Life Insurance

What is Life Insurance?

Life insurance pays your family or estate a lump sum amount when you die.

Benefits of having it

Your family can use this amount to pay off your mortgage, cover ongoing living expenses or invest it to pay for future expenses like your children’s education.

How Life Insurance works

Mark, a 55 year old builder, was diagnosed with heart disease after experiencing some chest pains, and was given less than 6 months to live.

Under his life insurance policy with us, he received a payment of $1,323,000, some of which he used to pay off his mortgage, add to his wife’s super fund and take a final trip overseas to visit his parents.

Mark also used it to pay for all his medical bills so his wife wouldn’t have anything outstanding when he died.

Illustration only, however key details in this case study are based on a real TAL claim.

TPD

What is TPD (total and permanent disability) ?

TPD insurance gives you a tax-free lump sum if you’re permanently unable to work due to accident or illness.

Benefits of having it

As you’re not able to work again, you can choose to use it as you wish. You can pay off debts and/or invest it to generate regular income.

How TPD works

Russell, a 34 year old executive, suffered a stroke at work. Under his TPD cover with us, he received $593,296 which he used to pay off his mortgage and modify his home.

He also invested some and used the income to cover his living expenses and pay for his ongoing rehabilitation.

Illustration only, however key details in this case study are based on a real TAL claim.

Income Protection

What is Income Protection Insurance?

Income Protection is a type of insurance designed to replace your income if you are unable to work through illness or injury. Its purpose is to enable you to maintain your ability to cover your living expenses (like your rent or mortgage, groceries, utility bills and children’s school fees) during your recovery period.

In broad terms, Income Protection will cover you for up to 75 percent of your normal income over the duration of the period you are unable to work – or until the end of the benefit period of your policy.

Types of Income Protection cover

TAL currently offers three types of Income Protection cover:

  • Income Protection Plan Standard
    • Pays a monthly benefit of up to 75% of your income if you can’t work due to illness or injury
    • Comprehensive protection with a range of standard benefits
    • Choose your waiting period – the length of time off work before you’re eligible to receive benefits
    • Choose your Benefit Period – the length of time benefits are paid
  • Income Protection Plan Premier
    • Pays a monthly benefit of up to 75% of your income if you can’t work due to illness or injury
    • Comprehensive protection with the full range of benefits
    • Choose your waiting period – the length of time off work before you’re eligible to receive benefits
    • Choose your Benefit Period – the length of time benefits are paid
  • Income Protection Plan Optimal
    • Pays a monthly benefit for a specified time frame depending on the cause of the disability
    • Waiting Period and Benefit Period determined by the cause of disability

Australians are comparing insurance products online first

Our research1 has shown that the Internet is the most common source of information for people wishing to compare Life Insurance and Income Protection providers/policies. If you are unsure of what types of life insurance cover or amounts of cover you require, a good place to start is to – contact a financial adviser.

Sources of information consumers turn to when researching or changing a financial product

Sources Life insurance / income protection
Men Women
The internet  58%  46%
Internet comparison sites  46%  37%
Friends and family  36%  25%
Current provider  30%  26%
Another provider they don’t currently use  25%  23%
Someone else who has an account with the provider you are looking at  21%  26%
A financial advisor or broker  26%  19%
Employer’s default super fund  n/a  n/a
None/Don’t know  0%  9%

1. This survey was undertaken online by Galaxy Research with 1,260 Australians, from the ages of 18–69 years old. Age, gender and region quotas were applied to the same and the dataset was weighted to national proportions.

This information is of a general nature only and does not consider your objectives, financial situation or particular needs. Prior to making any decision to buy or hold Accelerated Protection, you should speak to an adviser and read the Accelerated Protection Product Disclosure Statement or Accelerated Protection for Investment Platforms Product Disclosure Statement available at TAL

Critical Illness

What is Critical Illness Insurance?

Critical illness insurance pays you an agreed amount if you are diagnosed with a specified critical illness event, such as cancer or heart disease.

Benefits of having it

It’s designed so that you can stop work and concentrate on getting better. You can use this money to pay down debt and cover living expenses, along with your medical costs and any modifications needed to your home (such as rails or wheelchair access).

How Critical Illness Cover works

Sophie, a 52 year old bookkeeper, found she had thyroid cancer after her doctor ran some tests for some pain and swelling in her neck.

Under her Critical illness cover with us, Sophie received $781,385 which she used to pay off the last part of her mortgage, all her surgery bills and a short holiday to recuperate before going back to work.

Illustration only, however key details in this case study are based on a real TAL claim.

Business Expense

What is Business Expense Insurance?

If you’re a business owner, business expense insurance pays you a monthly benefit to cover business costs if an illness, injury or accident prevents you from working.

Benefits of having it

You can use it to pay the salaries of you and your employees, as well as ongoing business expenses like rent, utilities and finance costs.

How Business Expense Insurance works

Peter, 40, had been running his own marketing agency for five years, when he slipped down some stairs and broke his leg while moving house.

Having business expenses cover with us meant he received a monthly payment of $8,550, which he used to continue paying his two employees, as well as hiring a manager on a short-term contract to keep the business running until he could return to work

Illustration only, however key details in this case study are based on a real TAL claim

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