TAL, a leading Australian life insurance specialist, has today announced that it will be launching a specialised product to protect people with diabetes mellitus in Australia.
The product will be the first of its kind in the market and it will also include offers of life insurance premium reductions for customers who demonstrate good management of their health condition by improving certain measures.
The product builds on TAL’s Health Sense proposition, a simple and rewarding program that supports all stages of health prevention through proactive health initiatives aligned to best global clinical protocols.
TAL Chief Commercial Officer, Individual Life, Tim Thorne, said TAL had developed the product to enable more Australians with diabetes to have access to life insurance cover as well as improve their health outcomes.
“Diabetes is a challenging problem for public health worldwide and the life insurance market for people living with diabetes is underserved. While some people with diabetes can currently access life insurance, the increased risks associated with diabetes mean that it is difficult for many people to get cover and it can be a long process.
“TAL’s specialised protection product will enable a larger number of people with diabetes to access the cover they need to protect themselves and their families when they need it most. Our offering will also reduce the time it takes for people to apply for and access cover. TAL has made a significant investment in redesigning the customer proposition for this product and integrating this into our existing infrastructure to provide a seamless adviser and customer experience”, he said.
TAL will be delivering the product in partnership with Kalibre (www.kalibre.life), an international specialist in diabetes insurance. This enables TAL to leverage their unique technology and approach, which has been proven globally.
TAL Chief Medical Officer and Head of Physical Health, Dr. Priya Chagan, said, “At TAL, health is at the heart of what we do. We are always looking for new ways to empower people to protect their physical, mental and financial wellbeing. Diabetes mellitus is one of Australia’s fastest growing chronic conditions, so to have a product that will enable people with diabetes to live their best life, is really exciting and valuable.”
The diabetes product is the first in a series of Specialised Protection products TAL has in the pipeline to help customers manage known chronic conditions.