TAL Income Protection
Protect up to 75% of your income if you can't work following illness or injury with TAL Income Protection.
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TAL is an insurer that offers income protection cover for Australians who are looking to protect their lifestyle if something stops them from working for a period of time. TAL offers two ways to get cover:
- Through an adviser. If you need some help assessing your needs and a walk-through the application process.
- Directly with TAL. If you prefer to apply for income protection yourself you can get cover through it's direct channel.
Note: This summary is based on TAL's retail policy (sold through an adviser). For information about getting cover directly with TAL, check out our review here.
| Maximum monthly income | $30,000 (Up to 75% of your monthly income) |
|---|---|
| Age of entry | 19-64 |
| Types of cover available |
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| How much can I expect to pay? | For an annual income of $75,000:
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| How do I apply? | Over the phone with an adviser |
Based on TAL Accelerated Income Protection. Age of entry varies with the type of premium you choose. Costs are an estimate based on a male, non-smoking office worker and was taken out on April 2019 using Finder's quote engine. Cost is subject to change at anytime.
| Pros | Cons |
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Based on TAL Accelerated Income Protection. Information last checked on April 2019. Always consult the Product Disclosure Statement (PDS).
This cover might be suitable if:
- You are after an insurer that has performed better than the industry in terms of income protection insurance claims.
- You are after a flexible choice of cover with the help of an adviser (or directly)
- You want the option to link your superannuation to a policy
Don't get this cover if:
- You don't want to use an adviser
Based on TAL Accelerated Income Protection. Information last checked on April 2019. Always consult the Product Disclosure Statement (PDS).
Note: The following is based on the insurer TAL Services Limited.
| Claims data | TAL (Adviser channel) | Industry Average |
|---|---|---|
| Claims Accepted | 94.4% | 94.2% |
| Average claim time | 1.2 | 1.6 |
| Claim disputes (per 100,000 lives insured) | 119.9 | 129.9 |
We looked at APRA data for claims over 2017-2018. The statistics above reflect 'income protection' claims.
Features and benefits of TAL Income Protection Cover
As mentioned, there are two main ways to get TAL Income Protection Insurance. A different policy (and features) is offered with each channel:
- Directly with TAL. You are offered what's known as TAL Lifetime Protection Income Protection.
- Through an adviser. You are offered what's known as TAL Accelerated Income Protection.
TAL Lifetime Protection Income Protection (Directly with TAL)
Pays out a monthly benefit of up to 75% of your income, up to $12,000. You can choose a waiting period of 2 weeks, 4 weeks, 13 weeks or 2 years and can choose a maximum benefit period of 1, 2 or 5 years.
TAL Lifetime Protection Income Protection
What are the benefits offered by TAL Accelerated Income Protection? (Adviser)
These benefits are explained in detail under the table.
| Benefits | Super | Standard | Premier |
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| Total Disability Benefit |
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| Partial Disability Benefit |
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| Inflation Protection Benefit |
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| Death Benefit |
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| Concurrent Disability Benefit |
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| Recurrent Disability Benefit |
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| Waiver of Premium Benefit |
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| Elective Surgery Benefit |
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| Bed Confinement Benefit |
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| Family Support Benefit |
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| Housekeeper Benefit |
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| Scheduled Injury Benefit |
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| Blood Borne Diseases Benefit |
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| Superannuation Pause Benefit |
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| Child Care Benefit |
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| Child’s Critical Illness Benefit |
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| Rehabilitation Benefit |
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| Rehabilitation Expense Reimbursement Benefit |
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| Overseas Assistance Benefit |
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| Long Distance Accommodation and Transport Benefit |
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| Job Security Benefit |
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| Involuntary Unemployment Benefit |
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| Return to Work Benefit |
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| Premium Pause Benefit |
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| Cover Continuation Benefit |
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| Guaranteed Future Insurability Benefit |
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| Change of Waiting Period Benefit |
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Conditions apply, make sure you read the product disclosure statement (PDS) before applying. Information last checked as correct in June 2019 and is subject to change at anytime.
TAL Income Protection Plan Benefits – Standard
TAL Income Protection Standard Insurance policy includes the following built in benefits. These benefits are also offered on the Premiere plan.
- Death benefit: If the insured person was to die a lump sum payment equal to the benefit amount multiplied by six up to a maximum of $50,000 will be paid.
- Total Disability Benefit: On a successful claim, an amount equal to 75% of the insured's average monthly income will be paid each month, in arrears, from the finish of the chosen waiting period onwards.
- Partial Disability Benefit: If the insured person can only work in a reduced fashion as a result of an injury or illness, the benefit will take into account the insured’s earnings prior to the disability and any earning during the month prior to the claim being made.
TAL Income Protection Plan – Premier
TAL Income Protection Premier Insurance has additional built-in benefits that are not available through Standard plan. These include:
- Child Care Benefit: You will receive a child care benefit of up to $500 per month to cover the outside care of your children under 12 years of age.
- Child’s Critical Illness Benefit: A lump sum amount of three times the benefit to a maximum of $25,000 will paid if your child suffers from a specific medical event as listed on your policy.
- Rehabilitation Benefit: 50% of your rehabilitation expenses will be covered by TAL.
TAL Income Protection Plan – Super
When taking out TAL Income Protection with an adviser you can also you to structure your payments through super. If you choose this method, you'll be offered the Income Plan - Super.
As shown in the table above, the Super plan is similar to the Standard plan, but without a family support, housekeeper and scheduled injury benefit.
One of the key features is the Superannuation Pause Benefit. This allows the policyholder to suspend cover and premium payments if they end up out of work for reasons other than sickness and injury.
You also have the option of Superlinking your cover. This let's you take out additional cover outside of super (e.g. the Premier or Standard plan) so you can take advantage more extensive features but also have a superannuation structure.
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