TAL’s Accelerated Protection was launched in 2009 and provides flexible solutions for a range of personal insurance types.
TAL has recently launched an upgrade to its Accelerated Protection plans, which went into effect on 1 November 2012.
Some of the key changes are:
- Benefit added to life cover which will reimburse the legal costs for advice upon the death of trustee of SMSF up to a maximum of $5000.
- TAL has introduced level premiums to age 70 for life insurance, Total and Permanent Disability and trauma insurance cover options.
- New definitions for Melanoma and Carcinoma in Situ for trauma insurance cover.
- Payment of full trauma benefit for Carcinoma in Situ of the breast where it is treated with breast conserving surgery and chemotherapy or radiotherapy.
- Increased ancillary benefits amounts for Family Support Benefit, Housekeeper Benefit and Child Care Benefit for Income Protection policies.
- All changes are at no extra cost, with premiums remaining the same.
A summary of the changes is listed in the table below
Product | New Policy Feature | Benefit |
Life, TPD | Level Premiums available to | Helps you manage your cash flow long term |
Life Cover | SMSF Benefit | Reimburses legal costs for advice on SMSF trust funds upon the death of the trustee. Reimburses costs up to $5000 |
Trauma | Cancer definition – | This definition has been improved in line with medical advancements and now also pays the full benefit for Carcinoma in Situ of the breast if treated by breast concerning surgery and chemotherapy and radiotherapy. |
Trauma | Cancer definition – | The definition for Cancer has improved with the requirement of the thickness for the melanoma reducing from 1.5 to 1.0mm. |
Income Protection | Waiting Period | ‘Return to Work’ section from waiting period definition removed |
Income Protection | Increased Ancillary Benefit amounts for family support, housekeeper and child care benefits | Ancillary benefits provide an additional payment to help with the costs associated with care that may be needed in addition to your Total Disability benefit. In line with the increasing cost of living, TAL have increased their maximum benefit amounts so your needs are fully covered. |
Income Protection | Introduction of Occupation Class BB+ | Introduction of new occupation class means select occupations can receive a monthly benefit to age 65 |
Source: TAL Accelerate Protection Upgrade, 1 November 2012
If you would like to discuss how these changes may affect your TAL Accelerated Protection policy or if you have any other queries, please contact us on 1300 882 762
About Russell Cain