Receive up to $500,000 in cover for specified illness and injury with TAL Lifetime Protection Recovery Insurance
TAL Lifetime Protection Recovery Protection Insurance will provide you with up to $500,000 in the event you suffer a specified illness or injury such as stroke or cancer. This policy provides a range of built-in features and additional options such as Buy Back Option and Premium Relief. This review will explore each of the benefits and features of this policy.
Ready to apply? Get a quote securely for TAL Lifetime Protection Recovery Insurance
|Maximum cover amount||$500,000*|
|Age of entry||18 - 59|
|How do I apply?||Online with TAL|
Note: Conditions apply, always consult the Product Disclosure Statement (PDS)
What features are offered?
- Choose your cover. You have the freedom to choose which cover you would like for TAL Lifetime Protection Recovery Insurance: Cancer Cover, Critical Injury Cover and/or Critical Illness Cover. Cancer Cover pays a lump sum benefit if you suffer from Cancer, Critical Injury Cover provides a benefit if you suffer a Critical Injury as the result of an accident, and Critical Illness Cover pays a lump sum benefit when you suffer from a covered Critical Illness.
- Lump sum of up to $500,000. TAL Lifetime Protection Recovery Insurance pays a lump sum benefit of up to $500,000 when you suffer a specified medical condition or injury, such as cancer, heart attack, stroke or loss of a limb.
- Inflation Protection. Your policy includes built-in protection to protect you against the rising cost of living. Your level of cover will increase by the Consumer Price Index or 5%, whichever is greater, each year.
- Future Life Events. When specific life events occur, such as if you get married or take out a mortgage, TAL Lifetime Protection Recovery Insurance allows you to increase your level of cover without having to provide any additional evidence of your health or pastimes.
- Cover Pause. You can pause your policy for up to three months while you are experiencing financial hardship. Cover can then be resumed without the need to complete any health or lifestyle assessments. Conditions apply, see the Product Disclosure Statement (PDS) for details.
- Cancer Advancement Benefit. If you include Cancer Cover in your policy, TAL can pay out up to 25% of the benefit amount (up to $50,000) as an advance payment.
What options can be added?
- Life Buy Back Option. If you bundle your Recovery Insurance with TAL Lifetime Protection Life Insurance, any Recovery Insurance Benefit you receive will reduce your Life Insurance benefit by the same amount. This extra-cost option allows you to reinstate your Life Insurance Benefit to its former level.
- Premium Relief Option. If an accident or illness means you are unable to work for at least three consecutive months, TAL will waive your Recovery Insurance premiums.
How much will it cost?
The cost of TAL Lifetime Protection Recovery Insurance is influenced by several factors, including:
- The level of cover. The higher the sum insured, the more you will pay for cover.
- The number of types of cover. For example, holding Critical Injury Cover on its own will be cheaper than if you hold both Critical Injury and Critical Illness Cover.
- The premium structure. Level premiums start out higher but generally remain the same each year, but if you choose stepped premiums they will start out lower but then increase each year as you age.
- The options you select. Adding extra-cost options to your policy will increase your premium.
- Your age. The cost of cover will generally increase as you get older.
- Your gender. Life insurance premiums tend to be higher for men than for women.
- Your smoking status. Smokers have a much higher risk of suffering from a wide range of health problems, which means they need to pay more for cover.
- Your health. The better your overall health (at the time of application), the less you will have to pay for cover.
- Your occupation and pastimes. If you work in a hazardous job or participate in adventure sports, you can expect to pay higher premiums.
When will a benefit be paid?
TAL Lifetime Protection Recovery Insurance pays a lump sum benefit when you are diagnosed with a specified medical condition or injury. A full list of injuries and conditions covered can be found in the PDS.
When won’t a benefit be paid?
TAL Lifetime Protection Recovery Insurance will not pay a benefit if:
- You do not survive the injury or medical condition for at least 14 days
- The claim is caused by directly or indirectly by an intentional or self-inflicted act
- In the case of coronary artery bypass surgery, cancer, heart attack, stroke and several other conditions, the condition occurred or was diagnosed within three months of cover commencing
Specific exclusions may also apply depending on the type of cover you select. For example, if you select Cancer Cover only, no claim will be paid for critical illness or for a critical injury suffered as a result of an accident. Check your policy document for full details of what is and isn’t covered by your policy.