Life insurance for families

Life insurance options for your growing family.

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Whether you’re just starting your family, adding to it, or your kids are already in school, life insurance can help ensure that you’ll be able to provide for them if life takes unexpected turns.

Types of insurance for families

Four main types of life insurance could benefit you and your family.

Insurance options

Benefits of life insurance for families

Peace of mind

As a parent, it’s natural to worry about your family’s well-being and future. Knowing your loved ones are covered if you were to pass away or be diagnosed with a terminal illness can give you the confidence that your life plans are protected.

Financial security

You may have more than yourself and your partner to provide for now. Life insurance can support you when you’re ill or injured and unable to work so that you can keep up with the costs of raising a family like school or childcare fees, mortgage, clothes, and living expenses.

Protection for one-income households

When you’re raising kids, the stay-at-home parent performs a lot of duties for free and if you had to pay someone else to do them, it could get expensive. Getting cover for you and your partner can help keep the home front protected if the unexpected happens.

Child Critical Illness benefit

It’s something you never want to think about as a parent, however, being prepared can relieve a lot of pressure during a difficult time. TAL offers a child critical illness benefit of $10,000 for children aged between one and 18 as a standard part of life insurance.

Flexibility

Your life insurance policy may be able to be updated at key stages in life without the need for medical tests. This means your cover can evolve with your growing family needs and changing circumstances. See the PDS for more information as to when it’s available.

Factors to consider when choosing life insurance for your family

When choosing Life Insurance and additional products like Critical Illness, Total and Permanent Disability (TPD) and Income Protection insurance, it’s important to take the time to find a policy that meets your family’s needs now and into the future.

Before making any decisions, you should consider your own objectives, financial circumstances and particular needs.

You may want to consider things like:

  • Your financial situation – savings, debts and current expenses.
  • The amount of income you would need to replace if you couldn’t work.
  • Your expected future expenses such as your children’s education costs and mortgage repayments.
  • The combination of life insurance products you need.
How much life insurance cover do you need?

Before making any decisions, you should consider your own objectives, financial circumstances and particular needs.

You may want to consider things like:

  • Your financial situation – savings, debts and current expenses.
  • The amount of income you would need to replace if you couldn’t work.
  • Your expected future expenses such as your children’s education costs and mortgage repayments.
  • The combination of life insurance products you need.
Affordability

Certain things can affect the overall cost of your policy. Some examples are:

  • Monthly vs. annual premiums. With TAL, if you pay premiums annually, you get 12 months cover for the price of 11*.
  • Whether you choose to keep the inflation protection option to ensure your cover automatically keeps up with indexation.
  • The benefit amount you choose.
  • The optional inclusions you choose to add.
  • The premium type you choose whether Level or Stepped Premiums will also affect the overall cost of cover.
  • For Income Protection, you have a Waiting Period before your monthly benefit payments commence, as well as a Benefit Period – how long the monthly benefit payments will be paid for. Usually, the longer the Waiting Period and the shorter the Benefit Period you choose, the lower your premiums will be.
  • TAL can change premium rates and this will impact the cost of your policy. Premiums are not guaranteed to stay the same.

* Any reduction in premiums will depend on a range of factors including, and not limited to, the product you hold and when you began your cover. A premium reduction will not apply to all products.

The reputation and service of the insurer

Do they have a strong industry reputation and experience? Do they have a solid record of paying out claims? Do they have a high level of customer satisfaction?

You can request their financial services guide to get a clear idea of the products and services they offer.

How to apply for life cover with TAL

Applying is easy—just follow these five steps:

  1. Check if you are both eligible – Each life insurance product has its own minimum and maximum age limits and citizenship or residency requirements. You can find the eligibility details for each product on TAL’s product comparison page.

  2. Get a quote – Use TAL’s online Coverbuilder to get a quick and easy quote.

  3. Chat with us – Talk to one of our consultants who can assist you with any questions you may have about the cover.

  4. Check the details – Review your quote and the Product Disclosure Statement. Customise your policy by adding extras and tailoring your premiums.

  5. Confirm and pay – Once you’re happy, confirm and pay your first premium and we’ll send you an email with the details. You’re all covered!

Frequently Asked Questions

How much do life insurance premiums cost?

The cost of your premiums will depend on a number of factors:

  • your personal circumstances—such as age, occupation and state of health and,
  • chosen insurance types, cover options selected and cover amount(s).

Premiums are not guaranteed and can change.

We can help you save on your premiums

  • TAL Health Sense and Health Sense Plus offer premium discounts on Life, TPD and Critical Illness insurance for maintaining a healthy lifestyle.
  • With TAL, if you pay premiums annually, you get 12 months cover for the price of 11.*

Get started with TAL Coverbuilder

TAL Coverbuilder lets you build your cover based on your needs and choose the options that best suit your family. You can quickly and easily get a life insurance quote to give you an idea of what your premiums might be.

GET A QUOTE

 

* Any reduction in premiums will depend on a range of factors including, and not limited to, the product you hold and when you began your cover. A premium reduction will not apply to all products.

Can I take out life insurance for another family member?

Yes, you can take out a policy for a family member. They will need to meet the age requirements specific to the cover and the person insured will need to answer questions about their health and lifestyle to evaluate their level of risk.

You can either choose to be the policy owner or they can own their own policy.

Can I take out life insurance for my child?

Yes, TAL offers a child critical illness benefit of a $10,000 lump sum payment for children aged between one and 18 as a standard part of life insurance.

You can also apply for a separate Child's Critical Illness policy that provides up to $200,000 cover for your child (aged between two and 19 years at their next birthday) in case of a critical illness event. This policy has a range of features and benefits that are tailored to the needs of children and their families.

When should you take out family life insurance?

When considering life insurance people should consider their own situation. One matter people consider is whether they are starting or expanding your family, it might be a good time to look into life insurance or review your current policy.

You may want to get your cover sorted before your baby arrives, as you will probably be very busy and distracted afterwards. It’s also important to review your cover regularly, especially if your situation changes in other ways—for example, if you buy a house.

Can I name a child as a life insurance beneficiary?

You can name anyone over the age of 18 as a beneficiary on a life insurance policy in Australia. Keep in mind that if you nominate a minor such as your children, they will only receive the full amount once they turn 18.

IMPORTANT NOTICE
Any financial product advice is general in nature only and does not take into account your objectives, financial situation or needs. Before acting on it, the appropriateness of the advice should be considered, having regard to your own objectives, financial situation or needs. If you are deciding whether to acquire or continue to hold life insurance issued by TAL, you should consider the relevant Product Disclosure Statement (PDS) before making any decisions about your cover. The Target Market Determination (TMD) for the product (where applicable) is also available. Life insurance issued by TAL Life Limited ABN 70 050 109 450 AFSL 237848.
Terms and conditions under each insurance policy apply. The payment of a benefit is not guaranteed, as cover will only be payable if your circumstances meet the eligibility criteria in your policy.

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2024 © TAL Services Limited a Dai-ichi Life Group Company.

"TAL is Australia's leading life insurer" based on Inforce premiums for risk only life insurance policies, NMG Consulting (2023).

Any financial product advice is general in nature only and does not take into account any person’s objectives, financial situation or needs. Before acting on it, the appropriateness of the advice for any person should be considered, having regard to those factors. Persons deciding whether to acquire or continue to hold life insurance issued by TAL should consider the relevant Product Disclosure Statement (PDS). The Target Market Determination (TMD) for the product (where applicable) is also available. Life insurance issued by TAL Life Limited ABN 70 050 109 450 AFSL 237848.