TAL Income Protection Review
Protect up to 70% of your income if you can't work following illness or injury with TAL Income Protection.
Maximum % of income Covered
Maximum Monthly Benefit
Maximum Entry Age
Maximum Benefit Period
TAL is a well-known insurer offering income protection cover for Australians who are looking to protect their lifestyle if something stops them from working for a period of time.
Get a quote for TAL Lifetime Protection Income Protection
Note: This summary is based on TAL's retail policy (sold through an adviser).
|Maximum benefit amount||Cover up to 70% of your income or up to $30,000 per month|
|Age of entry||18-59|
|Types of cover available|
|How do I apply?||Over the phone with an adviser|
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
- You want the option to link your superannuation to a policy
Don't get this cover if:
- You are not employed or made redundant at the time of application
- You don't want to use an adviser
Based on TAL Accelerated Income Protection. Information last checked on November 2021. 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|
|Average claim time||1.3 months||1.5 months|
We looked at APRA data for claims covering 1 January 2020 to 31 December 2020. The statistics above reflect 'income protection' claims from policies bought through a financial adviser.
TAL Income Protection: Pros and Cons summarised
- A range of different types of cover to suit various circumstances
- Lower than average claim time when compared to the industry
- Each type of cover includes range of build-in benefits
- Some levels of cover won't let you change benefit period later on
- TAL's claims acceptance rate was slightly lower than the industry average (94%) - although the brand scored well in 2 other categories
TAL launches 3 new income protection insurance products
TAL released the following products - correct as of October 2021 - under its TAL Accelerated Income Protection plans. Each are geared to meet the needs of retail customers:
- Income Protection Enhance. This cover is billed as TAL's most affordable long-term cover option.
- Income Protection Assist. Comes with added support at the start of a claim with an Early Support Booster for 6 months.
- Income Protection Focus. A short-term benefit that uses an "own occupation" definition for the whole 1, 2, or 5-year benefit period.
Read a more detailed review on TAL Accelerated Income Protection:
TAL Income Protection
Key points of TAL Income Protection
With TAL Income Protection Insurance, there are a range of features and benefits such as:
- Totally unable to work benefit (TPD cover). This brand's top-tier plan pays up to 70% of the first $20,000 per month (up to $240,000 per annum) of your earnings; 50% of the next $20,000 per month ($240,000 per annum) of your earnings; and 20% of any remaining earnings.
- Partially unable to work benefit. If you can only work in a reduced fashion as a result of an injury or illness, this benefit will take into account your earnings prior to the disability claim being made.
- Death benefit. This pays $10,000 if you pass away while you're policy's active.
- Permanent Incapacity Reset benefit. For claims of longer than 2 years, you could be paid out a third of the benefit amount in addition to the Totally unable to work benefit if you're seriously and permanently incapacitated
- Recurrent disability benefit. If you suffer from the same disability within 12 months of your last benefit payment being made, this is classified as a recurring disability, and TAL will recommence your benefit payments without you having to serve another waiting period.
- 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. These adjustments can affect your premium costs therefore you will have an option to delete this benefit if you wish.
- Premium waiver benefit. If you're receiving benefit payments because of a total or partial disability claim all income protection premiums will be waived during that time.
- Work assistance benefit. Reimburses the cost - up to 6 times your benefit limit - of an approved rehabilitation program to help you return to work. (Restrictions apply.)
- Bed confinement benefit. Pays a benefit if you are totally unable to work and can't leave your bed for at least 72 consecutive hours during the waiting period.
- Premium pause. Suspend your policy premiums for up to a year if you become unemployed or are on long-term leave.
- Elective surgery benefit. Pays a benefit if you are totally unable to work because of elective surgery. (Restrictions apply).
- 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.
- Overseas assistance benefit. This cover pays for you to return to Australia if you successfully claim while you're overseas. The most you can claim for is 3 times the agreed benefit amount.(Restrictions apply).
Note: For a more comprehensive rundown of this policy's benefits, restrictions and exclusions, it's important that you read and understand TAL's Product Disclosure Statement (PDS).
With TAL, you can also apply for the 2 policy add-ons. These are as follows:
- Increasing claim option. This increases the benefit each year by the Indexation Factor, which is worked out using the consumer price index (CPI).
- Super contribution option. This perk, which isn't available if you're self-employed, makes a contribution to your chosen super fund if the following pays out: Totally Unable to Work Benefit or Partially Unable to Work Benefit.
Expect to pay a bit more by adding more covers on to your policy.
Applying for cover
Key points of applying for cover with TAL
- To be eligible to apply, you'll need to be aged between 18 and 59 (some occupations have a limit of 55).
- You will have to be in paid employment at the time of your application.
- Note that this provider's income protection does not cover redundancy.
- You need to have the financial capacity to cover the cost of your insurance.
- You must serve a waiting period of 4, 8, 13 or 26 weeks before you can make a claim on your policy (other restrictions may apply).
- Plans will last no longer than the policy anniversary before your 65th birthday.