Life Insurance

Providing for your loved ones when you are gone.

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What is Life Insurance?

Life insurance is a way for you to financially provide for your loved ones, should you die in an accident or from an illness. It protects the people who depend on you financially to look after them. If your family relies on your income, Life Insurance can help make sure your family’s home and lifestyle are secure if something was to happen to you.

With access to the funds they need, your loved ones can cover their long-term costs including rent, mortgage, education, medical and grocery bills, giving them financial peace of mind during a very difficult, emotional and stressful time.

Life Insurance with TAL

TAL life insurance is designed to be flexible to meet the needs of you and your family, as you progress through major life events like getting married, having children and purchasing a home. It can include discounts if you maintain a healthy lifestyle and a range of benefit options to make sure you are covered no matter what life brings.

Key features & benefits

Death benefit

Lump sum payment paid to your Nominated Beneficiary or the Policy Owner if you pass away. You can get a quote online for cover ranging from $100,000 to $5 million. For a higher level of cover, please call us on 131 825 or speak to your Financial Adviser.

Child’s Critical Illness benefit

TAL’s Life insurance includes a built-in Child’s Critical Illness Benefit, which protects kids between two and 19 (at their next birthday) if they suffer a specified critical illness event. Cover of up to $10,000 is available without underwriting.

Terminal Illness benefit

If you’re diagnosed with a Terminal Illness and have less than 12 months to live, TAL offers early payment of your full benefit amount, providing financial support for you and your family straight away.

Future Insurability benefit

This built-in benefit lets you increase your cover by up to $200,000 without underwriting if you experience a major life event, including getting married, having a child or taking out a mortgage.

Award-winning life cover with exclusive rewards and flexibility

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Easy application process

Apply online or over the phone.

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Premium discounts for maintaining healthy lifestyles

Our programs, TAL Health Sense & TAL Health Sense Plus offer you premium discounts for maintaining a healthy Body Mass Index (BMI) and taking preventative screening tests.

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Flexible payment options

You can choose to pay your premium monthly, quarterly, half-yearly and yearly.

12 months of cover for the price of 11

Pay your premiums annually and enjoy the 12th month free of charge.

Tailored coverage levels

Customise your level of cover to suit your needs and your loved ones lifestyle.

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Bundle your policies

Choose from a variety of optional covers for increased protection.

Resources

How does Life Insurance work?

Life insurance offers important financial protection for your family and dependents by providing them with a lump sum payment if you die or are diagnosed with a terminal illness and have less than 12 months to live. It provides worldwide cover 24 hours a day and all Australians aged between 19 and 74 (age at next birthday) can apply for Life Insurance.

Life insurance is not a savings product. No refunds are provided when the plan ends, and it does not accumulate a cash value. Like other insurances, the premium you pay provides protection if the insured event happens.

Learn more about life insurance in the video below.

Why choose TAL as your Life Insurance provider?

Australia's leading life insurer
TAL is a leading Life Insurance specialist
TAL Customers
Trusted by over 5 million customers
Commitment to Claims
$4.2 billion in claims paid in 2023/24 FY
24/7 access to a dedicated Grief Support service


We’re encouraging healthy lifestyles

Introducing our TAL Health Sense Discount. Rewarding you with up to 15% discount on your Life, TPD or Critical Illness policy.
Find out more

What benefits does Life Insurance include?

Not all benefits, options and sum insured levels are available online.

Death Benefit

A lump sum payment will be paid to your Nominated Benefit Recipient or the Policy Owner if you pass away while you have Life Insurance Cover under a current TAL Accelerated Protection Policy.

Death Benefit

Death Benefit

A lump sum payment will be paid to your Nominated Benefit Recipient or the Policy Owner if you pass away while you have Life Insurance Cover under a current TAL Accelerated Protection Policy.

Terminal Illness

Terminal Illness Benefit

The Benefit Amount is payable when the Life Insured is diagnosed as Terminally Ill. If the Terminal Illness Benefit is paid, we will cancel any Attached or Linked Plans.

Advanced Payment Benefit

Advanced Payment Benefit

The Advanced Payment Benefit is an advance payment of 10% of the Benefit Amount, up to a maximum of $25,000. This benefit will be paid when the death certificate or a medical certificate confirming death of the Life Insured is provided to us.

In the first three years from the Plan start date, the Advanced Payment Benefit will only be paid if the Life Insured’s death resulted from an Accident. After the first three years, the Advanced Payment Benefit will apply for all causes of death unless the cause of death is excluded. Payment of the Advanced Payment Benefit does not mean any admission or acceptance of any claim or liability regarding current or future payments under Life Insurance.

If we pay the Advanced Payment Benefit and our assessment of the claim determines that the Death Benefit will not be paid due to breach of the duty of disclosure or a misrepresentation, we will require the Advanced Payment Benefit to be repaid to us. If the Advanced Payment Benefit is paid, it will reduce the Benefit Amount by the amount paid under the Advanced Payment Benefit.

Repatriation Benefit

Repatriation Benefit

If the Life Insured dies outside Australia, we will increase the maximum amount payable under the Advanced Payment Benefit to 10% of the Benefit Amount up to a maximum of $35,000.

This benefit will be paid when the death certificate or a certified medical certificate by a Medical Practitioner, confirming death of the Life Insured outside of Australia is provided to us. All other terms and conditions of the Advanced Payment Benefit apply to the Repatriation Benefit.

Inflation Protection Benefit

Inflation Protection Benefit

Automatically increases the Benefit Amount on the Policy anniversary by the greater of 5% and the Inflation Factor to help keep pace with inflation. Increased cover affects your premium, so you have the option to remove this benefit.

Long Distance Accommodation Benefit

Long Distance Accommodation Benefit

Reimburses up to $250 per day, up to 14 days, for accommodation costs of an Immediate Family Member when they are required to travel more than 100 km to be with you. To be eligible, you must be Bed Confined more than 100 kilometres from your usual place of residence and the Terminal Illness Benefit, 100% of the TPD Insurance Benefit Amount or 100% of the Critical Illness Insurance Benefit Amount has been paid. 

Premium Freeze Benefit

Premium Freeze Benefit

Your premiums stay the same and the Benefit Amount will reduce at each Policy anniversary. This benefit can only be exercised if stepped premiums have been selected and you are at least 30 years of age.

Financial Planning Benefit

Financial Planning Benefit

Reimburses up to $5,000 on fees for professional financial planning advice incurred when we pay 100% of the Benefit Amount. Your financial plan must be prepared by a financial adviser within 12 months of the date we paid your claim and we must receive evidence of the financial plan. 

Grief Support Benefit

Grief Support Benefit

This benefit is available to you or your Immediate Family Member who need support when we pay 100% of the Benefit Amount. We will reimburse the cost of up to three grief support sessions, to a total maximum cost of $1,000 for all 3 sessions, with an accredited health provider approved by us, acting reasonably (the health provider should be competent, recognised and appropriately qualified to provide the support). 

Child’s Critical Illness Benefit

Child’s Critical Illness Benefit

Pays a benefit of $10,000, if your child (aged between 2 and 19 next birthday) suffers a Child’s Critical Illness Event listed under the Child’s Critical Illness Insurance.

The severity criteria set out for the events in Section 9.3 in the PDS must be met in order for a benefit to be payable. Pre-existing conditions are excluded, and certain conditions are excluded if they occur or were diagnosed within three months of the Policy commencing or being reinstated.

Download the PDS

Download the PDS

Everything you need to know about TAL Accelerated Protection

How to apply

Apply for life insurance with TAL.

Am I eligible for Life Insurance?

To be eligible for TAL life insurance, you need to meet a few simple criteria.

  • The first is age - you need to be between 18 and 73 to start a new policy.
  • The next is citizenship or residency. You’ll need to be an Australian citizen or permanent resident or a New Zealand resident living permanently in Australia to be eligible. There’s usually no medical assessment required.

 

4 steps to apply for Life Insurance with TAL

1. Get a Quote
Use TAL’s online Coverbuilder to get a quick and easy quote.

2. Chat with Us
One of our consultants will be in touch to help you choose the right cover for you.

3. Check the Details
Review your quote and the Product Disclosure Statement. Customise your policy by adding extras and tailoring your premiums.

4. Confirm and Pay
Once you’re happy, you’ll confirm and pay. You’ll receive an email with all the details - save this to your files. You’re now covered!

GET A QUOTE

Life Insurance FAQs

How much cover can I apply for?

You can get a quote for up to $5 million of Life Insurance cover online.  Cover available for ages 19–74 (age next birthday). Apply online up to age 61 (or 62 at next birthday). For higher levels of cover, or cover over age 62, please call us on 131 825 or speak to your Financial Adviser.

Do I need Life insurance?

Life insurance provides valuable peace of mind. if you have people who rely on you for financial support, or debts that your family could not pay upon your death, then appropriate life insurance cover will ensure that your loved ones will not be placed under unnecessary financial stress if you are no longer around to support them. When you are deciding whether life insurance is for you, think about your current expenses, like mortgage, education or childcare costs. Could your family cover these without your contribution? If the answer is no, then life insurance could provide important support.

How much does Life insurance cost?

To maintain active life insurance you need to pay premiums on a monthly, quarterly, half-yearly or annual basis. The level of your premiums will depend on a number of factors including the length of your policy, your personal circumstances when you take out the cover and the level of cover you need. This includes any optional extras you add to your policy.

What is Underwriting?

Underwriting is the process an insurer takes in assessing whether to accept a policy for a customer and what conditions/pricing will be applied to the policy based on medical and lifestyle information provided by the applicant. This may result in standard premiums rates being applied, higher rates, some conditions being excluded from cover, or denying the cover due to unacceptable high risk.

What is indexation in insurance?

Indexation means that your insurance benefit payment will be increased annually to ensure it keeps up with inflation. The official cost of living is determined by the Consumer Price Index, which measures the average price that Australians pay for goods and services including food, clothing and housing. With TAL your life insurance benefit will be increased by 5% each year in line with inflation, or by the Consumer Price Index – whichever is higher. So if the cost of living in Australia rises by 7% according to the Consumer Price index, your indexed benefit amount will also rise by 7%.

Will my Life insurance pay for ongoing medical expenses?

Different types of life insurance offer a range of cover amounts to suit different situations. If you take out critical illness cover, you will receive financial support in case you suffer from some serious conditions requiring ongoing medical attention. These include heart attack, stroke and some types of cancer. Long-term treatment can be expensive, so critical illness cover payouts can be a valuable way of funding your recovery and rehabilitation, as well as helping to support your family with their usual expenses. Income protection insurance can also be used to pay medical costs if you are unable to work due to illness or injury.

Is Life insurance tax deductible?

Most types of life insurance are not tax deductible. However, income protection insurance can sometimes be deducted, since it relates directly to your income. You should always check with your accountant and the Australian Tax Office before claiming deductions on insurance products.

What is the difference between Life insurance & Income Protection Insurance?

Income protection insurance is actually a type of life insurance product. It offers a monthly benefit if you are unable to work due to illness or injury, providing a substitute monthly income that you can use to support your family and keep up with expenses until you are fully recovered. Other life insurance products are what you might typically think of as belonging in the category. These include life insurance in the case of your death, terminal illness or critical illness and usually provide a payout in one lump sum to the beneficiary of your choice.

Is Life Insurance through Superannuation enough?

Some super funds will include life insurance as part of your policy, but you should always make sure you are insured to an appropriate level for your personal and financial circumstances. Life insurance cover through super is usually limited and it may end after 16 months if you do not contribute to your super fund. Review what your fund includes and use our life insurance calculator to check whether this is sufficient to suit your circumstances.

What do ‘premiums’ mean in insurance?

The term ‘premiums’ refers to the amount that you pay on a monthly basis to ensure your insurance policy remains valid and active. Premiums can be paid on a monthly, quarterly, half-yearly or annual basis, arranged with your insurer when you take out the policy. The premiums you pay will depend on your level of cover and the length of your policy. If you do not pay your premiums, you risk being denied a payout on your insurance.

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