3.6 / 5
Trust Score
2.1
Reviews
5
Social
5
Featured
4
Technical
Is bt.com.au legit?
- Many trusted websites are linking to this site
- The EV SSL certificate is valid
- Facebook account found with large audience
- Business is mentioned on Wikipedia
- We found several negative reviews about this site
- This website has existed for less than 3 years
- Instagram account not found
- Pinterest account not found
- Linkedin account not found
- Twitter account not found
- Youtube account not found
Reviews Analysis
30
reviews
vs
0
AI declined reviews
0%
NON VALIDATED REVIEWS
Usually stable businesses have more than 5 authority websites mentions, this one has 15 authority websites mentions and 0 mentions in other websites
Based on 30 reviews
Smart.Reviews
3.6
30 reviews
Bt.com.au Review
Since 1969 BT has been helping Australians prepare for their best financial future and providing financial advisers with the support and tools they need
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Last update: Wed, Mar 9, 2022 2:11 AM
Not satisfied with their service they just stealing our money for nothing no service
I think they need to be accountable since peoples lives are in stake.
We did not know back then that the Bank of Melbourne and BT Super are different faces for the same business which is Westpac.
2- When we both did the transfer to BT Super, we were not required to provide any information about our pre-existing medical conditions or submit any paperwork.
We were told that the life insurance policy that comes with the BT Super doesn't care about your medical conditions.
What they have intentionally failed to inform us is that the BT Super Life Insurance policy is tailored designed not to pay.
Firstly, the life insurance policy expires at the age of 70 in a country in which men have a life expectancy of 80.5 and women have a life expectancy of 84.6.
This means that if you didn't die in an accident or due to terminal illness before the age of 70, the beneficiaries of you life insurance policy will not receive a cent and all the money you paid to finance this life insurance policy is gone down the drain.
Secondly, what we were never told, agreed to in writing or consented to is the clause in the policy which states that BT will not pay if your death was directly or indirectly related to a pre-existing medical condition on the day of effectiveness of the life insurance policy or 2 years prior to that date.
In my case, if this was brought to my attention by the financial adviser at Bank of Melbourne, I would have never signed-up for a life insurance policy with BT because I did have conditions that may lead to my death directly or indirectly.
This clause about the pre-existing condition came to effect on 1 July 2017 as they have updated their criteria for entitlement without notifying the customers.
3- In my case, both the Bank of Melbourne and BT Super were aware that I was on a Disability Pension and no contributions will be made to my super fund.
Such information was documented in our home loan application form which was approved by the Bank of Melbourne since 2013.
4- BT Super and upon signing-up with them did not supply us with any publications about the terms and conditions of the life insurance policy and left it to us for find such information.
5- Thanks to our great government, on 1 July 2019 they ordered the Superannuation Funds to cancel the life insurance policies for inactive accounts.
Being on a Disability Pension which no contributions to my super, I was one of the victims of this illogical government rule and BT cancelled my policy in July 2019 but gave me the option to opt-in.
Till July 2019, both my wife and me were not aware of the expiry age of policy or the pre-existing medical conditions, so I completed the opt-in form and sent it back to them.
6- Between July 2019 and 1 November, I contacted BT several times to inquire about the status of life insurance policy which was showing online via the Bank of Melbourne online banking page as inactive (cancelled). I was always told that it is in the pipeline.
6- On 2 November 2019, I checked my BT Super online and found the policy active again and a monthly premium of $146.47 was deducted from my super balance as I was paying extra for a policy value above the standard policy offered with the account.
On 11 November 2019, I checked again on my BT Super page online and found the policy to have been cancelled again. I made several complaints on 11 & 12,19 and 20 November 2019. All of which are recorded on my mobile.
I was told that there is a system error that they are going to fix for me.
On 20 November 2019, I checked my BT Super page online again and found out that life insurance policy was reinstated again and I was charged again for the month of November a premium of $195.04.
So, I was charged twice in November 2019. One payment was $146.47 and the other was $195.04.
So, between 1 May 2019 and 1 November 2019, my monthly premium has jumped from $140.42 to $195.04 without any apparent reason and without informing me of such a rise in my monthly premium.
I have a life insurance policy with CommInsure for $273,181 for a monthly premium of $182.27 which increases annually not every month as it is the case with BT Super. My policy with BT Super expires at the age of 70 at the time the insurance policy with CommInsure expires at the age of 99.
Wouldn't be an act of insanity to pay such a high monthly premium for a low value life insurance policy with BT Super?
7- On 20 November 2019, I received a letter from BT dated 13 November 2019 stating that their records indicated that I elected not to opt-in since July 2019 and consequently my policy was cancelled effective 1 November 2019 and I have till 1 December 2019 to opt-in under the conditions of the pre-existing medical conditions which was not mentioned in their letter sent in July 2019.
The strange thing is that my transactions history show from 1 July to 1 Nov 2019 show that no premiums were deducted since 1 July 2019 and there was a single payment of $788.70 which was deducted on 1 November 2019 which is the same date BT states by means of a letter dated 13 November 2019 that the policy was cancelled according to your letter dated 13 November 2019!
The other strange thing is that as of today, the online screen on my BT page shows that my policy is active and the new premium is $195.04.
8- It is evident, and according to the laws in most countries around the world except Australia, that BT has committed the criminal offences of fraud, forgery, perjury, dishonesty and theft.
They have destroyed or deleted my opt-in form completed and sent back to them in July 2019. Despite the fact that I have recorded calls with BT on my mobile which confirm that I have opted-in since July 2019.
They have withdrawn the lump-sum payment of $788.70 on 1 November 2019 which is the same day the letter dated 13 November 2019 states that the policy has been cancelled which is to cover-up for destroying my opt-in request of July 2019 and to make the illusion that I didn't opt-in and that the policy was only cancelled on 1 November 2019 which is defiance with government instructions to cancel such policies effective 1 July 2019.
Within the month of November 2019, my life insurance policy was reinstated and cancelled several times.
9- In the case of my wife, she decided to cancel her life insurance policies with both BT Super and Westpac with whom she had a policy for more than 15 years because they are both two faces of the same coin.
They both have the expiry age of 70 and same conditions about pre-existing medical conditions.
10- I would like to thank the Australian government for issuing the rule about cancelling our life insurance policies after all the money we wasted on it.
I do understand that it is not the hundreds of thousands of Indians (for example) who were above the age of 65 who were granted Visas and Residency on the sponsorship immigration plan to become a burden on our medical care system and financial welfare system as they get granted age pension in a matter of 4 years of their arrival to Australia that are the government true burden... It is us who are on Disability Pension who are the enemies of the state... I still remember Tony Abbott who made it his life mission of his life to cancel Disability Pension all together which likely to happen sooner or later.
11- I would also like to thank Woolworths Insurance who brought it to our attention that life insurance policies with banks and supers have an age limit on them and hidden pre-existing medical conditions rules that will always lead to we will not pay.
Lost 18% - you pay them a fee to *manage* your super.
Going through the complaint process now, have not had good results.
Would not recommend them, even to an enemy.
Considering starting a class action, lots of people seem to be in the same boat.
The way their rounding is done on the calculations is not normal. The result is that they tend to hive away any cents rounded that should be allocated to the customer.
Usually stable businesses have more than 5 authority websites mentions, this one has 15 authority websites mentions and 0 mentions in other websites
Bt.com.au Review
Since 1969 BT has been helping Australians prepare for their best financial future and providing financial advisers with the support and tools they need
Bt.com.au Customer Service Contacts
No contact details for this company.
Share the company's rating
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Recently called to clarify my position and lower my risk. Although there was a little wait, the service I received was helpful and positive, and my request was immediately put into effect.
I'm very happy with BT
3 years ago
review by Rob Q.