Insurance

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.

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.

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.

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.

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.

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

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