October 30, 2018
TAL has announced a series of upgrades to its Accelerated Protection product series including reduced premiums for Life and TPD cover and a range of revised definitions for its Critical Illness cover.
The upgrades, which are effective from 19 October, are available to advisers through the recently revamped TAL Advice Centre (see: TAL Revamps Online Adviser Centre) and under TAL’s Guarantee of Upgrade will be passed back to existing clients.
Premiums for new Life and TPD business will be reduced, however Critical Illness and Income Protection premiums will increase as a result of the impact of higher claims costs.
On its website, TAL stated the increases were to ensure it could “…continue to provide long term value, and support our ongoing commitment to paying claims” and the insurer was confident the new business pricing would remain competitive for the clients of advisers.
TAL also stated that it would reinstate policy fees with the introduction of this new series of Accelerated Protection products.
TAL stated it had also made changes to its TPD cover with the addition of a new continuation option for white collar occupations that would allow up to $1 million of Any Occupation cover to continue to age 70. The change was designed to accommodate people who were working later in life and align the cover with contemporary advice strategies.
Critical Illness Insurance
Reflecting the latest medical practice, TAL has also reviewed its Critical Illness (CI) definitions, revising 22 of them for improved simplicity and enhancing its
Angioplasty benefit definition for its Critical Illness Premier cover.
At the same time, TAL has introduced a new Child Critical Illness product which can be applied for online or over the phone and does not require an adult CI policy to to be linked to the cover. The Child CI product can also be transitioned to adult cover, at a later date, without underwriting.
Business Expense Insurance
TAL has also updated its Business Expense with Income Protection, offering cover for sole traders as well as for fixed and variable business expenses, and has removed the need to provide profit and loss statements in most cases as part of a new, simplified application process.