TAL completes its acquisition of the Westpac Life business

We are pleased to announce that TAL has now completed its acquisition of Westpac Life, the life insurance arm of Westpac Banking Corporation (including BT Life), which was first announced in August 2021. All of Westpac’s life insurance business and all existing Westpac Life (and BT Life Insurance) policies transfer to the TAL Group today.

TAL believes in the role and value of life insurance in the community, and today marks another significant step towards our goal of protecting more Australians in more ways, throughout their lives.

At the same time, we remain strongly committed to supporting the financial advice sector and continue to be focused on delivering the best possible outcomes for our advice partners and their clients.

BT Protection Plans are now closed to new business

With the completion of this acquisition, BT Protection Plans products will no longer be available to new customers.

Initially there will be no change to the way in which you and existing clients interact with the products or services provided by Westpac Life. However, as we look to bring the businesses together, we will continually review our technology and service proposition to ensure we can deliver the best quality, value and service to you and your clients.

Key transition dates:

  • The last day for new business applications and tele-interviews has now passed and BT Protection Plans have closed to new business.
  • For applications that were submitted prior to 1 August, but are yet to be finalised, the normal guidelines apply.
  • Existing Westpac Life Insurance Services Limited (WLIS) forms for BT Protection Plans will be accepted until 31 October 2022. These old forms can be signed and dated any time up until 31 October 2022 but must be received by this date.
  • New TAL Life Insurance Services Limited (TLIS) forms for BT Protection Plans are available via LifeCentral+ from today (1 August 2022), and we encourage you to use those forms where possible to ensure a smoother client process.

    • Need more information?

    We are here to support you through these changes. If you have any questions regarding BT Protection Plans, please don’t hesitate to get in touch on 1800 025 127, Monday to Friday 8.30am - 6.00pm (AEST).

    We’re here to help

    We remain fully committed to our existing adviser and licensee partnerships as well as those forged through Westpac Life. If you have any questions or require additional information, we are here to support you throughout this change, so please get in touch with your local TAL team member.

    Regards,

    Brett Clark
    Group CEO and Managing Director

     

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