Tower Life Insurance

Tower Life Insurance Australia Rebranded as TAL

Tower life insurance was rebranded as TAL almost 6 years ago.

By acquiring companies like PrefSure and Lumley, Tower Australia transformed into a big player in the industry. As its customers increased and products became more refined and sought after the company needed to set themselves apart with a distinctive brand and so, TAL was born.

If you have a Tower policy (Tower Protection Policy, Partner Insurance Portfolio) or one from a company previously purchased by them (Prefsure Life Insurance Portfolio) you’re probably a bit anxious in searching for a Tower contact number.

Rest assured, if you have a policy from one of the above-listed companies that no longer exists, you’ve more than likely had your policy transferred or rebranded to TAL. Generally, TAL is still required to meet your policy obligations and pay your benefits based on the terms of the contract you originally bought.

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When did TOWER Life Insurance become TAL?

TOWER was rebranded as TAL in 2011, but its journey got started almost 148 years ago in 1869 in New Zealand.

The company entered Australia in 1990, after which its Australian arm purchased PrefSure, a South African company best known for acquiring Lumley Life Insurance in 2003. Both businesses, Lumley and PrefSure, were now merged and managed under a single brand.

After that, the New Zealand arm of TOWER separated from their Australian counterpart and TOWER Australia was listed on the Australian Stock Exchange, where it was identified as Tower Australia Ltd, where TAL was their ASX ticker code during this time.

It was agreed that Tower Australia could continue to use the TOWER name and logo for the next 5 years preceding the separation but needed their own identity by 2011.

In 2011 they became part of the Dai-ichi Life Group and was finally rebranded as TAL, Australia’s specialist voice of life insurance.

When was PrefSure purchased by Tower?

Tower purchased PrefSure Life limited in 2006 giving them the edge they needed to take the coveted position as one of the top 5 life insurance companies in Australia at the time.

This acquisition enabled TOWER to expand their reach and provide a diverse range of products, including life insurance, risk, superannuation and retirement solutions.

What does this mean for existing Tower policy holders?

The change in name does not have any adverse effects on your current policy, and it will continue to be actively managed. Although at the time, TAL tried to transfer a number of Tower policy holders across to their new product series, thousands chose to remain on their original policies.

However, these original policies have become a legacy product, which means that the product is closed to new customers and will generally increase quicker in price than rest of the market due to the high maintenance and claims costs.

If you have such a legacy policy, as described above, it’s important that you review your cover to ensure it is still keeping pace with your current needs and budget, while providing effective protection for you and your family. Although legacy product can be reduced, you can never increase your cover amount (excluding CPI increases).

Frequently asked questions

If you have an old policy like Tower, Partner Life or Lumley you’ll generally be able to reduce the cover amount and premium, however, you cannot increase your cover because these policies are now legacy products and cannot be increased or restructured. If you do want to increase or restructure your policy, you will have to obtain a new policy.

As TAL has taken over full responsibility of the businesses they acquired, all insurance including Lumley Life’s Personal Superannuation Fund and PrefSure Life’s Personal Superannuation Fund are now to be referred to as TAL Superannuation and Insurance Fund.

Yes, you can. TAL looks after more than 3.7 million Australian residents and has paid out over $1 billion in claims in 2015 alone. Throughout the years of acquisitions and mergers, TAL has grown in strength, and although your policy may remain under its original name, you still receive 100% backing from TAL.

When claiming you simply need to contact TAL on 1800 209 016 and you’ll be connected with a claims manager that will help you through the process every step of the way.

If your policy was taken through your super fund or employer, you first need to contact them directly.

It’s a smart practice to review all your insurance policies on a regular basis, especially when entering a new stage of life. You might want to upgrade, add additional cover or lower premiums depending on your specific situation.

So, it might be worth your while to review your policy and make sure it still stacks up to the competitively priced policies available today.

Published: October 16, 2017
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