I was pressured to switch my Life Insurance to BT, (Westpac Insurance services) that was 5 years ago. I receive one letter a year from BT to advise my premium is increasing and nothing further. Since switching in 2014 my premiums have doubled. I have received a letter from them today advising my premium has again risen by nearly $70.00 extra per month. I am now looking for a new insurer, I can not afford to maintain this policy. Nothing but money grabbers!!!
Worst performing super not surprise they have been sued due to dodgy practice
Dodgy super fund backed by big bank. My super has performed worst in last two years thanks for the ongoing BT scam. To my surprise,i was charged $200 exit fee. Stay away from this dodgy super.
Non Transparent Company
I had invested in the BT International Shares fund in 2000, with regular monthly deposits every month until 2009. The promise in the prospectus at the time was that regular quarterly distributions would be provided, however at the fund manager's discretion. Todate, there have been 19 distributions in 80 quarters approximately. One would imagine that if there is going to be no distribution for the quarter, the manager would be responsible enough to provide the background to the decision of not providing any distribution. However, BT appears to...think they can do whatever and not be accountable to anyone. 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.
Please read this before signing any policy with BT Life or Westpac Life Insurance
NB- I have a very Reasonable claim
1. My experience doesn’t match BT’s claims process product promises in their prospectus
2. BT have Been very antagonistic, aggressive approach from the outset of my claim,
3. Slow claims process...
1.5 years after claim and no honouring my insurance claim
4. Had to hire lawyers at much costs
Up for a fight
5. Threaten to close my policies on “disclosure” issues let alone not honour claim
6. This has been unbelievable time consuming, arduous, stressful and distressing at a time in my life that is already ...
worst fund ever - avoid, avoid, avoid!
I had my funds in BT since 2010. I did not realise I was on a no-growth fund. I saw a financial advisor in July and he was shocked to see that there had been no growth and no interest paid since then. I wrote to complain to BT and the response was... you should have known, you chose a cash fund and when the National reforms happened, we deemed that you chose this. So the outcome is, for over 10 years they've had around 250k and all my contributions from employers, and zero return. None. My retirement savings have been used for their benefit all this time and they gave nothing back to me except fees. Criminals. I have taken them to AFCA. Avoid this fund at all costs, they will not help you.
A fund was set up for son via employer with BT what a nightmare, each time you speak to them they have lost original information or not on system, Been set up several times and each time have to call them as not in system. Very frustrating and time wasting especially for low income funds. Many better providers available to assist , choose wisely.
They promised me that my superannuation would be paid to my bank account almost 2 months ago, I was told it would take 5 business days. I'm withdrawing my money from BT Super as have constantly messed me around with two separate claims with a total of 7 months spent waiting for either very simple services or very simple answers.
SuperWrap fees are excessive
On a balance of around $450,000 I was paying around $3,000/year in account keeping fees on BT's SuperWrap plus management fees on underlying funds.
I switched to a low cost industry fund that was simpler and had all the features I wanted. The account keeping fees for the same balance were less than $400. Get your money out of these rip off funds into industry funds.
Spoke to Mitchell who was REALLY helpful
Been with them for 7 years and suddenly realised I am on a cash option, spoke and they were very helpful. So I have to confess I felt much better. Was a bit about not getting the callback I had asked for but to be honest not much of a wait to get thru.
They're a very dodgy company
They migrate your fund from one fund to another with and there's nothing much you can do about it you can't get any information out of them half the time they hang up on you when you try to be on hold with them then when you try and get your money out of the fund into another fund mysteriously all of a sudden your balance drops overnight so that there are only transferring a certain amount I wouldn't touch them with a barge pole at one stage they told me there was a financial advisor attached to the fund for years and would I like to remove the...m only to turn around when I asked about where the charges were going they said I know that that was a mistake there's no financial advisory attached to the fund I'm glad to have got me money out of the fund
What is Happening?
I have had a small supplementary fund with BT since 1970. It has been a good fund with NO fees and for the most part quite good returns. There have been some years with a euphemistically described 'negative return'. Since my retirement I have made occasionally withdrawals which have been paid promptly.
However a few week ago I received a communication from the BT group that my existing funds from my superannuation investment account have been transferred without my permission to BT Super. BT said the reason for this was to reduce fees. I did as...
Monsters Who Wouldn't Pay Out A Claim
Appealing service from BT Financial Groups insurance arm. Flat out refused to pay my client for works that were required.
First they lied regarding their obligation to pay out a claim. Once this was completed they changed their tune because legally they had to. Then they tried to offer such an insignificant amount for works that needed to be completed.
Made it out like they were going to be fair and put me on hold then transferred me through to several different departments before saying that they think it was reasonable for their representa...tive to hang up on my when I chased up a series of emails and follow ups that I had sent MONTHS prior. As an award winning business I am disgusted with the service from BT Financial Group. We have been working with insurance groups for the past 15 years with zero issues and now they are trying to take advantage of people who don't deserve it. In addition to this they are rude and have no respect for their clients whatsoever. I don't want to publicly name people but I would be very disappointed if I had been involved in the process.
Very Dodgy Company
I've been with them since 97 up to just recently now that they have migrated all existing supers to a new format you can't get any information about your super account in the present or history you cant track it only the day of change over 12 April 19 that's it as i've mentioned on your online account you can't check your current balance or history and what's worse they can't provide that information, how frustrating this is grrrr..... the facility is there but deliberately deactivated apparently you get a mailed monthly statement this ju...st ridiculous why have only have the online facility in the first place ? lastly the attitude of the customer service people they are pathetic they only go to work to get paid they have no pr skills whats so ever a real frustrating experience as they dodge the questions asked as they go of in a tangent and try to divert to something totally unrelated very bad experience
23 years of waste
Was with BT since 1996 and was far too trusting of their ethical (and fiscal) responsibility to act in my interests. They didn't and it has set me back 10's of thousands....
Excessive fees and consistently poor returns on their "BT Retirement Selection - Personal super plan" product, and further compounded by the Complaints Resolution Team who's only purpose is to deflect and avoid any recognition of the issues.
I've paid a heavy price for not paying attention - don't let it happen to you.
Terrible support and terrible roll out process could cost my client his insurance policies
I am an adviser working with a client to help them roll out into a more cost effective super fund of their choice and they have applied for new insurances with a retail insurer with application being accepted and the client expecting a rollover that should take a maximum of two weeks. We supplied rollover forms 4 weeks ago and BT contacted the clients old adviser who is no longer acting for the client, and hasn't contacted or dealt with the client in over 10 years, then they contacted the client to ask him whether he would like an in-specie tra...nsfer of his assets or a sell down of assets. Not knowing what the difference between the two and feeling pressured to supply them with an answer as he knew his insurances are pending payment, he answered an in-specie asset transfer after the BT customer service gave the client an explanation. This could take up to 6 weeks to reach desired super fund. After calling their admin/support team to explain the situation, they said they would rectify this and stop the transfer and allocate me as adviser. After following up a week later, they said that the customer service officer hadn't followed it up and we were back to were we started. After another week of back and forth with the BT Team and having to do a transfer of adviser to us with the client, we have to now await the sell down of assets within the BT Wrap account and then wait rollover. We have fortunately informed the insurance company and they are giving us an extension on payment of insurances so that the application doesn't lapse. For a client like this with who's the sole income in their household and who has high debt and little children, not having his insurances in force could really harm his family. I only hope that BT makes no more mistakes with this clients funds.
BT Insurance are terrible, very frustrating and completely disorganised
Terrible, very frustrating and completely disorganised is how I'd describe dealing with BT Insurance. Last month BT tried to double-charge us $3,825 for a premium we'd already paid, and I keep getting mail about the premium being overdue even though 2 of their staff tell us it's a system issue and they have our payment and it will be fixed. Even the manager of their complaints department called me today regarding on ongoing issue (that still isn't resolved after nearly a month and about 2 hours on the phone) and the manager didn't even know any...of the background to the complaint before calling! BT staff tell you that issues are fixed and then you get a text message or letter saying they're not so you have to call them and sit on the phone for another 20 - 60 mins telling the whole story again to various staff to try and get a resolution. BT's procedures are ridiculous, irrational and each staff member tells you a different thing - clearly the various departments don't talk to each other either. BT sets a new level of incompetence when it comes to insurance administration.
Should be locked up
I rolled all my supers into the BT robbers fund as I have been working from the age of fifteen, I am now 54 have had a few different jobs in factorys, labouring, etc over the years, busting my bum like a lot of other struggling Aussies I invested the amount of $45.000 in this scamming scheme which was all my supers, they had the cheek to send me a report that I had $2000 left 15 years later I know I could have moved to another fund (but I wasn't that savvy) as they told me when I rang them and ask them if they were going to keep charging me fees when my account was completely empty, they told me that they don't do that. Wooh I was so thankful.Id just like to thank you again BT for Rippin' me
TPD claim 2 years and counting. (AFCA time limit. Now accepting complaints dated back to 2008)
BT refusal to make any decision on TPD claim for over 2 years. Finally made decision to pay TPD claim when the AFCA got involved. I was told TODAY they're express posting a document that I have to sign and send back for payment to be processed. I call BT almost every 2nd day to be told that it should make the post by tomorrow. A month later still haven't received anything in mail.
AFCA time limit to make complaint changed after royal commission and will review issues as far back as 2008.
Dodgy- refusing to cancel insurance and stealing my money!
I have been attempting to cancel 2 policies with them and they have been giving me the massive run around and stealing hundreds from my bank account monthly. Dodgy dodgy company. Thank goodness I haven't trusted them with my super!
do not trust this company for trauma insurance
Warning.! I have been paying trauma & life insurance to BT Financial Group approx $280/month through Westpac Bank for over 18 years and when I went to claim for the 1st time ever when I have a dissection in my descending aorta was knocked back because there was no operation.?
The only reason they did not operate was because I was fit & healthy.
The 1st month after I could not take my heart ate over 80. The 2nd month heart rate under 100 and the 3rd month under 120.
This company penalises people that try to maintain their health & fitness.
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Questions & Answers
Im have recently had a personal injury and i am waiting on my salary insurance with BT,
can you guys provide any info?
How long does funds take to 2 transfer from bt super for life account to your westpac choice account is sonce rolled over
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