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TAL Income Protection

TALWhen you’re too sick or injured to work for an extended period-of-time, keeping up with the costs of living can add financial pressure to an already stressful situation. When it comes to paying medical bills that accompany your condition, keeping up with your children’s education, paying your rent or mortgage, and taking care of your family’s lifestyle, a constant source of income is a necessity.

Because accidents and illnesses can occur at any time, TAL’s Income Protection can help your keep up with the costs of living should you become sick or injured and unable to earn a regular source of income.

How does it work?

Whereas as TAL’s Critical Illness Insurance and TPD Insurance provide a lump sum payment, TAL’s Income Protection can provide a monthly benefit that’s designed to replace your regular source of income if you’re too sick or injured to work for a while. Anyone aged between 19 and 65 can apply, and the insurance expires at age 65.

With TAL’s Income Protection, uou have the choice of choosing your benefit period and your waiting period. You can choose a waiting period of between 1 year and 2 years, and a benefit period of between 1 year and 5 years. Generally, the shorter the waiting period to receive a benefit, and the larger the benefit amount, the higher your premiums will be.

You can choose to get covered for a maximum of 75% of your normal ongoing income, with a maximum of $30,000 per month.

What types of cover can I choose from?

TAL offers three types of cover:

  • Income protection Standard
    Pays you a monthly benefit to replace up to 75% of your income for Total Disability or Partial Disability. Includes comprehensive protection with a range of 13 standard benefits.
  • Income Protection Premium
    Pays you’re a monthly benefit to replace up to 75% of your income for Total Disability or Partial Disability. Includes comprehensive protection with a range of 26 standard benefits.
  • Income Protection Optimal
    Pays a monthly benefit for a set period-of-time determined by the cause of your disability.

What’s included?

In addition to the monthly benefit provided, Income Protection can also provide financial assistance in a number of other ways. Depending you’re your level of cover, these could include:

  • Partial disability benefit
    If you’re partially disabled during and past the end of your waiting period, you could receive a portion of the full monthly benefit.
  • Inflation Protection benefit
    TAL helps to ensure your cover stays valuable to you year-to-year by increasing the monthly insured amount to stay in line with the Consumer Price Index (CPI).
  • Death Benefit
    In the event of your death, your beneficiaries could receive a lump sum payment of six times the your total benefit amount to a maximum of $50,000.
  • Recurrent disability benefit
    If your disability reoccurs within 12 months of your claim ending, TAL will treat your new claim as a continuation of your original claim, meaning you won’t have to wait for your payments to start up again.
  • Avoid premiums
    You won’t have to pay your premiums while you’re being paid a benefit.
  • Family Support benefit
    If one of the members of your family stops work to take care of you, you could receive extra support to cover their loss of income.
  • Childcare benefit*
    You could be reimbursed up to $500 per month if your sickness or injury requires you to put your children into additional childcare.
  • Job Security benefit*
    TAL will pay your employer one payment from your benefit amount if you’re totally disabled for two months and then return to work.

* Available on Income Protection Premium Plan only

There’s also an option to include extra benefits for an additional cost, including a retirement protection, mental health discounts, and a Needlestick benefit.

Want to compare this policy with others? You can compare TAL’s policies with other insurance providers through our free quote service.

Page last updated: April 12, 2014