TAL Accelerated Life Insurance Protection Plan

Information verified correct on September 30th, 2016

Get flexible life cover with the TAL Accelerated Protection Plan

TAL Life Insurance Accelerated Protection is a policy that lets you organise your life insurance so that it works for you. The Accelerated Protection can be purchased as a standalone policy or through superannuation. You can purchase three types of cover under this policy – Life Insurance, Critical Illness, and Total and Permanent Disability.

The Life Insurance cover pays you a lump sum to your beneficiary in the event of your death or you have become terminally ill. The Critical Illness Cover, on the other hand, gives you cover upon diagnosis of specified medical conditions, such as cancer, heart attack, or stroke. The TPD Cover pays you a lump sum in the event you become totally or permanently disabled and unable to work.

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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BenefitPolicy Features
Death Benefit
  • Yes
Terminal Illness Benefit
  • Yes
Advanced Payment Benefit
  • Yes
Repatriation Benefit
  • Yes
Inflation Protection Benefit
  • Yes
Premium Freeze Benefit
  • Yes
Guaranteed Future Insurability Benefit
  • Yes
Financial Planning Benefit
  • Yes
Accommodation Benefit
  • Yes
Grief Counselling Benefit
  • Yes
Child’s Critical Illness Benefit
  • Yes

The TAL Life Insurance Accelerated Protection Product Benefits

If you purchase the Life Insurance Plan, the Critical Illness and TPD is attached as a benefit. Furthermore, if you purchase the Critical Illness Insurance, the TPD Insurance is attached as a benefit. Aside from the Critical Illness and TPD cover in your Tower Life Insurance Accelerated Protection, there are other built-in benefits which are included:

  • Death Benefit pays your beneficiary a lump sum in the event of your death.
  • Terminal Illness Benefit pays you early the benefit amount should you be diagnosed with a terminally ill disease and has only less than 12 months to live.
  • Advance Payment Benefit pays you 10% of the benefit amount or an equivalent of up to $25,000 as soon as the death or medical certificate of the insured has been confirmed.
  • Repatriation Benefit this increases the amount of the Advanced Payment Benefit up to a maximum of $35,000 if the insured died abroad or overseas.
  • Inflation Protection Benefit guards your premiums against inflation by automatically increasing your cover every year in line with the Consumer Price Index (CPI), or not less than 5%.
  • Premium Freeze Benefit enables your premium to stay unchanged by reducing your cover every year. This benefit is, however, only available on stepped premium policies only.
  • Guaranteed Future Insurability Benefit allows you to increase your cover without providing further medical evidence after significant events have taken place, like marriage, having a baby, taking out mortgage for your own home, or increasing your stake in a business where you are the key person. Applications under this benefit must be made within the specified time frame or before you turn 55.
  • Financial Planning Benefit gives you a reimbursement of up to $5,000 if you receive financial planning advice after receiving a claim payment. Your financial plan should be made within 12 months of the date your claim is finalised.
  • Accommodation Benefit pays the accommodation of a family member who has to take care of you upon bed confinement. The benefit will pay up to $250 a day for 14 days if you are paid the Terminal Illness Benefit and have been confined in bed 100km away from home.
  • Grief Counselling Benefit is made available should you or a family member needs support or grief counselling in the event of a claim. Payment is made to up to three counselling sessions for you or your immediate family member.
  • Child’s Critical Illness Benefit pays you a lump sum of up to $10,000 if your child has been diagnosed with a critical illness specified on the policy’s list.

Aside from the built-in features and benefits of the TAL Life Insurance Accelerated Protection, it has also optional benefits and features that you might want to consider which could be beneficial to you and your business.

  • Premium Relief Option waives your premiums if you will be unable to work for three consecutive months due to illness or injury. This option or benefit ends when you return to work, begin earning an income again, or before you turn 65.
  • Business Insurance Option allows you to increase your cover without providing further medical evidence in events, such as an increase in your share or value of the business or an increase in the level of your business loan where you are the key guarantor.

The TAL Life Insurance Accelerated Protection gives you a lot of flexible options in and outside your superannuation. It gives you the freedom to tailor your insurance policy to your needs. Furthermore, it also gives you easy access to your benefits whenever you need them.

Whose eligible for this policy?

The eligible age range for TAL Accelerated Protection Life Insurance depends on the premium type chosen:

  • If level premiums (fixed premiums) are selected, the age range is 16 to 60 and if stepped premiums are chosen (premiums that increase with age), the age range is 16 to 75.
  • The expiry date for policies held outside of super is 100 years of age and 75 years of age for those held inside of super.

Some exclusions to be aware of

TAL Accelerated Protection Life Insurance will not pay a benefit if the death of the insured is the result of:

  • An intentional self-inflicted act occurring within 13 months of the policy commencing or being reinstated or the benefit amount being increased. The exception to this exclusion is if the deceased held a life insurance policy with TAL or another insurer during that time.

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