About TAL Life Limited

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About TAL Life Limited

TAL is currently the largest non bank owned life insurance company in Australia, starting as far back as 1869 in New Zealand, as The Government Life Insurance Office. TAL has a number of product offerings in the market and offer a number of policy solutions in via Direct, Retail and Super Funds. Their premiums and policy benefits can be very different and it is important that if you have a TAL policy you understand and are aware of the pricing features and benefits and that you review these in light of your own circumstances on a regular basis.

About the Dai-Ichi Group

Dai-ichi Mutual Life Insurance was Japan’s first mutual life insurance company, established in 1902. In 1975 they established their first overseas representative office in New York, and again in 1982, this time in Europe.

As TAL’s parent company, Dai-ichi Life Insurance Company Limited, carries great financial strength, especially after acquiring 100% ownership of Protective Life Corporation in 2015. As of March 2016 they have $578 Billion (AUD) in assets. This strength and unwavering focus on putting the customers first, is why TAL is proud to be a subsidiary of the Dai-ichi group.

History of TAL Life Limited

A 147 years ago The Government Life Insurance Office was created, quickly developing a reputation as an outstanding life insurer. 121 years later, in 1990, The Government Life Insurance Office enters Australia with the purchase of Adriatic Life Insurance and is rebranded as TOWER.

TOWER expands by purchasing Friends Provident Life Assurance in 1993 and FAI Life in 1999. Now able to offer tailored solutions, TOWER increases their offering even further in 2006 by incorporating PrefSure Life Limited within their fold. They then became known as TOWER Australia and listed on the ASX.

In 2008 TOWER Australia enters into an agreement with Dia-ichi Life. In 2011 the Dia-ichi Life successfully acquires 100% ownership of TOWER Australia, renaming it TAL and cementing their position as an Australian life insurance specialist.

In 2015 TAL Life introduced their health incentive program, TAL Health Sense, encouraging customers to live heathier lives and providing eligible customers a discount for doing so.

Government Life Insurance Office New Zealand Stamp

1869

The Government Life Insurance Office is started in New Zealand.
TOWER Australia Insurance

1990

The Government Life Insurance Office changes it's name
to TOWER and begins operations in Australia.

1993

TOWER purchases FAI Life Insurance.
Prefsure Insurance

2006

TOWER purchases PrefSure and changes
name to TOWER Australia.
Tal Insurance

2011

TOWER Australia is taken over by
Dai-Ichi Life Group. TOWER changes it's name to TAL.

2015

TAL Health Sense Introduced.

Key Statistics

TAL reached a milestone in 2015, and proved their commitment to customers by paying out over $1 billion in claims. On average, TAL pays more than $4.5 million in claims every working day (as of July 2016). As of August 2016, TAL Life protects over 3.7 million customers all across Australia, with over $2.6 billion in-force premiums and around 1600 team members supporting them to live their lives. TAL has a reinsurance treaty agreement with Gen RE.

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Your Questions about TAL Answered

When TAL was known as TOWER Australia, it was listed on the ASX under the ticker code TAL. In 2011 Tower Australia rebranded to TAL Limited.
No, while TAL has Australian headquarters, its parent company, Dai-Ichi Life, is based in Tokyo, Japan.
Prefsure was acquired by Tower Australia Limited in 2006 who then changed their name to TAL in 2011.

Yes, you can still contact TAL regarding your Prefsure policy. Your reference number will be your PrefSure policy number. When you call TAL, just mention that you have a PrefSure policy.

To qualify, your policy for Life, TPD or Trauma cover must be held outside of super. Child cover is available to children aged (next birthday) between 2 and 15 years old at the time of application. The Child’s Critical Illness option will expire on the Policy anniversary prior to the child’s 19th birthday.
No, you are only eligible to claim once on the free child cover for the first event in relation to any of your children covered. Therefore if your oldest child for example fell ill and met the definition of an event as defined in the PDS and you were paid out $10,000 you cannot then make a second claim on the free Child’s Critical Illness Benefit for the younger child.
You can qualify for TAL Health Sense by being in good health and maintaining a healthy weight. Qualification is based on your Body Mass Index (BMI). You need to have a BMI between 19 and 28. Visit our TAL Health Sense page for more information.

For any questions you may have in relation to a TAL please ask them below or contact one of our insurance specialists for further assistance.

For any questions you may have in relation to a TAL please ask them below or contact one of our insurance specialists for further assistance.

Ask an Expert?

4 Comments

  • Anastasia Moon |

    Can a person with a psychological illness claim a lump sum from income protection?

    • Brett Lenertz SPECIALIST
      Brett Lenertz |

      Thanks for your question, Anastasia. I will answer your question in two parts. Firstly, generally speaking most Income Protection policies pay a monthly benefit in arrears after the waiting period has passed for a period not to exceed the benefit period on the policy. Generally, an Occupation related ‘TPD’ policy would issue a ‘Lump Sum’ on an approved claim. This should be checked with the applicable Life Insurer. Secondly, Mental Illness can potentially be claimed on Income Protection unless the policy has a ‘Mental Health Exclusion’ which means the policy owner chose to have a ‘Mental Health Exclusion’ on the policy to reduce the cost of the premiums ie.. they can’t claim for this reason on the policy in the future or based on disclosing previous Mental Health illnesses during the Duty of Disclosure on an Income Protection application, the Insurer issues the policy but with a ‘Mental Health Exclusion’ essentially meaning they will cover you but you will not be able to lodge a claim for a Mental Health event. A person would also have to meet the definition in the Insurers PDS to be able to potentially lodge a claim for Mental Illness and importantly all Life Insurance Companies can have different definitions for Mental Illness.

  • Nadia Jacobs |

    Good Morning.
    My Family and I currently have Life Insurance with Partnerslife. They are a NZ based company.
    We relocated to Perth more that a year ago and would like our Insurance to be in Australia.
    We have top cover at the moment, but think we pay to much. Can someone please give us more information in regards to you Policy Plans?
    Thank you in advance.

    • Brett Lenertz SPECIALIST
      Brett Lenertz |

      Thanks for contacting us Nadia. One of the considerations with taking out Life Insurance in Australia is that the Insurer will require you to be a Permanent Resident of Australia or have intentions of becoming one in the near future. It still means you are eligible to apply for cover but the Insurer will stipulate that you will require to be a PR by a certain date in the future. This would be clearly outlined to you in the Policy Schedule. At Life Insurance Direct we specialize in assisting New Zealand Citizens that move to Australia so we can help you further in this regard with no obligation quotes from up to 11 x Life Insurance Providers in the Australian Market. We look forward to assisting you further and you are welcome to contact us on 1300 135 205 and speak to one our Life Insurance Specialists.

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