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Is TAL Life Insurance Right For You?

When you’re looking to purchase life cover, it’s essential to find a product that meets your needs and is backed by an insurer who has the financial strength and customer experience to ensure you have the security you need. That’s why comparing TAL Life Insurance with other coverage options makes sense.

Megan Fraser

Fact Checked

Updated: 19 May 2024

As a major insurer in Australia, TAL Insurance has been a provider of insurance in Australia for over thirty years. Their customers’ safety is always the number one priority. They offer a wide variety of products, such as life cover, TPD (total and permanent disability), critical illness, and income protection policies–one of which may be the right fit for you and your family.

Key facts

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Who is TAL life insurance?

The New Zealand Government originally founded the company in 1869 and called it the Government Life Insurance Office. The company rebranded to Tower in 1990, and since then they have only continued growing. They entered the Australian market that year and are now a household name.

Over the course of several years, they acquired various companies such as Adriatic Life Insurance and FAI Life in 1993, with PrefSure Life Limited being included as well. In 2011, the company merged with the Dai-ichi Life Group. Dai-ichi Life Group, one of the largest Japanese insurance companies established in 1902, continued its success by acquiring Suncorp’s Australian life insurance operation in 2018.

Pros and cons of TAL

Pros
  • You have 30 days to cancel your policy and receive a full refund if you are not satisfied with it. No refunds will be paid if you make a claim during this time frame.
  • If there are future improvements to the benefits under your policy, they will be passed on to you as long as there’s no increase in the premium rates.
  • There are a variety of optional benefits available with certain packages that can further assist you in customizing your policy to your specific requirements.
  • Cover is available worldwide, 24/7.
Cons
  • There may be certain exclusions that prevent you from making a claim.
  • Some benefits available from other major insurers may not be available.

Should I buy a policy from them?

To determine whether TAL is the right insurer for you, you’ll generally have to examine several factors like what your requirements are and your budget. They have several budget-friendly policy choices and are typically considered a trustworthy company. However, compare the features of TAL with those of other brands to find a policy that suits you.

Compare TAL Insurance Policy Options

This insurer understands that their customers have different needs. That’s why they offer a variety of policies, including Life Cover, Income Protection, Critical Illness Insurance, TPD Insurance, Business Expenses Insurance, and Child Critical Illness insurance. Life can be unpredictable, but with the variety of options available, you’ll be covered. TAL has a variety of options to suit your budget or lifestyle.

Review TAL
Accelerated
Protection

In this review, we look at death cover, TPD, Trauma insurance, Child Critical illness cover and income protection from the TAL Product Disclosure Statement which was issued 5 August 2022. We specifically explore how these benefits can help members of TAL Insurance. Other built-in benefits we look at are the terminal illness benefit, guaranteed future insurability and premium freezes.

Compare policies

Policy type
Entry age
Expiry age
Maximum Cover
Life Insurance
Stepped: 19 – 74 (age next birthday) Level: 19 – 60 (age next birthday)
74 years old (Inside super), 100 years old (Outside super)
Any justifiable amount
TPD Cover (Definitions available: Own Occupation, Any Occupation or Activities of Daily living)
Stepped: 19 – 62 (age next birthday) Level: 19 – 60 (age next birthday)
On the policy anniversary before your 65th birthday
Up to $3 million
Trauma insurance (Plans available: Standard Plan or Premier)
Stepped: 19 – 62 (age next birthday) Level: 19 – 60 (age next birthday)
70 years old
$2 million
Income protection (Plans available: Focus, enhance or Focus Extend)
Stepped: 19 – 60 (age next birthday) Level: 19 – 55 (age next birthday)
On the policy anniversary before your 65th birthday
A monthly benefit of up to $30,000
Child Critical Illness Insurance
2 years old to 18 years old on level premiums
Before the insured childs’ 23rd birthday
Up to $200 000

Source: TAL PDS prepared 5 August 2022 (December 2022)

TAL policy features

Applying for a TAL life insurance policy

Here’s a basic overview of the steps you’ll need to take in order to apply for coverage from this insurer:

How to lodge a TAL Claim

Frequently Asked Questions and Answers

TAL is an acronym that stands for This Australian Life. TAL was the ASX ticker code for Tower Australia Group, but has since been changed. Tower Australia planned to rebrand a few years after demerging from Tower New Zealand. The management team decided to keep the company’s ASX ticker code and thus, rebrand as TAL.

TAL is not owned by Suncorp, but in 2018 TAL acquired 100% of the shares of Suncorp Life Australia from Suncorp Life Holdings Limited, a subsidiary of the Suncorp Group.

To cancel your policy, connect with your financial adviser or insurance company (TAL) directly. Note that unless you have been frequently paying premiums in advance, it’s unlikely you’ll be refunded after canceling the policy.

The Tower Insurance Company began in 1869 as The Government Life Insurance Office, established by the New Zealand government. In 1990, they rebranded and started selling their products to Australia.

You have the option to pay your premiums through direct debit, credit card, fortnightly(select policies), monthly, or annually. Eligible policies can also be paid for by your superannuation fund.

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Specialist

Megan has extensive experience writing about health and life insurance in Australia. Megan has a special interest in health and wellness. She relies on her background in counselling psychology to convey the latest findings in a manner that is most beneficial to ComparingExperts readers. In every article she writes, Megan aims to uphold the standards of the Private Health Insurance Intermediaries Association (PHIAA) which ComparingExpert is part of.

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