Life insurance is what keeps your family’s finances secure if you die or are diagnosed with a terminal illness. Life cover pays out a lump sum to your nominated beneficiaries that can be used however it is needed, which allows your family to maintain their lifestyle without suffering financially. At a time when your loved ones are grieving, not having to worry about money can make a big difference.
What types of life insurance are there?
Term life insurance/Life Cover: A lump sum payment that goes to your beneficiaries if you pass away or are diagnosed with a terminal illness.
Trauma Cover: If you are diagnosed with a major medical illness or suffer an injury, trauma cover provides a lump sum that can cover your short-term expenses while you’re in treatment and recovery.
Total and Permanent Disability (TPD) Cover: If you become totally and permanently disabled and are no longer able to work, TPD insurance provides a lump sum payment.
Income Protection: If you are unable to work due to an injury or illness, income protection cover provides a monthly payment for a fixed period.
Before he came to us, Frank was paying for three separate insurance policies that were costing him over $10,000 a year. He was frustrated and disappointed with his insurers but didn’t know where to start.
With the help from one of our Senior Advisers he was able to amalgamate his policies into one comprehensive plan. With a new yearly premium of $6,000, and an insurer that has paid out over $2 billion in claims to Australians over the past two years Frank’s family was better protected and he was paying less.
Frank has since returned to us and we’re helping him with his Income Protection claim. As he recovers from knee surgery this money will help him support his family while he’s unable to work.
After years of paying premiums to the same insurer Maggie found herself in trouble when they suddenly refused to renew her policy. Due to a change in her health and her finances, she was told that no insurers would protect her. That’s when she came to us.
Our advisers were not only able to get Maggie the peace of mind that an underwritten life insurance policy brings; they also helped her save a few thousand dollars on her yearly premium. She was even able to save on her out of pocket expenses by opting to fund the new premium through her SMSF (self-managed super fund).
Maggie is now in the process of upping her cover to include a Trauma Insurance benefit with the help of one of our Senior Advisers.
With our help she’s making the journey from uninsurable to fully protected.
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TAL is one of Australia’s most established life insurance companies, having been in business for over 140 years. It started out as Government Life Insurance Office in New Zealand in 1869 and moved into the Australian market in 1990. Over the next 21 years, Government Life Insurance acquired several smaller companies. In 1990, The Government Life Insurance Office was renamed, Tower. By 2011, Tower split into two divisions – one in New Zealand, one in Australia – and rebranded its Australia division under its current name: TAL.
In addition to being one of the oldest companies, TAL is also the largest non-bank owned insurer that serves Australians. It has about 4 million customers, who received $1.6 billion in claims in 2017.
It is one of Australia’s highest rated life insurance providers and promises to offer competitive market premiums to policyholders.
In 2017 over 25,000 TAL customers received $1.6 billion in claim benefits… or over $30 million per week.
TAL Life prides itself on being a customer service oriented insurer. They believe that every claim they pay out is a promise kept to their customer base. With that, they pay out over $1 billion in claims every year.
In addition to paying claims in cases that involve a death, about 60% of the claims TAL Life pays are to help customers when they run into problems during their lives. These issues include accidents and illnesses that prevent them from working.
When filing a claim, every TAL Life customer is assigned an individual Claims Manager. The Claims Manager works with the customer to understand his or her individual needs and ensures the claim process goes smoothly and quickly. The Claims Manager also aims to facilitate much of the claims process over the telephone to help the customer avoid having to fill out numerous forms.
TAL Life also provides rehabilitation services to its customers as part of their living benefits. These rehabilitation services are designed to help customers who are on claim, get back to health and include:
TAL Life also makes applying for coverage simple. Customers can apply through employers, super funds, advisors, or the online service. Most application decisions are made within three days, and after being accepted, customers could have access to TAL Life’s Accelerated Protection program, which gives policyholders access to their coverage benefits sooner.
Furthermore, TAL Life guarantees level life cover up to age 70 without increases in premiums for policyholders through to their 65th birthday.
TAL Life offers several types of coverage options. Customers have the option to customise their Insurance by choosing any combination of the coverage options in building their plan. They include:
TAL Lifetime Protection gives customers the option to build a personalised insurance plan that meets their individual needs. Customers can include:
TAL’s Life Insurance plan provides a lump sum payout in the event of a death or terminal illness diagnosis. It is designed to assist with education fees, housing payments, and provide for other life style accommodations.
The types of available cover under the Life Insurance plan include:
TAL Life’s Income Protection plan offers an alternative source of income if the customer is temporarily unable to work due to an illness or injury. This plan provides a monthly payment for a determined period of time that helps with life’s expenses.
The types of available cover under the Income Protection plan include:
TAL Life’s Total Permanent Disability plan provides a lump sum payment if the customer becomes permanently disabled due to an accident or illness and is no longer able to work. This payment is intended to help customers pay for medical care, rehabilitation services, and other life needs.
You can tailor your cover to include one or both of the coverage types. They include:
TAL Life’s Trauma Insurance pays a lump sum if the customer becomes critically ill or injured and requires extensive medical treatment in order to recover. The payment is designed to cover medical treatments, rehabilitative services, and supplement potential lost wages.
The types of claimable events under the Recovery Insurance plan include: