What You Need to Know About Insurance Claims at TAL

What You Need to Know About Insurance Claims at TAL

When you take out insurance, it’s important to know whether or not the insurer pays claims, and if they do, how quickly they do it. Generally speaking, larger insurance companies, such as TAL, in general they have a claims history of paying more than 90% of claims.

In this article, we take a closer look at TAL’s claims payments over the years, particularly in 2013.

TAL’s Claims Statistics

Over the past three years, TAL’s claims payments have grown exponentially. From $565 million total claims benefits paid in 2011, and $580 million in 2012, it grew to $843 million in 2013. The average claims per working day as grown as well, from $2 million in 2011, $2.3 million in 2012, to $3.3 million in 2013. Its in-force premiums have also increased, from $1.3 billion in 2011, $1.4 billion in 2012, and then $1.8 billion in 2013.

Below we break down where the claims made by TAL’s clients went in 2013.

Life Insurance

This type of insurance pays out a lump sum payment to the beneficiaries nominated by the insured in case of their death or when they are diagnosed with a terminal illness, as specified in the policy.

Life insurance formed almost half of the benefit payments made by TAL in 2013, amounting to about $400.6 million. The major cause of claims under this type of insurance was cancer, followed by diseases of the circulatory system, then the respiratory system, and genitourinary conditions.

Income Protection Insurance

This replaces up to 75 per cent of the insured’s income when they are unable to work because of an illness or injury.

In 2013, income protection insurance provided the second-highest benefit claims payments for a total of $237.4 million. The major cause of claims under this type of insurance were injury and fractures, followed by musculoskeletal and connective tissue diseases, then cancer, mental and behavioural disorders, and diseases of the circulatory system.

Total and Permanent Disability Insurance

Better known as TPD Insurance, this pays out a lump sum benefit when the insured suffers from total and permanent disability as defined in the policy.

TAL paid out $150.6 million in benefit payments under this type of insurance. Most of the claims made for TPD insurance was due to cancer, which was then followed by musculoskeletal and connective tissue diseases, diseases of the nervous system, diseases of the circulatory system, and then mental and behavioural disorders.

Critical Illness Insurance

This pays out a lump sum payment if the insured is diagnosed with a medical condition specified in the policy, such as cancer, heart attack, or stroke.

Critical illness insurance benefit payments went for a total of $54.4 million in 2013. As with TPD insurance, the biggest cause of claims was due to cancer. It was then followed by diseases of the circulatory system, diseases of the nervous system, injury and fractures, and then diseases of the respiratory system.

Making an Insurance Claim at TAL

The claims process, including the requirements is outlined in TAL’s Policy Document. Make sure that you read this first before making a claim to help them provide you with prompt assistance. It is also important that you read TAL’s Product Disclosure Statement (PDS) before you decide to take out any of their insurance products. This will help ensure that you understand the details of the policy, including the limitation and exclusions, costs involved, when your cover begins and ends, as well as definitions of certain terms. Keep in mind that while TAL will do its best to assess your claim and provide you with benefits promptly, their decision will depend on the conditions specified in the policy, so it helps to understand what these are.

When you make a claim at TAL, they will provide a number of personnel to assist you. First is the Dedicated Case Manager, the person nominated to be your point of contact who can answer your questions directly and help manage the claims process. There is also TeleClaims, TAL’s phone interview services that helps them get the right information from you in order to assess your claim as sensitively and as quickly as possible. There are also specialist support services for rehabilitation, financial planning, and grief counselling to give you the help you need apart from just the benefit payments.

About TAL

TAL is a leading specialist life insurer in Australia. It began in 1869 as New Zealand’s Government Life Insurance Office. Then in 1990, it was renamed TOWER, and entered the Australian market after it purchased Adriatic Life Insurance. In 2011, TOWER became a part of the Dai-ichi Life Group, and it is now a wholly-owned subsidiary of Dai-ichi Life.

The company received numerous awards for its service over the years. It is AFA/Plan for Life’s Life Company of the Year for three years straight in 2010, 2011, and 2012. It also received the Critical Illness Award and Income Protection Award in 2010, and winner of the Total and Permanent Disability Award in 2011 and 2012. In addition, it is a two-time Life Insurance Company of the Year in 2011 and 2012 given by the Australian Banking and Finance Awards. Its Accelerated Protection was Life Insurance Product of the Year in 2011, also given by the Australian Banking and Finance Awards.

Ready to Take Out Insurance?

When you’re ready to take out insurance through TAL, we at Rate Detective will be ready to assist you. One of our professional insurance representatives will assist you through the process. Call 1300 793 143 or put in your details at the top of this page. 

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Published on July 7-th, 2014 in Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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