Is TAL income protection tax-deductible?

In general, yes. You could get some money back on your annual tax return with TAL income protection. TAL offers standalone cover and its premiums are usually tax-deductible (whereas they generally aren't with policies held within super ). Keep in mind that any benefits paid are generally assessed as income, which means they will be subject to tax.

How do waiting periods work with TAL?

With TAL, there are 4 waiting periods to choose from: 14, 28, 60 and 90 days. By comparison, some providers only offer 2 options. Choosing a longer waiting period can lower the cost of your premium. However, you'll want to ensure you have enough savings to last until your first benefit period is paid. This will be after you've served your waiting period.

What's the maximum monthly payment I can receive?

TAL sets a maximum benefit amount of $30,000 per month. This is on par with other leading brands such as NobleOak and RAC. Like most providers of income protection insurance, you can only receive up to 70% of your income.

How does TAL's inflation protection benefit work?

TAL will automatically increase your benefit amount either by 5% or the level of inflation, whichever is greater. This ensures your cover level keeps up with rises in the cost of living. It means you will pay more for your premium though. If you want to opt out of these increases, you'll need to let TAL know.