TAL (formerly Tower Life) has provided its sixth upgrade to its Accelerated Protection Insurance since its launched in 2009. TAL has made a number of upgrades to its policies, with some improvements yet to be offered by life insurance companies in Australia.
SMSF Benefit – as part of a life insurance policy held by a SMSF fund, TAL will reimburse up to $5,000 on claim to assist with the legal costs required to amend the SMSF trust deed that held the policy. This is a market first and with the recent changes to SMSF Regulations requiring SMSF’s to consider the insurance requirements of members, this feature can offer an extra benefit.
Age 70 Level Premiums – TAL has introduced an ‘age 70’ level premium option for Life, TPD and Trauma Cover. This allows an applicant to ‘fix’ a premium at application stage for a longer period of time with the potential for more cumulative savings compared to an age 65 level premium.
Cancer Definition – TAL has improved the cancer definition for Breast Cancer and Melanoma. Advances in medical treatment are now recognised by TAL in their Trauma Insurance policies allowing full trauma benefit to be payable if Carcinoma-in-situ of the breast is treated by Breast Conserving surgery and Chemotherapy or Radiotherapy. This treatment is less severe than a Mastectomy. The threshold of a full payment for a Melanoma has reduced from 1.5mm to 1.0mm
Increase in Payments for Ancillary Benefits – TAL has increased the additional payments made for Income Protection ancillary benefits for a number of benefits including Child Care Benefit, Housekeeper Benefit and Family Support Benefit to reflect increases in increasing costs of living
Extension of ‘Age 65’ Income Protection – TAL has extended Income Protection with an ‘age 65’ benefit period for more occupations including occupations couriers, paramedics, drainers and machinists. This improvement allows workers in this category to extend their coverage to the age of 65 providing extra longer term protection. TAL has also extended the availability of Business Expenses Insurance to a range of blue-collar workers.
The improvements to the Accelerated Protection policies are provided at no cost and are reflected on all Accelerated Protection policies taken out with TAL since 2009.
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About the Author – Benjamin Irons
Benjamin has been involved in the financial services industry since 2004. Benjamin has a Bachelor in Business, Diploma of Financial Services (Financial Planning). Previously a Financial Adviser and a business owner, Benjamin has worked with hundreds of individuals and businesses to implement simple strategies to improve wealth. Benjamin writes for a number of websites to assist people take control of their finances and find their financial freedom!