TAL Lifetime Protection Income Protection Review

Get up to $12,000 of your monthly income covered with TAL Lifetime Protection Income Protection. Fine for most Aussies, but there are higher maximum limits to be found.

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Our Verdict:

  • Recent data from Moneysmart showed that TAL had just 84.4 disputes per 100,000 lives insured. This was almost half the industry average of 161.7. These figures relate to income protection insurance bought through a financial adviser.
  • As with its life insurance, TAL offers customers a strong amount of flexibility. You can choose individual cover for accidents, illnesses and sports injuries or get cover for all three.
  • The highest sum you can be insured for is $12,000 per month (up to 75% of your monthly wage). NobleOak has a limit of $25,000 while Aspect plans can go as high as $42,000.

Review by our life insurance senior writer James Martin

finder.com.au does not currently have access to this income protection insurance brand. You may wish to compare options available on the income insurance homepage.
Maximum sum insuredLimited to the lesser of either $12,000 per month or 75% of your Pre-Disability Earnings
Cover types available
  • Accident
  • Illnesses
  • Sports
Age of entry18-59
How do I apply?Online with TAL

Age of entry may vary depending on the type of occupation you have.

  • Flexibility to bundle your policy to cover accidents, illnesses and/or sports injuries.
  • Standard policy rates may be changed
  • Wide range of benefits offered to help you return to work e.g. rehabilitation benefits.
  • Pause your cover for up to 3 months during financial hardship.

Based on the Income Protecrtion plan. Information last updated June 2019. Always consult the Product Disclosure Statement (PDS)

This cover might be suitable if:

  • You're looking for flexibility to bundle your policy. You can get individual cover for accidents, illnesses and sports injuries or cover for all three.
  • Additional benefits for helping you return to work such as rehabilitation.
  • You want protection in the future if you encounter some financial difficulties. You can pause your cover for up to 3 months.

Don't get this cover if:

  • You prefer to apply with the help of a life insurance adviser

Based on the Income Protecrtion plan. Information last updated June 2019. Always consult the Product Disclosure Statement (PDS)

What features are offered?

  • Choose your cover. You can choose which cover you’d like for your Income Protection policy: Accident Cover (pays benefits when you suffer total or partial disability as the result of an accidental injury), Illness Cover (provides cover when you suffer total or partial disability as the result of an illness), and/or Sports Cover (covers total or partial disability as the result of a sports injury).
  • Total Disability Benefit. TAL Lifetime Income Protection pays an ongoing benefit to replace 75% of your monthly income (up to $12,000) when you are totally disabled and unable to work.
  • Partial Disability Benefit. If you’re partially disabled and suffer a reduction of 20% or more in your ability to generate a monthly income, the policy pays a Partial Disability Benefit to help replace your lost income.
  • Recurrent Disability. If you suffer a recurrence of total or partial disability from the same or a related cause within 12 months of a claim ending, it will be treated as a continuation of your previous claim and no waiting period will apply.
  • Concurrent Disability. If you become totally or partially disabled as a result of two separate illnesses or injuries, only one benefit is payable. TAL Income Protection will pay the benefit that provides the highest payment.
  • Inflation Protection. To ensure that your policy keeps pace with rising living costs, your level of cover is indexed and will increase each year.
  • Waiver of Premium Benefit. TAL will waive your Income Protection premiums while you are receiving an ongoing benefit.
  • Rehabilitation Expense Benefit. When you suffer a total or partial disability, TAL may also reimburse you for the cost of rehabilitation through an approved occupational or vocational rehabilitation program.

What options are included?

  • Day One Accident Option. Available with Accident Cover and Sports Cover only, this optional extra allows you to receive backdated monthly benefit payments to the date you suffered your disability. This option is also only available if you select a two- or four-week waiting period.
  • Increasing Claims Option. If you have selected Inflation Protection with your policy, the Increasing Claims Option allows you to ensure that your benefit will keep pace with inflation while you are receiving benefits. A capped annual increase of 3% applies.

How much will it cost?

There are a number of factors that impact upon the cost of your Income Protection Cover, including:

  • The level of cover you select. The higher the monthly benefit amount you will receive, the more your cover will cost.
  • The waiting period. The shorter your waiting period, the more you will pay for cover.
  • The benefit period. The longer your benefit period, the higher your premiums will be.
  • Your age and gender. Premiums increase with age and are usually higher for men than for women.
  • The number of cover types. For example, Accident Cover on its own will be more affordable than if you choose both Accident and Illness Cover.
  • Your smoking status. Smokers have a much higher risk than non-smokers of suffering from a wide range of illnesses, so can expect to pay more for cover.
  • Your health. Your overall health status (at the time of application) will affect the likelihood that you will need to make a claim.
  • Your occupation. You’ll pay more for cover if you work in a high-risk or hazardous occupation.
  • Your pastimes. Regularly engaging in high-risk activities such as adventure sports will lead to an increase in premiums.

Am I eligible for cover?

Some of the key eligibility requirements for this type of cover include:

  • Minimum hours: 25 hours a week
  • Other requirements: Paid employment or self employment
  • Age of eligibility: 18 - 59 (For some occupations that focus on manual work, age of eligibility is limited to 54)

When will a benefit be paid?

TAL Lifetime Protection Income Protection Insurance provides a monthly benefit when you are totally disabled and unable to work for longer than the waiting period that applies to your policy.

When won’t a benefit be paid?

Your TAL Lifetime Protection Income Protection claim will not be paid if it is caused by:

  • An intentional self-inflicted act by you
  • Pregnancy, birth, miscarriage or termination unless the disability continues for longer than three months after the pregnancy ends
  • War, terrorism or civil unrest
  • You visiting a country for which the Department of Foreign Affairs and Trade has issued a “Do Not Travel” notice
  • You committing or attempting to commit a criminal offence

Specific exclusions may also apply depending on the cover that you have selected. For example, if you select Accident Cover only, no benefit will be payable if you are unable to work as a result of:

  • Illness
  • Any mental health-related illness
  • A sports injury or dangerous pastimes

If you select Illness Cover only, no benefit will be paid if you are unable to work due to:

  • Accidental injury
  • A sports injury or dangerous pastimes

Read your policy documents for full details of any exclusions that may apply to cover.

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