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Upgrade to Accelerated Protection

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.
  • Introduction of level premiums to age 70 for life insurance, Total and Permanent Disabilityand 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 and Trauma

Level Premiums available to Age 70

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 – Carcinoma in Situ.

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 – Melanoma

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, the  maximum benefit amounts have been increased 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 policy or if you have any other queries, please contact us on 1300 135 205

Published: November 13, 2012