News that mental health topped the list of TAL’s paid claims for the 2025 financial year attracted plenty of reader interest this week…
TAL has released its annual update that shows mental health has again topped the list of paid claims.
The report – Our Contributions – states the firm has five million customers, paid $4.7bn in claims in the 12 months to 31 March, and that 74% of claims were paid as a living benefit, helping its clients recover from illness or injury.
Mental health conditions were the leading cause of claims for the fourth consecutive year at the firm, making up 21% of all claims – 3% of which were covered under life insurance.
“We’re investing in our teams and partnerships to assist customers in identifying, preventing, and responding to mental health conditions,” she said.
Group CEO & MD Fiona Macgregor states the firm is innovating to create new products to increase the uptake of insurance.
“This includes partnering with Cover Genius on simple digital cover for younger Australians and part-time or casual workers who typically struggle to find affordable insurance,” she said.
Other stats in the report show cancer made up 17% of claims, 45% of which fell under life insurance, 5% TPD, 8% critical illness, and 42% IP.
The annual report also touched on TAL’s Risk Academy that has been running for 10 years and donated $860,000 to the Australian Business Community Network and awarded 185,000 CPD points.
The academy offers FAAA-accredited education to new and experienced advisers and their teams.
