TAL Life Insurance
If you’re looking for cover, you may be considering TAL Life Insurance. As a major insurer in Australia with more than 150 years of experience in insurance and have been providing cover to the Australian market for more than 30 years. They prioritise the protection of their customers. Offering a wide range of products, including life insurance, TPD (total and permanent disability), critical illness, and income protection, you may find a policy suited to your requirements.
Published October 12, 2022
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TAL Life Insurance at a glance
TAL, an international cover provider which was originally founded in 1869, is a major insurer who first started operating in Australia in 1990. They offer a wide range of products, including life insurance, TPD (total and permanent disability), critical illness, and income protection. TAL may have an option suited to your personal requirements. However, it’s a good idea to take all of the factors into consideration before deciding.
Cover options from TAL
- Life Cover: A life insurance policy pays out a lump sum if the insured dies or is diagnosed with a terminal illness.
- Income protection: This type of insurance is usually purchased to protect you if you are unable to work because of an illness or accident. Typically, it will replace a certain percentage of your income while you recuperate from an illness or injury.
- Total and Permanent Disablement (TPD) Cover: If you become totally and permanently disabled and are unable to work again, this type of insurance will pay you a benefit to help you cover the costs.
- Critical illness: Trauma insurance generally covers you if you’re diagnosed with a Critical Condition as defined by your policy documents.
- Child Critical illness: Child critical illness insurance is an optional benefit. It allows you to safeguard your child if he or she is diagnosed with a critical illness or injury defined in your product disclosure statement.
About TAL
The company was founded in 1869 by the New Zealand Government and was known as the Government Life Insurance Office. They rebranded to Tower when they entered the Australian market in 1990 and have since continued to grow.
Over a period of years, they acquired various companies such as Adriatic Life Insurance and FAI Life in 1993, PrefSure Life Limited included. Eventually became a subsidiary of the Dai-ichi Life Group in 2011. Dai-ichi Life Group, a Japanese life insurance company established in 1902, is one of the largest of its kind and continued on to acquire Suncorp’s Australian life insurance operation in 2018.
Financial ratings and customer satisfaction
A company’s financial ratings are usually a great way to figure out how stable they are. A stable insurer will have the financial wherewithal to meet its clients’ needs and fulfill their claims now and in the future.
TAL is an insurance company with a 27.7% share of the market as of the end of August 2022 , making it the largest insurer in Australia. According to TAL’s 2021/2022 financial reports, they have paid over $2.7 billion and were able to process 95% of the claims received in the period between 1 April 2021 and 31 March 2022. They also had the lowest time to decide on a claim status, taking an average of approximately one month to handle customer claims.
Does TAL offer good value for your money?
Typically, to determine whether TAL provides you with value for your money, you’ll need to look at several factors like your personal requirements and budget. They offer affordable several affordable policy options and are generally viewed as a dependable company. However, make sure to compare the features of TAL life insurance with other major brands in order to find the right policy for you.
TAL Accelerated Protection Reviewed
TAL Life insurance offers their members several benefits. In this review, we look at Life insurance, TPD, Trauma insurance, Child Critical illness cover and income protection from the TAL Product Disclosure Statement which was issued 5 August 2022. We also highlight benefits like the terminal illness benefit, guaranteed future insurability and premium freezes.
Pros and Cons of TAL life insurance
Advantages
- Cooling off Period: There is typically a 30-day cooling-off period in which you can cancel your policy and receive a full refund if it does not meet your requirements. No refund will be paid if you make a claim within this timeframe.
- 24/7 protection: You are covered 24 hours a day, seven days a week.
- Worldwide cover: The policy is valid no matter where you are in the world.
- Guarantee of upgrade: If there are future improvements to the benefits under your policy, they will be passed on to you as long as there’s no increase in the premium rates.
- Optional Benefits: There are a variety of optional benefits available with certain packages that can further assist you in customising your policy to your specific requirements.
Disadvantages
- Exclusions: There may be certain exclusions that prevent you from making a claim.
- Benefits: There are some additional benefits that this insurer does not provide.
Compare TAL Insurance Policy Options
TAL protects its customers in many ways, including through Life Cover, Income Protection, Critical Illness Insurance, TPD Insurance, Business Expenses Insurance and Child Critical Illness insurance policies. There are varying levels for each package to ensure that it meets a range of budgets, needs, and lifestyles. You’ll typically also be able to choose between stepped and level premiums when purchasing a policy.
Life Insurance
If you were to pass away or be diagnosed with a terminal illness, then life insurance generally pays a lump sum payment to your beneficiary. The money could be used for things such as day-to-day expenses, obligatory payments like a mortgage or medical bills, or paying off debts.
Entry Age(Stepped): 19 – 74 (age next birthday)
Entry Age(Level): 19 – 60 (age next birthday)
Expiry Age: 74 years old (Inside super), 100 years old (Outside super).
Maximum Cover: Any justifiable amount
Total and Permanent Disability Insurance
If you can’t work because of illness or injury a TPD (Total and Permanent Disability) Insurance policy generally offers you a once-off payment. Disability insurance protects you financially in the event that an illness or injury prevents you from being able to work at your current job or any other occupation depending on the definition selected. The payout from your insurance policy can go towards your family’s needs, paying medical bills, or adapting to new lifestyle changes.
Entry Age(Stepped): 19 – 62 (age next birthday)
Entry Age(Level): 19 – 60 (age next birthday)
Definitions available: Own Occupation, Any Occupation or Activities of Daily living
Expiry Age: On the policy anniversary before your 65th birthday
Maximum Cover: Up to $3 million
Trauma Insurance
Also known as Critical Illness insurance, this type of insurance typically pays out a lump sum payment if you have a health condition that’s deemed to be critical as listed in the PDS such as heart attack, cancer or stroke for example. The payments can be used for a variety of reasons such as to settle medical bills or assist in mortgage repayments.
Entry Age(Stepped): 19 – 62 (age next birthday)
Entry Age(Level): 19 – 60 (age next birthday)
Plans available: Standard Plan or Premier
Expiry Age: 70 years old
Maximum Cover: $2 million
Child Critical Illness Insurance
A Child Critical Illness Insurance policy will generally help you financially if they were to contract a specified serious illness, or pass away from any cause specified in your PDS. This type of cover can only be applied for if the parent holds one of the insurance policies listed above and you’ll only be able to cover a maximum of 5 children.
Entry Age: 2 years old to 18 years old on level premiums
Expiry Age: Before the insured childs’ 23rd birthday
Maximum Cover: Up to $200 000
Income Protection
Typically, your ability to earn an income is your greatest asset, which is why income protection may be worth considering . Income protection insurance is a type of insurance that protects you against the risk of losing your income if you are unable to work due to sickness or injury and is generally paid as a monthly benefit.
Entry Age(Stepped): 19 – 60 (age next birthday)
Entry Age(Level): 19 – 55 (age next birthday)
Plans available: Focus, enhance or Focus Extend
Expiry age: On the policy anniversary before your 65th birthday
Maximum cover: A monthly benefit of up to $30,000
TAL life insurance policy features
- Terminal illness benefit: The policy will generally pay your benefit amount if you are diagnosed with a terminal illness.
- Premium freeze: This typically involves the premiums staying the same, and the benefits amount being reduced at each policy anniversary to maintain affordability. Premium freeze is generally only available if the chosen premium type is stepped.
- Financial planning benefit: You might be entitled to compensation for professional financial planning advice of up to $5,000. However, you’ll need to do this in the first 12 months after a successful claim.
- Guaranteed Future Insurability Benefit: When a momentous event like getting married, having a baby, or buying a house occurs, you can raise your insurance coverage with us without needing to give extra health info.
- Grief Support Benefit: If you or an immediate family member requires support after receiving 100% of your benefit amount, you may have the option to claim back the cost of 3 counselling sessions with a provider approved by the insurer up to the value of $1,000.
How to apply for a TAL life insurance policy
To apply for cover from this insurer, you’ll generally need to follow the following steps:
- Start by applying for a TAL policy with TAL through our comparison site.
- You must meet specific health, age, and eligibility requirements to qualify.
- Determine which cover best suits your budget and requirements.
- Any current or previous medical issues should be disclosed during your application. TAL may require extra medical examinations from you.
- When it comes to making a decision, the insurer may choose to alter the terms of your policy. If they see you as a higher risk, insurers may choose to give you revised terms such as an exclusion or loading. However, if they do, they will seek your approval before issuing the policy.
- After they approve your policy, you will receive a schedule that outlines all the details of your policy. This includes conditions, exclusions, benefit amounts, your policy commencement date and other crucial details.
How to lodge a TAL Claim
The first step is for you or your nominated life insurance beneficiary to contact TAL or your financial adviser to inform them about intent to make a claim. You will then be guided through the claims process.
- The claims team will then provide you with a claims form and will advise you on what documents are required.
- You can then submit your claim through the post, or by email with any additional documents requested by the insurer.
- Upon receipt of all documents, the claims officer will then start to assess your claim. They may request a medical examination to confirm the diagnosis of a medical condition.
Frequently asked questions and answers
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What does TAL stand for insurance?
TAL is an acronym for This Australian Life. TAL was previously the ASX ticker code for Tower Australia Group. As part of the demerger from Tower New Zealand, Tower Australia had to rebrand after a certain number of years. It was decided by the management at the time to go with their existing ticker code of the ASX at the time, and as such was rebranded as TAL. -
Is TAL owned by Suncorp?
No, they are not owned by Suncorp however in 2018 TAL acquired 100% of Suncorp Life Australia’s shares which were held by Suncorp Life Holdings Limited, a consolidated subsidiary of the Suncorp Group. -
How do I cancel my TAL insurance?
If you’d like to cancel your policy, you generally need to speak to your financial adviser or contact TAL directly. However, it’s important to remember that you won’t typically receive any money back after canceling unless you qualify for a refund because you’ve paid premiums in advance. -
How long has TAL been around?
TAL life insurance was originally founded In 1869 by the New Zealand Government founded the company. At that point, this insurance company was called The Government Life Insurance Office. Tower rebranded in 1990 and began selling their products to the Australian market that year. -
How do I pay for my TAL life insurance policy?
You can personally pay for your policy through direct debit or credit card. Generally you’ll have the option to pay your premiums fortnightly, monthly or annually. Certain eligible policies can be paid for by your superannuation fund.
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Can a person with a psychological illness claim a lump sum from income protection?
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.
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.
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.
Want to know if I have existing account with you already
Thanks Kali Goudge
Hi Kali.
We had a look on our system using your email address, name and surname and it does not seem that you are a client with us.
Tal policies terminate at 75. What can I expect with charges in the last 5 years? I realise they will rise. I am not sure if it is manageable.
Hi Neville.
Unfortunately, I do not know if you have a Stepped or Level premium style policy. Please give us a call on 1300 135 205 and an insurance specialist will assist you.
Generally, if you’re worried you won’t be able to afford your premiums, there are a few things you could implement to help save on premiums, for example:
– Reduce your sum insured.
– Freeze your premiums at the amount you’re paying now, meaning your premiums stay the same, but your level of cover will reduce each year so that your premiums won’t increase.
– Ask your insurer to remove CPI increases which is usually automatically applied to policies. Your policy will thus not keep up with inflation.
– Remove paid-for optional extras you no longer require, if there are any.
– Compare policies to determine if a more affordable option is available.
Can someone please contact me in regards to my policy and loss of income due to Corona Virus
Hi Regina.
It doesn’t look like you’re a client of ours, so you’ll need to contact your insurer directly regarding your specific policy. However, please feel free to read our article about Coronavirus and life insurance (including income protection) for general information about how companies are dealing with this pandemic.