Financial Hardship

What is financial hardship?

Unplanned events can happen that leave you in a financial position that you didn’t expect. These events may include:

injury or illness
unexpected changes in income or expenditure
a relationship breakdown or death in the family
a natural disaster such as floods, fires etc. or
situations of domestic and family violence.

It is important to be able to maintain your financial protections like life insurance despite financial struggles. We have some options to help you keep you and your loved ones covered.

Additional support for customers impacted by Ex-Tropical Cyclone Alfred and the Western and North Queensland Floods

Those impacted by the recent severe weather and flooding from Ex-Tropical Cyclone Alfred in Queensland and Northern NSW, as well as flooding in Western and North Queensland, are in our minds and hearts, and TAL is here to help where we can. TAL’s Claims team is ready to provide additional support, flexibility and streamlined processing for customers making claims who have been impacted. TAL is also offering premium waivers for impacted customers to help financially during this difficult time.

Claims processing

TAL’s Claims team is ready to provide additional support and flexibility for customers making claims who have been impacted by Ex-Tropical Cyclone Alfred and/or the Western and North Queensland Floods. Where personal records or paperwork has been possibly destroyed or delayed, we will work flexibly with customers to determine alternatives for providing claims documentation, and to streamline claims handling to ensure they are provided with the additional support they need during what is already a difficult time.

Premium waivers

To ensure our customers and their families who are directly impacted by Ex-Tropical Cyclone Alfred and/or the Western and North Queensland Floods can maintain the life insurance cover they need, and to provide some financial relief during this difficult time, we’re offering a premium waiver for up to two months. This is available to all existing TAL customers holding policies directly with TAL or through a financial adviser and who qualify for the Australian Government Disaster Recovery Payment.

This is in addition to the Financial Hardship Policy support we already offer customers. We also recognise the efforts and personal sacrifice of those who are assisting with the emergency and recovery efforts in a voluntary capacity. Therefore, we are also offering a premium waiver for up to two months to those who are part of the volunteer SES and other emergency services organisations taking unpaid leave from their regular employment to assist communities affected by the natural disasters mentioned, and who hold policies directly with TAL or through a financial adviser.

To access premium waiver support, customers can call our Customer Service team on 1300 209 088 or send an email. Alternatively, customers with a financial adviser can contact their adviser.

How TAL can support you if you can’t pay your premiums

If you want to keep your insurance cover but are having difficulty making premium payments, get in touch with our Customer Service team on 1300 209 088. They can talk you through the options available to make your insurance more affordable.

We may be able to help with:

accessing features of your cover that may assist with affordability
assisting you to make changes to your policy and/or change to a different type of policy and/or
discussing your payment options to reduce your premium.

Or, you may wish to speak with your financial adviser. You may also need to provide supporting documentation to assist with your hardship application.

Grace period when you miss a premium payment

At TAL, all policies come with a grace period or period of extended cover when customers miss a premium payment. Generally, your insurance cover continues for at least 30 days if you miss a premium payment, depending on your individual policy.

Please note that in some circumstances, some of these options may not be available to all customers, particularly if your individual insurance policy is funded through your superannuation fund.

How TAL can support you when you are on claim

We understand making a claim can be stressful. Our claims managers are here to support and work with you to find a solution in:

understanding what is required of you
completing claim forms and
providing requested claim information.

This may include offering to collect the information on your behalf, with your permission, to help expedite the process.

If you urgently need the benefits due to a condition that your policy covers, we will assess your request for urgent access to your benefits. We may ask you for evidence of this urgent need.

What happens next?

We will aim to prioritise your claim for an illness or injury your policy covers. We will let you know what help we can offer you as soon as possible or within 5 business days of receiving all the information we need.

If we accept your request, we will confirm any help we offer in writing, which might include:

prioritising your claim assessment and our decision and/or
advancing part of your claim payment.

If you disagree with the outcome or are dissatisfied with how your claim was assessed, you can lodge a complaint.

If you have cover under a group policy as part of your superannuation, we will let you know who you can contact about any urgent need for benefits. We encourage you to contact us as soon as possible to assist you with any concerns you may have regarding making a claim.

Resources for more information

If you're facing financial hardship, it’s important that you get the help and support you need. In addition to speaking with us, these organisations may be able to provide you with further assistance.

National Debt Helpline is a not-for-profit service that offers free, independent and confidential financial counselling services to help people tackle their debt problems.

Lifeline provides 24-hour crisis support and suicide prevention. Call 13 11 14.

Beyond Blue provides support programs to address issues related to depression, suicide, anxiety disorders and other related mental illnesses.

MoneySmart created by ASIC, helps you take steps to improve your personal finances with impartial guidance and online tools.

1800RESPECT is available for free, 24 hours a day, 7 days a week to support people impacted by domestic, family or sexual violence. Call 1800 737 732.

13YARN provides 24/7 crisis support for Aboriginal and Torres Strait Islanders.

Life Insurance Code of Practice

We're proud to have adopted the Life Insurance Code of Practice (the Code) and to have played a leading role in its creation. The Code is the life insurance industry’s commitment to mandatory customer service standards and it’s designed to protect you. You can read the Code of Practice or find out more about it on the Council of Australian Life Insurers (CALI) website.

This standard does not apply to policies owned by a superannuation fund trustee as access to superannuation benefits is limited by law. However, you should contact the trustee directly as they may have other means of assisting you with financial hardship.

Are you experiencing financial hardship?