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Life Insurance – TAL Life Insurance and Income Protection

The death of a loved one is an enormous burden – both emotionally, and financially. If you want to plan for your family’s future, having the right kind of life insurance can help them maintain their lifestyle and quality of life should you pass away.

In the event of this happening, TAL’s Life Insurance will pay your beneficiaries a lump sum to help cover the costs of funeral expenses, pay any outstanding debts, or just to keep up with the costs of living in your absence.

Especially designed to help Australians get quick and easy access to their insurance, TAL’s Life Insurance differentiates itself from other insurers with its Advanced Payment benefit. Rather than leaving your family waiting weeks or even months to receive the Death Benefit lump sum, TAL will pay your beneficiaries 10% of the total benefit sum as soon as they receive a death certificate.

TAL does currently not have a predefined cap on benefit amounts.

What types of cover can I choose from?

You can purchase TAL Life Insurance as a stand-alone product along with TAL’s other Accelerated Protection plans. As long as they’re not linked, one claim you make on one plan won’t affect the other plans. For example, if you held Life Insurance and TPD Insurance and claimed on your Life Insurance, your TPD benefit would not be affected.

Another option is to purchase TAL Life Insurance and attach other insurances as benefits, giving you more comprehensive cover. However, if you make a claim on your total benefit amount, your remaining benefits on other insurances could be reduced.

TAL Life Insurance can also be held within your super, and you can link other plans not held within your super to your Life Insurance Plan, resulting in a lower premium.

What’s included?

In addition to the death benefit lump sum payment, TAL Life Insurance offers a number of built-in benefits and extra cost benefits. The result is a flexible life insurance product that’s designed to suit your lifestyle.

  • Advanced payment benefit

TAL will provide an advanced payment of 10% of the total benefit amount as soon as they receive the death certificate or medical certificate confirming your death.

  • Terminal illness benefit

If you’re diagnosed with a terminal illness, TAL will provide you with an advanced payment of your benefit in full if you’re not expected to live longer than 12 months.

  • Repatriation benefit

If you die overseas, your Advanced Payment Benefit is increased to a maximum of $35,000.

  • Inflation Protection benefit

TAL will automatically increase your benefit amount by a minimum of 5% annually to keep up with the rising Consumer Price Index (CPI). Because increased cover affects your premium, you also have the option to remove this benefit, which will reduce the size of your premium increases.

  • Premium freeze benefit

Want your premium to stay the same year-after-year? You can reduce your cover so your premium stays the same if you’re on a stepped premium policy, or if you’re over 30.

  • Guaranteed future insurability benefit

As you get older and your life changes, your life insurance benefit amount might need to change as well. Which is why you can increase your cover without medical underwriting for events such as marriage, birth of a child, death of a spouse or a child, or if you increase your share in a business.

  • Financial planning benefit

TAL will reimburse you for up to $5,000 for professional financial planning advice if you receive a full claim payment.

  • Accommodation benefit

If TAL pays you the Terminal Illness Benefit and you need to stay more than 100km away from home with a member of your immediate family, you could receive up to $250 to cover the costs of your family member’s accommodation.

  • Grief counselling benefit

Should you and your family need psychological support, TAL with reimburse you up to $1000 to cover the costs of counselling sessions.

  • Child’s critical illness benefit

You can include your children in your life insurance plan. If one of your children suffers from one of TAL’s specified children’s critical illnesses, you could receive a lump sum payment of up to $10,000 to help cover medical costs.

  • Self-managed super fund benefit

If you claim the full benefit amount, TAL will you reimburse up to $5,000 for legal advice to amend your self-managed superannuation fund.

  • Avoid premiums

For an additional cost, TAL will waive your premiums if you’re too sick or injured to work for at least three consecutive months.

  • Protect your business

You can increase your full benefit amount if you experience one of TAL’s valid business events.

Want to see if TAL Accelerated Protection Life Insurance is right for you? You can compare more insurance premiums through our free quote service.

Page last updated: April 6, 2014