TAL Income Cover Product Review
The former life insurance company Tower Australia Group Limited, known more commonly as TOWER Australia, is now to be known as TAL Limited or TAL. The name change is the result of TOWER Limited (NZ) and TOWER Australia de-merging in 2006. An agreement of the split was that TOWER Australia could continue using the TOWER name only until November of 2011.
Other than the name change everything else about the company remains the same including the tower income protection policies now known as TAL Income Protection Standard Insurance. It is an ideal policy for anyone who relies on their income each pay day to ensure they can meet all their living day to day costs.
|Total Disability Benefit|
|Partial Disability Benefit|
|Inflation Protection Benefit|
|Concurrent Disability Benefit|
|Recurrent Disability Benefit|
|Waiver of Premium Benefit|
|Elective Surgery Benefit|
|Bed Confinement Benefit|
|Family Support Benefit|
|Scheduled Injury Benefit|
|Blood Borne Diseases Benefit|
|Superannuation Pause Benefit|
|Child Care Benefit|
|Child’s Critical Illness Benefit|
|Rehabilitation Expense Reimbursement Benefit|
|Overseas Assistance Benefit|
|Accommodation and Transport Benefit|
|Job Security Benefit|
|Involuntary Unemployment Benefit|
|Return to Work Benefit|
|Premium Pause Benefit|
|Cover Continuation Benefit|
|Guaranteed Future Insurability Benefit|
|Change of Waiting Period Benefit|
Features and Benefits of TAL Income Protection Cover
There are three level of income protection cover that TAL offers from its Accelerated Protection product suite - Standard, Premier and Optimal.
TAL Income Protection Plan - Standard
TAL Income Protection Standard Insurance policy includes the following built in benefits:
- 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.
- Inflation Protection Benefit: The tower income protection now known as the TAL income protection standard insurance policy will be automatically adjusted annually to take in any inflationary trends. This will be based on the Consumer Price Index or nothing less than three percent. These adjustments can affect your premium costs therefore you will have an option to delete this benefit if you wish.
- Concurrent Disability Benefit: Where you suffer from a concurrent disability in addition to a current injury or illness your payments will reflect the disability that attracts the highest payment. This means you will always be paid the maximum payment.
- Recurrent Disability Benefit: In the event that an illness or sickness returns within 12 months of the previous claim being terminated TAL, or tower income protection, as it was known previously, will regard it as being part of the original claim. This means there will be no waiting period to be considered and payments will begin immediately.
- Premium Waiver Benefit: If you are receiving benefit payments because of a total or partial disability claim all income protection premiums will be waived during that time.
- Family support: TAL, or as was previously tower income protection, will pay a monthly amount of up to $5,000 for up to three months, if a member of the immediate family has to cease paid work to care for you, if you are the insured person. To become eligible for this benefit you must have been totally disabled for at least 30 days.
- Housekeeper Benefit: If you are totally reliant on a person to care for you, who is not a family member, while you are totally disabled, TAL income protection will make a monthly payment of up to $5,000 to that person. You must however have been totally disabled for 30 days and be confined to bed at your home to be eligible for this benefit to be paid.
- Bed Confinement Benefit: During your TAL income protection waiting period you can be eligible for a proportion of your benefit to be paid if you are confined to bed by a doctor. You must be confined to your bed for at least three consecutive days.
- Extended Care Benefit: TAL will keep paying your income protection insurance after the plan is meant to cease, if you have held the policy for more than ten years at standard rates and you haven't lodged a claim against the policy during the previous 13 months.
- Scheduled Injury Benefit: Depending on the type of injury involved, TAL income protection standard will make payments for a specific period for scheduled events.
- Elective Surgery Benefit: TAL will consider you to be totally disabled due to illness if the disablement was caused by a transplant operation, cosmetic surgery, or elective surgery undertaken on the advice of your doctor.
- Blood Borne Diseases Benefit: If you are working as a medical professional and you contract a blood borne disease such as HIV, Hepatitis B or C, you will be eligible to receive a benefit payment.
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.
- Rehabilitation Expense Reimbursement Benefit: TAL will reimburse the cost of your rehabilitation program to a maximum of six times the full benefit amount.
- Overseas Assistance Benefit: This benefit will pay the cost of emergency transportation to Australia from anywhere in the world if you suffer total disability that lasts for a minimum of 30 days.
- Accommodation and Transport Benefit: TAL will reimburse any incurred accommodation costs of up to $250 a day for up to 30 days if you become totally disabled and have to travel over 100km for professional treatment
- Job Security Benefit: TAL will pay, under certain circumstance, one month of your benefit to your employer, if you become totally disabled for two months and ultimately return to work with the same employer
- Involuntary Unemployment Benefit: TAL will waive your premiums including that of any optional benefits you may have incurred, if you remain unemployed through no fault of your own and not due to injury or illness, for up to three months from the date of you first becoming unemployed.
TAL Income Protection Plan - Optimal
Compared to the Standard and Premier plan, TAL income protection Optimal provides a monthly benefit, which will depend on the cause of the disability, for a specified period of time.
Your can insure your income to a maximum of $30,000 per month and take advantage of the following built-in policy features:
- Total Disability Benefit
- Partial Disability Benefit
- Waiver of Premium Benefit
- Death Benefit
- Recurring Claim Benefit
- Inflation Protection Benefit
- Blood Borne Diseases Benefit
- Stepped premiums structure
With TAL income protection insurance, you have the peace of mind knowing that no matter happens to you, your family will be taken care of financially. You have the flexibility to tailor your income protection plan to match your individual needs to ensure sufficient protection is in place, without taking a big chuck out of your budget.