TAL’s latest Accelerated Protection PDS update drew strong reader interest this week…
TAL’s latest Accelerated Protection PDS update introduces clearer, simpler language to make the product range easier for advisers’ clients to understand, says the insurer.
With an effective date of 12 December 2024, key changes in this update include:
- Premium label updates
- Trauma definition updates – 30 definitions have been updated
Updated Premium Labels
In a summary message to advisers, TAL notes as part of a broader industry initiative, it has introduced new labels for stepped and level premiums:
- Stepped premiums will now be referred to as Variable Age-Stepped Premiums
- Level premiums will be referred to as Variable Premiums
TAL says the new labels aim to clarify how the two options work, helping clients better understand the way their premiums change over time. (Also see: Life Insurers Changing Premium Labels).
Updated Critical Illness Definitions
TAL says it has also conducted an extensive review of its Critical Illness benefit definitions, making several updates to ensure they align with current diagnostic terminology and contemporary medical practices.
It says the updated definitions give advisers’ new clients more clarity and confidence about what they’re covered for from day one. Where applicable, as part of its Guarantee of Upgrade, TAL will pass improvements back to existing clients.
The 30 updated definitions include medical conditions such as those affecting the heart, a wide range of cancers and tumours, physical disabilities, dementia, burns and diabetes. Most updates have been made to provide customers with greater clarity. Further detail can be found on TAL’s website.
Fair, competitive pricing
In its note to advisers, TAL says it regularly reviews its pricing structure to make sure AP remains fair and competitively priced.
“Our latest review has led to some changes to our premium rates for new business applications. These changes will vary at a client level depending on their profile and policy features.”
The company says it is confident the changes will help ensure its product offer continues to remain competitive in the market.
“Delivering sustainable products that remain affordable for the long-term is our priority and we’re here to live up to our promise of paying claims when your clients need us the most,” it states.
