BT

BT is the wealth management brand of the Westpac Group and among other financial services, provides Australians with Insurance Solutions. Cover available from BT includes Terminal Illness and Death Insurance, Permanent Disability Cover, Living Insurance and Income Protection.

Published October 12, 2016

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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:

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.

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.

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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.

BT FAQ

  • Who are BT?

    BT is a part of the BT Financial Group, the wealth management arm of Westpac.
  • What does BT stand for?

    BT stands for Bankers Trust.
  • Who owns BT?

    Westpac acquired BT Financial Group from the Principal Financial group in 2002.
  • How old is BT?

    BT has been operating in Australia since 1969, but it can be traced back to 1903 when BT was formed in New York.
  • When would I consider the BT General Cover Income Protection?

    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

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