Life Insurance

Providing for your loved ones when you are gone.

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Key features

You can apply if you're between 18-74 years old
Lump Sum Payment if you die or are diagnosed with a terminal illness
Cover available up to $2 million
No medical tests required on application
Available to purchase via self-managed super funds

What is Life Insurance?

Life Insurance provides for your loved ones in the event of your death, or if you are diagnosed with a terminal illness.

Life Insurance provides your loved ones with a lump sum payment that can help ensure their financial security.

It can allow your family to keep their home, provide for your children's education, and allow your partner to continue living the life you had planned together.

What am I covered for under Life Insurance?

You can tailor your cover to suit your individual needs. Your choice of cover will impact the types of events you can claim against.

You can choose all three types of cover, or two or just one. It's up to you.

Accident Cover

Your loved ones receive a lump sum payment if you die as a result of an Accident (subject to any Special Conditions specified in your Policy Schedule).

What you're covered for:

Your death as a result of an Accident

Examples of accidents:

Transport Accidents

Household Accidents

Accidental Drowning

Illness Cover

Your loved ones receive a lump sum payment if your death is a result of an illness (subject to any Special Conditions specified in your Policy Schedule).

What you're covered for:

Your death as a result of an Illness

If you are diagnosed with a Terminal Illness with a life expectancy of less than 12 months

Examples of illnesses:

Cancer (of a specified criteria)

Circulatory Disease

Heart Disease

Neurological Disease

Organ Failure

Adventure Sports Cover

If you take up Accident Cover, you can extend it with Adventure Sports Cover. This means you’ll receive a payment if you die as a result of an adventure sport (subject to any Special Conditions in your Policy Schedule).

What you're covered for:

Your death as a result of participating in an adventure sport

Examples of Adventure Sports:

Scuba diving

Water Sports

Recreational aviation

Motor sports

The full details of all covered conditions and the criteria that your diagnosis will need to meet are discussed in detail in the PDS.

How much will it cost?

At TAL, we understand that everyone is unique, so naturally your insurance should be too. That's why we've created TAL CoverBuilder to allow you to build your cover, your way.

With Coverbuilder you can choose your insurance and your cover, tailor your cover amount and select the options that best suit you.

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Life Insurance claims by gender and age

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Claims statistics based on total number of Total and Permanent Disability Insurance claims paid by gender and age by TAL Life Limited and Asteron Life & Superannuation Limited between 1 January 2020 and 31 December 2020. Age of claimant based on age at the date of event.

What benefits does Life Insurance include?

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 Lifetime Protection Policy.

This payment is conditional on the type of cover you choose.

For instance, if you take out Illness Cover only, you would not receive the Death Benefit if you passed away as a result of an Accident or an Adventure Sport.

Terminal Illness Benefit

Available for Illness Cover only.

A lump sum payment of the Life Insurance Benefit Amount will be payable if you are diagnosed with a Terminal Illness while you are Covered by Illness Cover under TAL Lifetime Protection.

Your Life Insurance Cover will end upon payment.

Funeral Advancement Benefit

Once a Death Certificate has been provided to us in respect of a Life Insured under the Policy, we’ll make an early payment of 10% of your Benefit Amount to a maximum of $25,000 to assist your estate with final expenses and funeral arrangements.

Any payment made under the Funeral Advancement Benefit will reduce your Life Insurance Benefit Amount by the corresponding amount paid. The balance of your Benefit Amount is payable on our acceptance of the claim.

Cover Pause

You can pause your Cover for up to three months in the event of financial hardship. During Cover Pause you will not have to pay premiums.

You need to be aware that no Cover will be provided while the Cover Pause is in effect – so if you request a Cover Pause, you will not be able to claim should your death or the Illness or Injury leading to your death occur or become apparent during the time your Cover is paused and you are not paying premiums.

At the end of the Cover Pause period, you can re-start Cover without needing to go through the health and lifestyle assessment again.

Once your Cover is restarted by paying your premium, a qualifying period of three months will apply for some medical conditions. You’ll be eligible to claim for those conditions should they occur three months or more after you re-start your Cover.

Inflation Protection

You can choose whether you want your Cover to increase each year in line with the cost of living – this will mean that your premium will increase each year as the Cover is increased through a process called Indexation.

Inflation Protection automatically increases your Life Insurance cover amount by 5% every year, or by the Consumer Price Index - whichever is greater.

See PDS for further details

Future Life Events

Future Life Events means you can increase your Life Insurance Benefit Amount when specific life events occur, for example, getting married. This increase is not subject to the Health and Lifestyle Assessment.

Some examples of applicable life events include:

You get married or divorced
You or your spouse become a parent through birth or adoption
Your child starts secondary school
You take out or increase a mortgage on your home

See PDS for further details

Premium Relief Option (optional extra)

This option can be added to your policy at an extra cost. It is currently only available when you apply over the phone.

If you are between 18 and 59 when applying, you can add Premium Relief to your Life Insurance for an additional premium. If you are covered under this option, we will waive your Life Insurance premiums if you are unable to work for at least three consecutive months due to Illness or Accident.

To qualify for the Premium Relief Option you will need to be:

Totally unable to work in any occupation that you could be considered suitable for by training, education or experience;
Not earning an income; and
Following the advice of a Medical Practitioner

See PDS for further details

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 Lifetime Protection Policy.

This payment is conditional on the type of cover you choose.

For instance, if you take out Illness Cover only, you would not receive the Death Benefit if you passed away as a result of an Accident or an Adventure Sport.

Terminal Illness

Terminal Illness Benefit

Your Life Insurance Cover will end upon payment.

Funeral Advancement

Funeral Advancement Benefit

Cover Pause

Cover Pause

You can pause your Cover for up to three months in the event of financial hardship. During Cover Pause you will not have to pay premiums.

At the end of the Cover Pause period, you can re-start Cover without needing to go through the health and lifestyle assessment again.

Inflation Protection

Inflation Protection

Inflation Protection automatically increases your Life Insurance cover amount by 5% every year, or by the Consumer Price Index - whichever is greater.

See PDS for further details

Future Life Events

Future Life Events

You get married or divorced
You or your spouse become a parent through birth or adoption
Your child starts secondary school
You take out or increase a mortgage on your home

See PDS for further details

Premium Relief (optional extra)

Premium Relief Option (optional extra)

This option can be added to your policy at an extra cost. It is currently only available when you apply over the phone.

To qualify for the Premium Relief Option you will need to be:

Totally unable to work in any occupation that you could be considered suitable for by training, education or experience;
Not earning an income; and
Following the advice of a Medical Practitioner

See PDS for further details

What important details do I need to know?

What isn't covered in my policy?

You will only be covered for the events listed under the Cover type you choose.
Eg, if you choose only Accident Cover, you will not be covered for any events listed under Illness Cover or Adventure Sports Cover

Regardless of the cover types you choose the following applies:

No payments will be made under Life Insurance if the event giving rise to the claim occurs while you are visiting a country for which the Australian Department of Foreign Affairs and Trade (DFAT) has issued a ‘Do Not Travel’ warning advice that is in force during the time of your stay in that country

No payments will be made if your death is a result of suicide in the first 13 months

Cover Start and End Dates:

Once your application is accepted by us we guarantee to continue your Life Insurance Cover until the Policy Anniversary prior to your 100th birthday as long as you have complied with the Duty of Disclosure and you have paid premiums when due. This guarantee applies regardless of any change in your personal circumstances.

Your Cover will end when the full Benefit Amount is paid, Cover is removed from your Policy, Cover is cancelled through non-payment of premiums or when Cover expires at age 99.

There may be other reasons Cover may end. See the PDS for further details.

Will my health and lifestyle be assessed?

Health & Lifestyle Assessment

When you apply for TAL Lifetime Protection, you will be asked a number of questions related to your health and lifestyle. You can answer these online or over the phone. No medicals are required when you apply.

By agreeing to the Duty of Disclosure you have agreed to be honest and accurate in your answers to these questions.

Your answers to the questions may mean that you have increased risk factors under the Policy.

Loadings & Exclusions

In some cases we will be unable to provide you with all or some parts of the Cover for which you have applied.

In other cases, Cover may be subject to conditions such as a Premium Loading, or an Exclusion.

A Premium Loading will mean that you pay a higher premium for the Cover

An Exclusion will mean that you will not be Covered if you suffer or die from a specified excluded medical condition, or you are injured or die as a result of participating in an excluded pastime or activity.

Who receives the benefits?

Who receives the benefits?

You can nominate to whom we will pay your Life Insurance Benefit in the event of your death. This could be one or more people. Your nominee(s) are called Nominated Benefit Recipient(s).

Any selection of Nominated Benefit Recipient(s) is binding on us once we’ve received your nomination and send written confirmation of the nomination back to you. However, you can ask us to change or cancel a nomination at any time. If a nomination is made, details of the Nominated Benefit Recipient/s will be shown in your Policy Schedule. If a change or cancellation is made to a nomination, a new Policy Schedule will be issued as confirmation of the change.

If a Nominated Benefit Recipient passes away before you, the nomination of that Nominated Benefit Recipient becomes invalid.

If there are other surviving Nominated Benefit Recipients then the benefits will be paid to them in accordance with the proportions in
your nomination, but with those surviving proportions being scaled up to total 100%.

If there is no surviving Nominated Benefit Recipient, then the Life Insurance Benefit will be paid to your estate or to your legal personal representative, or a person we are permitted to pay under the Life Insurance Act 1995 (Cth).

Can I tailor my plan?

Choosing a Premium Structure

You have the choice of Stepped or Level Premiums. Your choice will impact your monthly premium, and how your premium increases each year.

Learn More

Bundling your insurance:

If you have Life Insurance with TAL, and have added TPD or Recovery Insurance to your plan, you have the option to keep each insurance independent from each other within your plan, or Bundle them together.

Learn More

How does life insurance work?

“Life insurance” is the general term we give to the range of insurance that looks after you if something unexpected happens to your body or mind.

They are designed to protect your quality of life and the future you’ve planned for your loved ones.

The category of life insurance includes:

Life Insurance (sometimes called term life insurance or death cover)
Total Permanent Disability Insurance
Recovery Insurance, and
Income Protection Insurance.

Claims at TAL

Every claim we pay is a promise kept

In 2020, we paid $2.7 billion in claims to 36,901 customers and their families. That’s equivalent to over $45 million a week.

People often think claims are all about payments to families when a loved one passes away. And of course, that's part of what we do. But 68% of all the claims we paid last year were to help customers keep living the lives they love, after an accident or illness.

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Your guide to making a claim

When things go wrong with your health, or the health of a loved one, you may find yourself doing many things for the first time. It’s sometimes tricky to know where to start and it can feel overwhelming. We’re here to support you to make your claim as easy as possible.

If you need to make a claim with TAL, you’ll be assigned a dedicated claims consultant. They’re there to understand your situation and what they can do to support you when making a claim.

Learn More