Life Insurance

You can get a quote for up to $1.5 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.

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.

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.

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.

Sometimes. When we assess your policy application, we will let you know whether a medical is required to help us make an informed decision about your policy. Medical assessments are more often required if you have a pre-existing condition, and are usually just to make sure we have the most up-to-date information on how you are getting on. Find out more information on medical checks for life 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%.

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.

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.

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.

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.

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.