TAL Life Insurance
Tower life insurance rebranded as TAL
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.
TAL life insurance review
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.
Products offered by TAL Life
This range of insurance products have been developed to take customers' changing life stages into consideration, from getting married to starting a family and planning for retirement. Their product range helps you get financial protection so you and your loved ones can continue living the lifestyle you’re used to.
Keep in mind that you might want to compare similar policy options from other top life insurance companies to ensure that you’re getting maximum value for your premium.
Accelerated Life Insurance Protection Plan
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.
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:
- Accident Cover: Your beneficiaries will receive a lump sum payment if your death is as a result of an accident: Transport accidents, accidental drowning and household accidents.
- Illness Cover: If you die due to an illness or get diagnosed with a terminal illness (as defined in the PDS) your loved ones receive a lump sum payment.
- Adventure Sports Cover: Your beneficiaries will receive a lump sum benefit if your death is due to an adventure sport: Motorsports, recreational aviation, water sport and scuba diving.
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
- Any Occupation will cover you for any occupation that you can work in based on your education, skills, and training. This TPD type is generally less expensive.
- Own Occupation, on the other hand, is more expensive because it covers you against the possibility of not being able to work in your current occupation type, which you have been specifically trained for.
Customise your TPD policy by choosing one, two, or all three of the below options:
- Accident Cover: Pays a lump sum if you become disabled due to an accident, as defined in the PDS.
- Sports Cover: You can add this to your Accident Cover so that you receive a lump sum if you become disabled and unable to work due to a sports accident.
- Illness Cover: Pays a lump sum if you become disabled and can’t work due to one of the illnesses defined by the insurer: Organ failure, neurological illnesses and vascular disorders like a stroke.
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:
- Critical Injury Cover: A lump sum is paid if you’re seriously injured due to an accident. For example, a major head trauma, severe burns, or if your injury results in loss of sight, loss of hearing or speech, or loss of a single limb.
- Critical Illness Cover: A lump sum is paid if you’re diagnosed with a serious illness or condition, including heart conditions, organ failure, and neurological conditions, like a stroke.
- Cancer Cover: A lump sum is paid out if you’re diagnosed with a type of cancer that’s covered by TAL, including melanoma, malignant tumours, and early stage prostate cancer.
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 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:
- You receive cover for up to 75% of your monthly income to a maximum of $10,000 per month.
- You’re eligible to apply if you’re between 18 – 59 years old.
- You can customise your cover by choosing Accident Cover, Illness Cover, and Sports Cover.
- You can also choose a waiting period from the date of disablement before the benefits will be paid out, which ranges from 2 weeks to 2 years.
- Additionally, you can choose the benefit period, ranging from 1 to 5 years.
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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.
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:
- Made within 13 months after your policy started and the claim is caused directly or indirectly by an intentional, self-inflicted act.
- Due to an event that happened while visiting a country that the Australian Department of Foreign Affairs and Trade (DFAT) had classified as ‘Do Not Travel’.
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
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If you’re looking for the kind of life insurance that will protect your future financial well-being, it’s important to take factors like reputation, financial stability and claims history into consideration. While your individual needs and circumstances should be carefully considered.
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