Some of the new features available through its Accelerated Protection series, according to TAL, include:
- Pricing changes for new business, such as improved pricing for customers who bundle their cover;
- Enhanced critical illness insurance, including 22 updated medical definitions and improvements to the Guaranteed Future Insurability benefit for all lump sum benefits and the ability to apply Double Critical Illness on both attached and linked policies;
- A new TPD insurance continuation option, including a new continuation option for white-collar occupations, allowing up to $1 million of Any Occupation cover to continue to age 70 and added flexibility with Double TPD on both linked and attached policies; and
- New business expense option within income protection designed to remove complexity and offer a unique solution for sole traders. The option covers all reasonable business expenses, including the variable expenses such as the cost of a replacement employee.
TAL general manager of retail distribution Niall McConville said the new upgrade means more opportunities for advisers to better support their customers and grow their businesses.
“We are always working to improve our products so advisers can be even more confident in their recommendations to their customers,” Mr McConville said.
“This continuous improvement ensures advisers’ customers have the cover they need now and into the future.”
Dear Mr McConville,
I’m a TAL customer: I have had an insurance policy with TAL for some years now. Thankfully, I am yet to need the cover. Over the last few years the price of my insurance policy has been increasing – so my policy is becoming more unaffordable. I don’t want to give it up, but may be left with no choice soon.
I stumbled on this article that says you have updated 22 medical definitions, and made a number of other improvements. I asked a friend who works in the life insurance field to explain what this all means. My understanding of what he said to me was, essentially: “the changes will allow more people to claim over time. Some of this is probably a good thing. But without doubt, some will be paying claims for people who probably don’t really need it. He said some of the changes are in areas that can be easily manipulated by people too. Finally, he said that these changes come at a cost, that eventually, will be charged to me in my premium”.
So, my question to you is: why are you changing the insurance policy in a way that will increase my premium, but where the benefit will be paid out to people who don’t really need it and/or are manipulating the benefit? Why aren’t you making sure the cost of my cover is reasonable? I’m sure there are many many people like me who would prefer never to have to call on my insurance policy. Are you looking out for us?
You need a new insurance adviser! The person you have asked actually doesn’t understand insurance. That’s clear from their response. OR – you have completely misunderstood what they have told you. Either way…get some good advice.
Hmmm. I’m pretty sure the “TAL customer” was tongue in cheek. Nonetheless it actually illustrates a very good grasp of one of the most important principles of insurance which most of society overlooks. Claims are paid from premiums. If claims go up, premiums go up.
It’s all very well to say that insurers need to pay more claims for mental health, or TPD for people who couldn’t be bothered getting IP, or for lots of obscure trauma conditions. But where does the extra money come from to pay these claims? From premium increases.