The news that TAL has launched its updated Accelerated Protection series, with the aim of meeting the needs of a broader range of Australians more affordably and sustainably, attracted strong reader interest this week…
TAL has launched its updated Accelerated Protection series, effective 8 September 2023. With the aim of meeting the needs of a broader range of Australians more affordably and sustainably, changes and enhancements include:
New business pricing update
Price adjustments have been made for new business applications for both stepped and level premiums, across Life, TPD, Critical Illness and IP benefits. The insurer notes that in most cases premium adjustments are improving pricing for applicants.
Health Sense Plus discounts to apply to all new clients
All new clients will receive a 5% TAL Health Sense Plus discount on Life, TPD and CI insurance premiums for up to two years, irrespective of BMI. After that time, if eligible, they can maintain their discount by confirming their BMI is in the healthy range and providing proof that they’ve had a preventative health check. (This change was applied to new Accelerated Protection quotes from 26th May, 2023).
New TPD Occupation Classes
Redesigned TPD occupation classes are intended to provide greater clarity and more tailored pricing. New occupation categories are:
- P – Qualified Professional
- M – Qualified Health/Medical Practitioner
- W1 / W2 – Other White-Collar
- B1 / B2 / B3 – Manual Blue Collar
- SRA – Special risk category
- HD – Home Duties
Coinciding with the release of this new series, the insurer has issued an upgrade booklet which outlines a summary of improvements made to various Accelerated Protection benefits and definitions since the product series was launched in August 2009.
Additional enhancements outlined in the booklet for this current upgrade include:
- Child Critical Illness – Cover Continuation Benefit: removal of height and weight requirement
- Income Protection – Super Contribution Option (SCO): updated wording to describe the amount payable under SCO when unemployed or on long term leave (for policies issued from 10 August 2009 to 1 April 2021).
Click here to access TAL’s updated 8 September 2023 Accelerated Protection PDS.
…And click here to download TAL’s historic product enhancements detailed in the upgrade booklet.
