Drought relief for Australian farmers

The current drought has placed immense strain on Australia’s farmers, who form part of the backbone of this Australian life. Since 1 September 2018, TAL has been waiving insurance premiums for drought affected customers.

The waiver was available to existing TAL customers holding policies directly with TAL or through a financial adviser where the customer was eligible for the Federal Government's Farm Household Allowance, lived in a drought-declared area, and applied for relief before 30 November 2018.  

We are pleased to share that TAL has been able to assist drought affected customers in NSW, QLD and VIC by waiving nearly $50,000 in premiums for Life Insurance, TPD, Critical Illness and Income Protection across our on-sale and legacy products. Advisers in New South Wales and Victoria recently put this in perspective:

“We had some clients receive the premium waiver and they were all extremely grateful. We have not had any feedback ongoing, only the thanks at the time we submitted the application. Overall they are mostly still doing it tough – working long hours to keep stock alive. Yesterday a meeting with a client informed me they spent over $150,000 on feed last year, but still lost over 2000 sheep ($200,000) and 50 cows ($60,000). I suppose my point is any dollar saving is very well received by these clients.”

“With their six month premium waiver for drought affected Farmers, TAL have made a meaningful contribution to my client’s financial and personal well-being. To be able to proactively contact people and tell them I can save them half a year’s premiums with no adverse impact on their level of cover, has been a rewarding process for me in the pride it gives me in our industry. But more importantly, it has meant a lot to these men and women’s mental health, to know that someone cares and saw their plight. At a time when they may have been, of budgetary necessity, thinking of reducing or cancelling cover, it gives them time to reassess, without the burden of paying premiums when they have no income. Thank you TAL for making such a difference to the lives of farmers.” 

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