid $208,436,018 in claims to 2,870 clients and their families in 2014 alone. Half of the 2014 claims paid were for Term Life Insurance, and the other half was paid for claims concerning TPD, Living Insurance and Income Protection. With over $136 billion in funds under management and administration, combined with the financial strength of RGA RE acting as their reinsurer, it’s no wonder BT can pay such large claim amounts.

What people say...
Sort by:

Be the first to leave a review.

out of 5
Read More
{{{ review.rating_title }}}
{{{review.rating_comment | nl2br}}}

Show more
{{ pageNumber+1 }}

Your Questions about BT Answered

BT is a part of the BT Financial Group, the wealth management arm of Westpac.
BT stands for Bankers Trust.
Westpac acquired BT Financial Group from the Principal Financial group in 2002.
BT has been operating in Australia since 1969, but it can be traced back to 1903 when BT was formed in New York.
General Cover Income Protection pays a monthly benefit which covers you if you were to become severely disabled, due to sickness or injury, and no longer able to perform daily living activities, like bathing, dressing or feeding yourself.

The benefit can cover you for up to 75% of your monthly income, with a maximum of $5,000 and should be considered if you are unable to take out a normal income protection policy, due to:

  • Your occupation classified as too dangerous
  • Your participation in dangerous pastimes that are too dangerous to insure
  • Having pre-existing medical conditions that prevent you from getting cover
  • Your current age prevents you from normal income protection eligibility

If you have any questions about taking out a policy with AIA Australia, or concerns about your existing AIA Australian policy, please feel free to ask one of our experts for advice. Alternatively if you’d like to compare AIA Australia with different Australian Insurers, simply navigate to the comparison tool.

Ask an Expert?

Share This