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TAL Life Insurance

TAL Insurance is one of the largest insurers in Australia. With 150 years of experience under their belt, they’ve gained the trust of 4 million Australians over the years. In 2019, the company paid $2.3 billion in claims.

TAL continues to grow as they live up to their mission to support policyholders in trying times. Read on to know more about what this insurer can offer you.

What TAL Insurance has to offer

TAL has two types of plans to choose from:

1. Accelerated Protection Plan

There are five kinds of insurance products under the accelerated protection plan:

• Life insurance
• Critical illness
• Total and permanent disability
• Income protection
• Business expense

TAL also allows you to customise your policy based on your needs. You can choose a standalone policy then add benefits, and you can also link it to other plans. Structuring your insurance with a superannuation plan is also an option.

2. TAL Lifetime Protection

Life insurance used to have a one-size-fits-all approach where there were only a few options to modify the level of cover. TAL saw the fact that every life is unique and that insurance should adapt to it. This is why they came up with the TAL Lifetime Protection. Their portfolio guarantees to protect you no matter that life brings you:

• Life Insurance
• Total Permanent Disability Insurance
• Recovery Insurance
• Income Protection

Why should you consider choosing TAL Insurance?

There is no question when it comes to the financial stability of this company as they enjoy the biggest market share of life insurance companies in Australia at 17.8%. The Australian Prudential Regulatory Authority proclaimed TAL to have the highest claims acceptance rate at 97.9% as of November 2019. They also have the quickest turnaround time of one month to decide on a claim’s status.

TAL Insurance acquired several companies over the years. In 1993, they absorbed FAI Life and Adriatic Life Insurance. In 2011, they became a subsidiary of Dai-ichi Life group. This group started in 1902. It is one of the biggest life insurance companies in Japan. They also absorbed Suncorp’s life insurance business in Australia.

TAL is committed to following the Code of Practice of the Financial Services Council, which helps ensure high-quality service and consistency. They also have a reinsurance treaty with Gen RE.

The downsides of TAL Insurance

You need to research to confirm if there are exclusions before you get a life insurance policy from TAL. Below are some common exclusions you will encounter for life insurance:

• Accelerated Protection Plan

No coverage for self-inflicted act taking place within:

o 13 months of the policy start date

o 13 months of increase in coverage

o 13 months of reinstatement of the policy

• Lifetime Protection Plan

o No coverage for suicide that occurred within 13 months of reinstating cover

o No coverage for adventure sports accidents

TAL received positive reviews from clients in terms of value for money, benefits, and ease of application. However, some clients scored them low when it comes to ease of lodging, processing time and helpfulness with enquiries.

Review TAL Insurance versus other Australia life insurance brands

TAL Insurance offers highly competitive insurance products. You need to take into consideration your personal situation and needs to choose which company fits for you. Use a comparison website like Makes Cents to guide you in your decision-making process.

TAL Life Insurance

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