TAL Life Insurance

TAL Life Limited (TAL), formerly known as TOWER Australia, is the leading life insurance specialist in Australia. The company is committed to making life insurance a valued and understood part of Australian lives. In 2016, TAL paid $1.4 billion claims to over 23,000 Australians and their families.

TAL Life Limited at a glance

• TAL was established in 1990.
• In April 2011, TOWER Australia Limited became a wholly owned subsidiary of Dai-ichi Life Group and was removed from the Australian Securities Exchange. In June 2011, TOWER Australia Limited became TAL Life Limited.
• TAL is the largest non-bank owned life insurance company in Australia. Having consistently won a number of prestigious awards year after year for their products and services, they are widely acknowledged as a leading life insurer with a strong commitment to the Australian adviser market.
• 2017 awards:
  • AB+F Australian Insurance Awards– Australian Insurance Executive of the Year (Brett Clark) & Marketing Campaign of the Year.
  • Strategic Insight Direct Life Insurance Awards -Overall Direct Life Insurance Excellence Winner, Term Life Product Winner, Omnibus Product Winner, Customer Service Winner, Marketer Customer Service Winner.
  • ANZIIF Australian Insurance Industry Awards Winner – Women’s Employer of the Year
  • SMA Innovation in Action Awards– Insurance Winner.
  • iCMG ANZ & Asia Pacific Architecture Excellence Awards – Winner for Architecture Excellence in the Banking, Financial Services, and Insurance category.
  • Money Management/DEXX&R Risk Company of the Year Awards – Disability Income Product Award Winner for TAL Accelerated Protection Income Protection Premier.

Which products does TAL Life Limited offer?

TAL Life Limited offers risk insurance products under Accelerated Protection, including:

Life Insurance (also available through TAL super). Under this cover, TAL pays a lump sum if the life insured passes away or is diagnosed with a terminal illness.

Some key benefits may include (depending on your plan’s PDS):

• Death Benefit, which is paid if you pass away.
• Terminal Illness Benefit, where your benefit amount is paid early if you’re diagnosed as terminally ill.
• Advanced Payment Benefit, where 10% of the benefit amount, up to a maximum of $25,000, is paid as soon as the insurer receives the death certificate or medical certificate confirming your death.
• Child’s Critical Illness Benefit, where a lump sum of $10,000 is payable if your child suffers a critical illness event as specified in the policy’s PDS.
• Grief Counselling Benefit, where the benefit is available to you or your immediate family who require grief counselling in the event of a claim, subject to the policy’s PDS.

Total and Permanent Disability (TPD) Insurance. This cover provides a lump sum payment if you are unable to work because you become Totally and Permanently Disabled.

Some built-in benefits of this plan may include (depending on your plan’s PDS):

• TPD Benefit, which is payable if you become Totally and Permanently Disabled – the definition of which depends on the policy’s PDS.
• Advanced Payment Benefit, where you receive advanced payments of your benefit if you suffer the loss of use of a single limb (permanent), or the loss of sight in one eye (permanent). Payment amounts are specified in the policy’s PDS.
• Inflation Protection Benefit, where you can choose to have your cover automatically increased annually in line with the Consumer Price Index (CPI) or not less than 5%.
• Guaranteed Future Insurability Benefit, where you can increase your cover without having to provide additional health information after a significant life event, such as having a baby or taking out a mortgage.

Critical Illness Insurance. If you are diagnosed with a specified medical condition, like cancer or a stroke, you are provided with a lump sum payment.

Some built-in benefits may include (depending on your plan’s PDS):

• Critical Illness Benefit, where a lump sum payment is made for a range of conditions as specified in the policy’s PDS.
• Paralysis Support Benefit, where the benefit amount is doubled to a maximum of $2,000,000 if you become paralysed totally and irreversibly.
• Inflation Protection Benefit, where you can choose to have your cover automatically increased annually in line with the Consumer Price Index or not less than 5%.

Income Protection Insurance. If you suffer an injury or illness that prevents you from working for a period of time, this type of cover provides a monthly benefit of up to 70% of your income.

Subject to your level of cover, some benefits may include (depending on your plan’s PDS):

• Total Disability Benefit, where a monthly payment covers up to 70% of your normal ongoing monthly earnings if you are totally disabled at the end of your chosen waiting period. See the policy’s PDS specific to your plan for extra information.
• Partial Disability Benefit, where if you are only able to work in a reduced capacity due to sickness or injury, you receive a monthly payment. This payment takes your pre-disability earnings and any monthly earnings during the month into consideration.
• Elective Surgery Benefit, where you are considered Totally Disabled due to sickness if you are disabled as a result of a transplant, surgery to improve appearance, or elective surgery on the advice of a medical practitioner.
• Inflation Protection Benefit, where you can choose to have your cover automatically increased annually in line with the Consumer Price Index or not less than 5%.
• Family Support Benefit, where a monthly benefit of up to $5,000 is payable for up to three months if an immediate family member stops paid work to care for you if you’re Totally Disabled and Bed Confined for 30 consecutive days.

Business Expense Plan. If you’re unable to work due to sickness or injury and are off work for your chosen waiting period, you may be provided with a monthly payment to reimburse the regular fixed operating expenses of your business.

Some benefits of both standard and premier plans may include (depending on your plan’s PDS):

• Total Disability Benefit, where a monthly payment can be made up to the benefit amount to reimburse fixed business operation expenses if you are Totally Disabled.
• Partial Disability Benefit, where a monthly payment up to the benefit amount can be made to cover fixed business operation expenses.
• Death Benefit, where a lump sum three times the benefit amount up to $50,000 is made if you pass away.
• Payment Extension Benefit, where TAL extends the payment period if, after one year, you are still Totally Disabled or Partially Disabled and a sum of 12 times the benefit amount has not been paid.
• Loss of Profits Benefit, where if you suffer a loss in profits after taking more than two months off work due to Total Disablement and then return to work, TAL reimburses up to 70% of your monthly average profits for your business for up to 12 months.

About TAL’s Accelerated Protection

As a product, Accelerated Protection:

• Is suited to clients of all ages and demographics with the flexibility to meet changing needs.
• Has the option of comprehensive feature-rich cover or standard plans.
• Is rated highly by independent research houses.
• Offers value for money at market competitive premiums.

Accelerated Protection’s unique features:

• Life insurance premium rates are guaranteed not to increase until the policy anniversary date immediately preceding life insured’s 65^th birthday, where Level Premium to 65 is chosen, or to the policyholder’s 70^th birthday, where Level Premium to age 70 is chosen.
• SuperLink TPD – allowing clients to structure Own Occupation TPD both inside and outside of superannuation.
• Critical Illness Premier – cover for numerous specified medical conditions, which includes early payments for conditions, such as lower grade cancers, as well as female-related conditions.
• Needlestick Benefit – free cover for occupationally-acquired HIV and hepatitis B or C for medical professionals. This benefit is available in Critical Illness Premier and Income Protection Critical Illness Option.
• Free built-in Child’s Critical Illness Benefit of $10,000 in our Critical Illness, TPD, and Life Insurance plans.
• Income Protection can include a Retirement Protection Option, which increases protection by up to an additional 10% of monthly earnings to a maximum of $3,000 to ensure your superannuation savings continue to grow while you are disabled.
• Business Expenses Insurance includes a Loss of Profits Benefit. The insurer will reimburse up to 70% of the average monthly profit for the business for up to 12 months if the insured suffers a loss in profits after taking two or more months off work due to Total Disablement and subsequently returns to work.

This information is a guide only. For further information on benefits, features, limits, terms, and conditions, please carefully read the Product Disclosure Statement (PDS). Always read the PDS for each policy before making a decision to buy.

Why choose TAL?

TAL offers market-leading products and value-adding partnerships. What sets Accelerated Protection apart from other products on the market is that it has been specifically designed to support and complement the unique Accelerated underwriting process and service proposition.

Find the right life insurance policy for your needs and budget by using our life insurance comparison service. It not only takes minutes to compare, but it also allows you to find multiple quotes from strong providers like TAL Life Limited, all in the one place. Get started today.