TAL wins 2024 Life Insurance and Income Protection Finder Awards

Life Insurance -

TAL knows that no two people are the same and its efforts to provide tailored life and income protection insurance haven’t gone unnoticed. It has been named the winner in the Life Insurance and Income Protection categories at the 2024 Finder Awards.

The annual awards celebrate Australia's best companies, from banking and insurance to energy and telecommunications.

TAL, a leading Australian life insurer, stood out because it offers comparatively affordable cover and provides some of the most extensive benefit limits and coverage options available on the market.

Life Insurance Awards methodology

The Finder Life Insurance Awards winners are based on Finder’s assessment of over 170 quotes for life insurance products across 15 different providers.

To get an estimate of the average price between providers, Finder obtained a minimum of 16 quotes for diverse customer profiles sharing the same occupation (white collar worker), yet differing in age, gender, and smoking status.

Finder’s final scores were based on a combination of price and features such as maximum sum insured amount, total permanent and disability cover and funeral benefits.

TAL's Accelerated Protection life insurance scored the highest out of all the providers that Finder assessed.

Income Protection Awards methodology

Finder calculated the Income Protection Awards in a similar manner by analysing 11 policies in total and considering over 170 quotes. Average prices were based on quotes for multiple different customer profiles which varied in age, gender, occupation and smoking status. 

For these awards, two occupations were selected – accountant and carpenter – to get an idea of price differences between manual and administrative jobs. Once again, Finder’s final scores were based on a combination of price and features. Some of the features included in Finder’s analysis were monthly benefit amount, waiting period options and the percentage of income covered.

Out of all the policies Finder assessed, TAL’s Accelerated Protection Income Protection policy came in first place.

Why TAL stood out

TAL doesn’t have a maximum benefit limit. There is no cap on how much you can insure yourself for.

In the research conducted, TAL’s Life Insurance policy was one of the most affordable policies, on average, for both white and blue collar workers.

TAL is also one of the few insurers to automatically include a child critical illness benefit, protecting kids aged between two and 19 (next birthday) if they suffer a specified critical illness event. Its income protection policy comes with flexible waiting periods too. For example, if you want to receive payments sooner, you could choose a four week waiting period. Or, if you have sufficient savings you would be able to rely on, you could select a 13 week waiting period and likely pay a little less for cover in premiums.

Unlike its life insurance policy, TAL’s Accelerated Protection Income Protection does have a maximum benefit limit (the amount you can claim per month) of $30,000. Whether you’re getting married, having children or buying a home, TAL designs its policies to be flexible. This is fundamentally why it won two Finder Awards and why it’s trusted by millions of Australians.

About the author

Gary Ross Hunter is an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years, has pored over hundreds of product disclosure statements and published more than 800 insurance articles.

Gary has written articles for Yahoo Finance, Real Insurance and Soho, and regularly appears as an insurance expert in publications including The Sydney Morning Herald, news.com.au, Herald Sun, The Telegraph, Explore Travel and Escape. He holds a Kaplan Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification which meets the requirements of ASIC Regulatory Guide 146 (RG146).

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