TAL Life Limited

TAL is one of Australia’s leading life insurance specialists, offering Term Life Cover, TPD Insurance, Critical Illness Cover, Income Protection insurance and Funeral Expenses Cover.

Published March 24, 2017

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About TAL Life Limited

TAL is one of Australia’s largest non-bank owned life insurers, starting as far back as 1869 in New Zealand, as The Government Life Insurance Office. The company has a number of product offerings in the market and provides a number of policy solutions 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.

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.

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.

TAL FAQ

  • What does TAL stand for?

    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.
  • Is TAL Australian Owned?

    No, while TAL has Australian headquarters, its parent company, Dai-Ichi Life, is based in Tokyo, Japan.
  • When did Tower change its name to TAL?

    Prefsure was acquired by Tower Australia Limited in 2006 who then changed their name to TAL in 2011.
  • I have a PrefSure policy, can I still contact TAL?

    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.
  • How do I qualify for the free Child’s Critical Illness Benefit (Child Cover)under the TAL Accelerated Protection 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.
  • Can I claim multiple times on the free TAL Child Cover?

    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.
  • How do I qualify for TAL Health Sense?

    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.
  • Do I qualify to have my Accelerated Protection policy fee waived?

    TAL’s Accelerated Protection plan offers you the opportunity to mix and match insurance options to fit your lifestyle; Life Insurance, Critical Illness Cover, TPD, Income Protection and Business Expense Insurance.

    Now, you can save up to $84 a year for the lifetime of your policy if you purchase a TAL Accelerated Protection plan between 8 September 2017 and 31 December 2017. The policy fee will only be waived for new Accelerated Protection policies, including all new and existing quotes, as well as all new applications.

    The $0 policy fee for life, opportunity ends 31 December 2017.
  • How is TAL helping farmers in NSW and QLD?

    As Australian farmers battle the drought that’s eating through their reserves and killing their crops and herds, TAL life insurance has stepped up to offer some relief.

    From 1 September 2018, TAL will waive insurance premiums for up to 6 months for farmers who:
    • Hold a policy directly through TAL or through a financial adviser, and
    • Qualify for the Federal Government’s Farm Household Allowance, and
    • Live in a drought-declared area.
    TAL’s Insuranceline and Alliance partner products are also eligible for the waiver.

    Eligible customers can apply until 30 November 2018 by emailing or calling TAL’s Customer Service Centre or calling our team on 1300 135 205.

    Customers in NSW and QLD need to provide a copy of their Federal Government’s Farm Household Allowance Approval or other verification that they are receiving the allowance.
  • Why did TAL purchase Asteron Life?

    TAL bought Suncorp’s Australian life insurance business, Asteron Life, to expand its market presence in Australia by adding an additional trusted and recognised brand to their product offering.
  • Can I buy an Asteron policy through TAL?

    You can apply for an Asteron Life policy with the assistance of a financial adviser and complete the application form online via the Asteron website. Alternatively, you can navigate to the Life Insurance Direct Asteron page, complete the quote form and compare their quotes with other life insurance companies in Australia.

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