Compare Tower Income Protection Insurance Policies
The majority of Australians give a lot of importance to protecting their assets, like their cars and houses by taking out protective cover. Unfortunately, many people neglect taking out cover on their most important asset...their ability to earn an income to pay for these assets! Every year Australian families are forced to endure financial hardship as a result of having to take an extended period of time off work due to illness or injury.
If you are the breadwinner and your family depends on your monthly salary, it is worth considering income protection. Should you experience a serious accident or fall seriously ill, you may be forced to dip into your hard earned savings just to keep on top of debts and ongoing expenses. This is something that can cause great financial stress to you and your loved ones. An income protection policy will replace up to 75% of your income for the period that you are unable to work via an ongoing monthly benefit payment. This money can be used by your loved ones to pay for food, rent, the mortgage and any other expenses they may incur.
Taking out cover is not only about finding an adequate policy but also finding an insurer that you are comfortable with. This is one of the reasons you should look closely at Tower Income Protection Insurance Australia. Tower, now called TAL, is one of Australia’s leading insurance companies. TAL has made insurance more accessible to Australians and has established itself as one of the most sought-after insurers in the country.
Who is Tower Insurance?
Tower is one of the oldest insurance companies in Australia. It was established in 1869 and ever since it has been helping Australians get access to affordable insurance cover. In 1990, Tower made inroads into the life insurance industry by acquiring brands such as Adriatic Life, InsuranceLine, Friends Provident, PrefSure and FAI Life.
In 2006, a major Japanese insurance company, Dai-ichi Life Insurance Company Limited, acquired 28% shares in Tower. Dai-ichi did not stop there and in 2011 Tower became a wholly owned subsidiary of the Japanese insurance company. It was at this time that their title changed from Tower to TAL, as it is formally known today. Because of the acquisition by a Japanese insurance company, Tower was removed from the Australian Securities Exchange.
TAL is a specialised life insurance company in Australia and is responsible for providing cover to over 2.5 million people in the country. It offers a range of products and its quick application process and short turnaround time for approvals make it a popular choice for many Australians. This has resulted in TAL being able to capture 11% of the insurance market share in Australia, making it the third biggest life insurance provider and the second largest insurance company in the country.
TAL (Formerly Tower) Income Protection Insurance
The good news is that you can enjoy still enjoy the same quality cover offered by Tower when you apply for cover with TAL. This insurance can guarantee you 75% of your income should you meet with an accident, get injured or fall ill and be unable to work.
With TAL income protection cover, your income will be replaced and you and your loved ones can use it as you see fit. With this money, rent, mortgage, school fees, utility bills and groceries will no longer be a major worry and you will get it for as long as you are unable to work.
This insurance cover has many excellent features to help keep your policy flexible while providing a high level of cover:
- Affordable premium rates
- No total disability requirement during the waiting period
- A three-tier disability definition that ensures positive outcomes when claims are made
- Work up to ten hours a week (part-time) and still receive the benefits
- Retirement protection option, so that 10% is contributed to your pension fund
- Recurrent disability benefit
TAL (Formerly Tower) Income Protection Insurance Policy Benefits
TAL Accelerated Income Protection comes with an extensive range of benefits. These benefits will give you peace of mind, knowing that your loved ones will be taken care of should you be forced to take time out of work.
TAL Life Income Protection Insurance offers three different levels of cover. These are:
- The Standard Income Protection Plan wherein you receive monthly benefits of up to 75% of your income along with a few added benefits
- The Premier Income Protection Plan also pays you up to 75% of your monthly income, but comes with a full range of TAL
- The Optimal Income Protection Plan pays you a monthly benefit for a specific period of time based on the reason for your disability
Benefits included under TAL Income Protection cover:
- Total Disability Benefit: You will get up to 75% of your income prior to the disability. This amount is paid every month in arrears.
- Partial Disability Benefit: If you are able to work just a little due to an injury or illness, you can get a monthly payment, which is calculated on your earnings prior to the disability and your earnings during the disability.
- Inflation Protection Benefit: Your cover is protected against inflation should you choose this option. The automatic increase of your cover is never less than 3%.
- Death Benefit: If you die, your family will receive a lump sum amount equivalent to six times the benefit amount. This benefit cannot exceed $50,000.
- Concurrent Disability Benefit: If you suffer from partial or total disability due to another injury or sickness, the benefits paid out to you are calculated based on the sickness or injury that offers you the highest possible payment.
- Recurrent Disability Benefit: If you keep suffering the disability due to the same reason within 12 months of your claim ending, it is considered as part of the original claim and there is no waiting period.
- Waiver of Premiums: If you get paid for total or partial disability, your TAL Life Income Protection Insurance premiums are waived.
Other benefits that form part of Tower Income Protection Insurance Australia include:
- Accommodation and transportation benefit
- Bed confinement benefit
- Blood borne diseases benefit
- Child care benefit
- Child’s critical illness benefit
- Elective surgery benefit
- Expense reimbursement benefit
- Family support benefit
- Housekeeper benefit
- Job security benefit
- Overseas assistance benefit
- Rehabilitation benefit
- Scheduled injury benefit
Not all benefits are part of the standard TAL Life Income Protection Insurance, as some are applicable only to the Premier insurance policy.
TAL (Formerly Tower) Income Protection Insurance Optional Benefits
Tower Income Protection Insurance Australia offers a range of optional benefits to help you tailor your cover closer to your needs. These benefits are available at an additional cost.
Additional benefits to consider:
- Critical Illness Reinstatement Option: In the event you are paid the critical illness benefit, you have the option of repurchasing the benefit. There is a time limit for this option, so be sure to read your original policy document carefully.
- Double Critical Illness Option: If your critical insurance is appended to your life insurance policy, you will not reduce your life insurance cover if you receive critical illness benefit. Even future premiums are waived off.
- Child’s Critical Illness Option: You will receive a lump sum benefit of up to $200,000 if you insure your child and he or she suffers from a critical illness, such as terminal illness, aplastic anaemia, blindness, cardiomyopathy and chronic kidney failure. You can get the list of all sicknesses from your insurance provider.
- Premium Relief Option: In the event you are unable to work for three consecutive months due to injury or sickness, your premiums will be waived until you return to work.
- Business Insurance Option: You have the option of increasing your critical illness cover in conjunction with your life insurance cover without the need for medical underwriting if a compelling business event occurs in your life.
Interested in Tower Income Protection? Make an Enquiry for TAL Income Protection
If you are interested in finding out more about the excellent range of income protection cover available from TAL (previously Tower), you can make a secure online application and be contacted by an experienced insurance consultant. They will discuss the different benefits of the TAL policy, help you qualify for a premium discount and assist you through the entire application process. There is absolutely no obligation to sign up for a policy when making an enquiry.