TAL Income Protection

How long could you meet your living expenses for if you were unable to work and earn a salary? While we don’t like to think about tragedy striking our families, but we never know what the future could bring.

Income protection insurance can help you to cover these expenses if you’re unable to work for a certain period due to illness or injury¹. It effectively replaces a portion of the income lost through your inability to work, helping you to pay the bills and maintain your lifestyle if your salary stops.

TAL offers customisable income protection insurance

TAL is one of Australia’s leading life insurance providers, protecting people for more than 140 years². Today, they insure almost 4 million Australians and their families², helping them look after what matters most.

TAL’s income protection insurance allows you to tailor a policy to meet your needs. You can choose from accident, illness or accident with sports cover – or all three – depending on your circumstances and lifestyle³.

TAL will cover up to 75% of your monthly income

A TAL income protection policy will make monthly payments of up to 75% of your regular monthly income (up to a maximum of $26,666 per month) if you can’t work due to illness or injury³.

The follow policy benefits may apply:

• 75% of the first $26,666 ($320,000 p.a.) of pre-disability earnings
• 50% of the next $20,000 ($240,000 p.a.) of pre-disability earnings
• And 20% of pre-disability earnings above $46,666 ($560,000 p.a.)

Do I need to complete a medical test to apply for TAL income protection insurance?

Usually no medical tests are required when you apply for TAL income protection³. You’ll be asked a number of questions relating to your health and lifestyle which you can answer online or over the phone. However, medical tests may be required depending on your answers to various questions.

How do TAL’s waiting period and benefit periods work?

TAL offer policyholders a choice of waiting periods (the period of time between the date of disablement and when benefits commence):

• 2 weeks
• 4 weeks
• 13 weeks
• 2 years (104 weeks)

When considering the right waiting period for you, you should take into account your balances of sick, annual and long service leave, and your access to savings in case of emergency¹.

With TAL, you can also select the length of your benefit period (the period of time you’ll receive monthly benefits payments for):

• 1 year
• 2 years
• 5 years
• Age 65 and 70

How does income protection insurance work?

Income protection insures one of your most important assets – your income. It’s a safety net that gives you and your family financial protection if you are temporarily unable to work due to an illness or injury. Income protection usually offers cover for up to 75% of your gross wage for a defined period of time, or until you reach a certain age¹.

Income protection is an important consideration for anyone who relies on an income, particularly self-employed workers, small business owners, or professionals whose business depends heavily on their ability to work¹. It generally provides a monthly payment to help you meet your living expenses and maintain your lifestyle while you recover.

How do I choose the right income protection insurance for me?

Most of Australia’s leading insurers offer income protection policies. Each policy has its own definition of disability and range of benefits¹. It can be confusing to compare income protection products. You’ll need to consider aspects such as the waiting period, the benefit period, and the sum you’re insured for.

How much does income protection insurance cost?

The cost of your income protection policy will depend on a number of factors including:

• Your age
• Your gender
• Your health and any pre-existing medical conditions
• Whether or not you smoke
• Your occupation
• The waiting period and benefit period you choose

*iSelect is partnered with Lifebroker (AFS Licence number: 400209) to help you compare a range of Income Protection Insurance policies. iSelect earns a commission from Lifebroker for each customer referred through the website or contact centre. Lifebroker do not compare all life insurers or policies in the market.

iSelect Life Pty Ltd – ABN 89 124 304 347, AFS Licence Number 331128. Any advice provided by iSelect is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect’s advice or purchasing any policies. You should consider iSelect’s Financial Services Guide which provides information about iSelect services and your rights as a client of iSelect.

Sources:
1. https://www.moneysmart.gov.au/insurance/life-insurance/income-protection
2. https://www.tal.com.au/about-us/who-we-are
3. https://www.tal.com.au/income-protection-insurance