Critical Illness Insurance
Protecting you if you become critically ill or injured.
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Critical Illness Insurance with TAL
Critical Illness Insurance (sometimes referred to as Trauma Insurance) gives you financial freedom by providing a lump sum payout if you become critically ill or injured and require extensive medical treatment to recover your health.
Key features & benefits
Critical Illness BenefitYou can get a quote for cover up to $500,000. For cover up to a maximum benefit of $2 million please call us on 131 825 or speak to your Financial Adviser.
Built-in Paralysis Support BenefitDoubles your cover amount to a maximum of $2 million, offering support if you’re faced with the profound impact of permanent paralysis.
$10,000 of Critical Illness cover for childrenProviding some financial security if your child (aged 2-19 next birthday) suffers a Child’s Critical Illness Event, as defined by TAL.
Advancement Benefit (Premier policy only)An advanced payment of a portion of the Critical Illness Insurance Benefit Amount for specified injuries and illnesses, including some early stage cancers.
Inflation Protection BenefitYour benefit amount automatically increases on the Policy Anniversary by 5% or the indexation factor, whichever is higher, to keep pace with inflation.
What is Critical Illness Insurance and how does it work?
Critical Illness provides worldwide cover for a number of injuries and illnesses and may provide you with a lump sum payment. At TAL, Critical Illness Insurance is available as 'Standard' or Premier’. The type of Critical Illness Insurance and any applicable options is stated in your Policy Schedule.
Critical Illness Insurance can give you the comfort of knowing you can access medical treatment, pay for rehabilitation, and even cut back at work to concentrate on your recovery.
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What other benefits does Critical Illness Include:
Not all benefits, options and sum insured levels are available online.
What important details do I need to know?
What other insurance can I include in my TAL life insurance plan?
TAL Accelerated Protection has a range of Insurances you can include in your life insurance plan
Protects your family’s future and gives them options if you are no longer around.
Total and Permanent Disablement Insurance
Gives you options to help you live a better quality of life if you are permanently disabled and can’t work again.
Income Protection Insurance
Provides you with an income to help you continue living your life if you have an injury or illness and can’t work.
Why choose TAL as your Recovery Insurance provider?
Critical Illness Insurance FAQs
How much cover can I apply for?
If you have existing Critical Illness cover via another insurer TAL will cover the difference of your existing cover up to a maximum of $2 million.
What does Critical Illness Insurance cover?
Critical Illness Insurance provides financial peace of mind in the form of a Lump Sum Payment, if you suffer a specified serious event listed on the policy, for example, cancer or stroke of specified severity. For many specified serious events, this means the condition will be required to progress beyond a diagnosis. Your Critical Illness Insurance payout can be used for things like medical treatment, rehabilitation, to replace lost income if you cut back at work, and for any other means to support your recovery.
How is Critical Illness Insurance different to Income Protection Insurance?
Both Critical Illness Insurance and Income Protection Insurance can give you cover in the form of a payment, paid out if you experience a specified serious event and you’re out of action and unable to generate an income. With Critical Insurance policies, you’ll receive one lump sum payment (determined by your policy).
With Income Protection Insurance, you’re eligible to receive up to 70% of your income, paid on a monthly basis while you’re unable to work.
How much Critical Illness Insurance do I need?
The right amount of cover for you will depend on your age, lifestyle, family circumstances and financial situation. Because everyone is unique, the right amount of cover for you is a personal decision. You should factor in your financial situation and any other types of life or health insurance policies you have when considering your Critical Illness Insurance policy.
How does Critical Illness Insurance work in Australia?
You can buy Critical Illness Insurance as a stand-alone policy, or as a rider benefit within a life insurance policy. When applying, your health and lifestyle will be assessed to determine any increased risk factors that should be considered before the policy is issued. If you suffer a specified serious event, you can lodge a claim and once approved, you’ll receive a lump sum payment, with the freedom to spend it on anything you like to support your recovery.
How long does it take for Critical Illness Insurance cover to start?
A three month waiting period applies in certain circumstances. This means no payment or benefit will be made if a claim arises related to certain Critical Illness Events, if the condition occurred, was diagnosed or symptoms became apparent within three months after the policy began.
Can I get Critical Illness without a medical examination?
Generally, it’s not necessary to undergo a medical examination when applying for Critical Illness Insurance.
At TAL, we will ask you some questions about your medical history. You have a duty to tell the insurer anything you know that may be relevant to our decision about providing you with insurance.
This duty applies when you first apply for Critical Illness Insurance, and on an ongoing basis if you choose to extend, vary or reinstate your insurance policy.
How much does Critical Illness Insurance cost?
The cost of your Critical Illness Insurance policy will depend on your age, gender, lifestyle and medical history. For example, premiums for smokers are higher than for non-smokers. Costs can also vary according to the policy’s features. The premiums you need to pay for your first year will be outlined in your policy.
What are pre-existing conditions?
A pre-existing condition is any illness or ailment where you have experienced the signs or symptoms during the 6 months up to and including the day you took our Critical Illness Insurance. It is considered a pre-existing condition regardless of whether you were aware of or diagnosed with any condition or not during this period.
Are Critical Illness Insurance premiums tax deductible?
With Critical Illness Insurance, your policy premiums are not tax deductible. However, the Lump Sum Payment you receive as a critical illness insurance payout are generally not subject to tax, either. This means the full benefit amount payable is yours, tax-free.
How do I make a Critical Illness Insurance claim?
To make a critical illness insurance claim, contact us as early as possible. This gives us the opportunity to gather the evidence we require to assess your claim, as delays may impact the time it takes us to process your claim.
When we are notified that you wish to make a claim, we will provide the forms that need to be completed and explain in detail our requirements and what the next steps are.