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TAL Life Insurance

Russell Cain Updated: 22 June 2020

TAL, formerly known as Tower life insurance, is a leader in speciality life insurance products and one of the most reputable insurers in Australia. Since their launch in 1869, they have become the nation’s largest non-bank-owned life insurance company, with over 3.7 million customers.

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TAL Life insurance paid over $1.3 billion in claims in 2016 alone and won several awards for excellence. As a subsidiary of the Dai-ichi group, they are supported by the group’s significant financial strength. For over a 140 years they have been putting customers first, helping them look after what’s most important in life.

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When did Tower Life Insurance Australia become TAL?

Tower Life Insurance was rebranded as TAL in 2011 after they were taken over by the Dai-Ichi Life Group. The takeover was the result of TOWER becoming TOWER Australia, one of the country’s top life insurers, after purchasing PrefSure Life limited, a South African company best known for acquiring Lumley Life Insurance in 2003.Products offered by TAL Life

TAL Accelerated Protection

You can tailor your life insurance to include more financial protection with TAL’s Accelerated Life Insurance Protection Plan. There are many types of cover to choose from, including life cover, critical illness insurance, TPD and income protection.

Life Cover

TAL life cover pays out a lump sum benefit to your beneficiaries when you pass away or get diagnosed with a terminal illness. This payout can be used to settle outstanding bills, provide for your children’s financial future and any other expenses that allow your loved ones to maintain their current lifestyle.

You can customise your life cover policy to suit your individual needs by choosing:

You can choose all 3 types or just 1 or 2. However, the choice you make will impact what you can claim for, so it’s important that you read the TAL life insurance PDS.

Benefits included with your life cover:

Cover Pause

If you’re experiencing financial hardship, you can hit pause on your policy for up to three months, during which time you won’t have to pay any premiums. However, you also won’t have cover during this time and won’t be able to claim. You can restart your policy, without the need for a health and lifestyle assessment, simply by starting to pay your premiums again.

Future Life Events

You can choose to increase your benefit amount when you’ve experienced a major life event: Getting married or divorced, becoming a parent, or sending your child to secondary school.

Funeral Advancement

Once a valid death certificate is provided, an advance of up to $25,000 is paid from your total cover amount to help your loved ones pay for your immediate funeral expenses.

Total and Permanent Disability (TPD)

TPD cover helps you if you become permanently disabled due to an illness or accident and are unable to work.

TAL offers Any and Own Occupation TPD

Customise your TPD policy by choosing one, two, or all three of the below options:

Trauma Insurance

Trauma insurance, also known as critical illness or recovery insurance, pays out a lump sum benefit when you are diagnosed with a critical illness, as defined by the insurer. This includes, for example, Parkinson’s, multiple sclerosis, stroke, cancer, and heart attacks.

TAL offers you the benefit of bundling your critical illness insurance policy with your life cover in exchange for lower premiums.

Customise your cover when choosing one or all of the below:

Take note: You’ll have to serve a 3 month waiting period before you can lodge a valid claim. This is why it’s essential to review your PDS and determine exactly what you’re covered for, what the waiting periods are, and if there are any exclusions that might negatively impact you.

Income Protection

Income protection provides you with a monthly benefit if you’re unable to work for a specific period of time due to an injury or illness. Essentially, this money helps alleviate financial stress so you can focus on your recovery.

Key features of TAL income protection:

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Unique features and benefits

TAL life limited’s ethos is to protect what matters most, so that Australian families can continue to keep living their best lives, no matter what happens.

To achieve this, they have provided their customers with multiple benefits. Please make sure that you read your PDS to check whether these benefits are included in your policy type or if you must pay to add them on to your policy.

  • TAL Health Sense
    This health rewards program allows eligible participants to improve their product offering and their health through the incentive of reducing life insurance and TPD premiums by up to 15%.
  • Guaranteed renewable
    With TAL, you have their guarantee that you can renew or extend your life insurance policy after its term has ended, right up until your age of 99, so long as you keep paying your premiums and haven’t broken any of your policy conditions.
  • Free built-in Child’s Critical Illness benefit
    A lump sum payment of $10,000 will be paid to you if your child is diagnosed with a critical illness as per the insurer’s definitions. This benefit is included with TAL life, critical illness, TPD, and income protection policies.
  • Choice between stepped vs level premiums
    TAL gives you the choice between stepped and level premiums. Stepped premiums start out cheaper, but increase every year. Level premiums are more expensive but do not increase every year, making it more affordable in the long-term.
  • Life insurance buy-back option
    With bundled TPD and life insurance, you are given the option to buy back the benefit which was reduced as a result of a claim. You can do a buy-back 12 months after your claim has been paid.
  • Worldwide cover
    You are covered 24/7 anywhere in the world with life insurance products from TAL.
  • Family discount
    If you add another adult to your policy, then the youngest member will usually get a 5% discount on premiums, which makes your cover more affordable.
  • Multiple cover discount
    You can reduce your premium when you bundle policy types together rather than purchasing them as stand-alone policies. Critical illness insurance, TPD, and life cover are some of the options you can bundle together.
  • Inflation protection
    A built-in feature that automatically increases your insurance cover (usually by 5%) to ensure your benefit keeps up with the cost of living.
  • Premium Relief
    If you’re unable to work for at least 3 consecutive months, due to an accident or illness, you can have your premiums waived.

Standard Exclusions

Most life insurance products have exclusions, which means that there are conditions and circumstances under which they won’t pay a claim. TAL will not pay for life insurance when a claim is:

In addition to standard exclusions, there are also those specific to the policy type that you’ve chosen. For instance, if you’ve purchased Accident Cover, then your death won’t be covered as a result of illness or suicide. A full list of exclusions can be found in your PDS.

Making a claim

TAL paid out an impressive $1.3 billion in claims in 2016. They pride themselves on helping you through every step of the claims process by assigning you a dedicated claims manager who will guide you through the process, answer your questions, and generally support you during this time.

If you need to make a claim, it’s best to notify the insurance company as soon as possible. You can contact their claims team via phone or email. Their contact details can be found on their website.

Frequently Asked Questions

  • How can I get access to TAL Health Sense?

    Health Sense is available to customers who are purchasing a policy through their Accelerated Protection Plan. You’ll be eligible for discounts if you have a body mass index (BMI) between 19 and 28.
  • Is TAL a good life insurance company?

    This insurer focuses on providing customers with a variety of life insurance products, regularly reviewing and improving their offering. To this end, they are seen as one of the top life insurance companies in Australia and are highly competitive in providing their customers value for money.

    Precisely what makes a life insurance company good differs from person to person. That’s why it’s so important to shop around before deciding which company is good enough for you and your family.

  • What does TAL stand for?

    TAL stands for Tower Australia Limited. A few years after acquiring companies, like Provident Life Assurance, FAI Life, PrefSure, and Lumley, the insurer increased its market share and became a big player in the industry. During this time, they attracted the attention of Japanese global giant, Dai-Ichi, who took Tower insurance over in 2011. Soon after this, they rebranded.
  • How much does a TAL life insurance policy cost?

    The exact premium that you’ll pay depends on various factors, including your gender, age, health, smoking status, and your occupation, as well as whether you’ve opted for stepped or level premiums, and if you qualify for any discounts.

    As at November 2017, an Accelerated Protection policy will cost a 40-year-old non-smoking male $56.84 per month for $1 million worth of cover when purchased via a financial adviser.

    Price is often the biggest deciding factor, but it’s not the only thing that you should consider when comparing policies.

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