Tower Life Insurance Company Review
When did Tower Life Insurance become TAL?
Tower Australia has been operating in Australian for more than 20 years, with roots in the Australian finance industry which go back more than 100 years. The result is a company which has maintained its dedication to delivering the best products and services to their customers, to meet their financial management needs, where hundreds of thousands of Australians now trust their financial future to Tower.
In 2011, Tower Insurance began operating under the name TAL, and they now do more than just offer a range of insurance and superannuation products, they are also dedicated to helping you make an informed decision, through a network of advisers who work to understand your situation and needs, and recommend products, options and plans to suit you and your budget.
- Winner of the Money Management Adviser Choice Risk Awards in 2008.
- Winner of Money Magazine's Best of the Best in 2008.
- Winner of the Gold Awards for Best Term and TPD Risk Insurance.
History of Tower Life Insurance Australia
The Tower life insurance company begins its story in 1869, when it was known as the Government Life Insurance Office, because the initial capital for the company was provided by the New Zealand Government. Government Life went on to provide life insurance to protect the everyday workers and their families until 1990, when it was renamed Tower and when the company purchased Adriatic Life Insurance they entered the Australian market, utilising its European expertise.
The company continued its expansion, and in 1993 purchased Friends Provident Life Assurance and in 1999, purchased FAI Life; at this point Tower now belongs to the top tier of Australian insurers. In 2006 Tower again expands by purchasing PrefSure Life Limited, and the growing company now serves Australians with financial advice for their future, a wide range of life insurance products and superannuation. The 2006 acquisition is also followed by a separation from Tower New Zealand, and the creation of Tower Australia, which is then listed on the Australian Stock Exchange.
As Australians, and in fact consumers around the world, move towards a greater reliance and preference for online shopping, Tower sees the opportunity and purchases Insurance Line. Australians now have access to direct life insurance, backed by the reliability and security of a strong Australian insurance brand.
Finally in 2011 Tower Australia becomes a part of the Dai-ichi Life Group, changing its name to TAL, and becoming a wholly owned subsidiary of Dai-ichi Life.
Benefit of Taking out Life Insurance with Tower
These acquisitions and mergers might seem like a lot of movement and adjustment for a growing business, however, Tower have always aimed to deliver the right products and services to their customers, to best suit their needs. With such a diverse portfolio of companies now under the TAL, the insurer is able to offer innovative and competitive products for your life insurance, risk management, superannuation and retirement planning.
Tower also uses a network of advisers to help customers make informed decisions about their financial products, and uses the Accelerated Protection system, which ensures fast applications and short approval waiting periods. Growing from strength to strength, Tower is now able to offer insurance for Australian individuals and businesses, with a comprehensive knowledge of the market and their customers' needs.
Has the Tower Life Insurance Company Changed?
Since becoming a wholly owned subsidiary of Dai-ichi Life Group in 2011, TAL has continued to grow as one of Australia’s premiere life insurers offering both adviser based and direct insurance products.
Driven by a desire to make life cover more accessible to a whole range of buyers, TAL offers a range of products tailored to people with different needs. This has been achieved through the development of award winning products and customer service operations that provide ongoing support long after cover is in place.
TALs ownership under Dai-ichi Life ensures continued growth and financial solidarity as it becomes parts of one of the world’s leading insurers. This gives TAL the opportunity to continue to offer innovative and competitively priced products and while safeguarding each customers financial future.
Awards Received for Tower Life Insurance Since 2011
Since becoming TAL insurance in 2011, Tower has continued to show its strength in the Australian Insurance market through a growing customer base and host of awards for its product range. Awards picked up by TAL since partnering with Dai Ichi Life include:
- 2011 - Winner of Best Featured Income Protection Insurance Policy
- 2012 - Winner of Best Featured Income Protection Insurance Policy
- 2013 - Winner of Cheapest Income Protection Insurance Policy
- 2013 - Winner of Best Featured Income Protection Insurance Policy
Are you an existing Tower customer with life insurance already in place?
If you previously took out life insurance with tower in the past and would like to review your existing cover, you may wish to get in contact with TAL directly. TAL can be reached on contact details below;
- 1300 209 088 (local callers)
- +61 2 9996 8400 (international callers)
- Mon-Fri 8:00am - 7:00pm (AEST)