Evolving our products to support even more Australians
As the industry adapts to the new world of Income Protection and its product constructs, we remain committed to evolving our products to help support the diverse needs of your clients. That’s why, we’ve introduced our latest offering, Income Protection Extend (Flat 701) to our award-winning Accelerated Protection products, priced with affordability in mind.
Our evidence-led process looked at different risk appetites and budgets to inform product design with the goals of providing the protection your clients need, and improved premium stability and value - both now and in the future.
The key features of our Income Protection products
With Income Protection Extend available now to complement Focus and Enhance, you have more ways to provide your clients with choices that meet their Income Protection needs, and they all offer income replacement of up to 70%.
Take Sam for example. Sam is a 40-year-old accountant looking for Income Protection with a monthly benefit of $7,000, a 30-day waiting period and a benefit period of either 5 years or to age 65. Here are Sam’s Accelerated Protection IP options2:
This case study is based on assumptions and methodologies. Please see footnote 2 below for the details.
Resources to support your client conversations
We have updated and introduced an extensive suite of resources to help support your client conversations. Including:
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Accelerated Protection IP Focus Customer Guide
Accelerated Protection IP Enhance Customer Guide
Accelerated Protection IP Extend Customer Guide
Any questions?
1Income Protection Focus and Extend offers up to a 70% replacement ratio with a 1, 2 or 5 years Benefit Period for Focus and ‘to age 65’ Benefit Period for Extend. The benefit an insured receives on claim may be reduced in certain circumstances. For example, if the insured is Partially Unable to Work we will pay a portion of the benefit amount, or if an offset or adjustment applies. If the claim started after the Policy anniversary before the insureds 60th birthday, the amount used to calculate the benefit payable will be 2/3rd of the Benefit Amount after the Claim Period exceeds 24 months.
2Premiums for ‘Sam’ were calculated on 24 November 2022 sourced from the TAL Adviser Centre. These calculations are based the premiums for IP Extend, IP Focus and IP Enhance. The premium calculations are based only on a 40 year old, male, non-smoking qualified accountant, with a $7,000 monthly benefit with Inflation Protection Benefit included, Age 65 benefit period with a 30 day waiting period, except for IP Focus which is based on a 5 year benefit period with a 30 day waiting period. These figures do not reflect premiums for all customers, policy types or products offered by TAL. Actual premiums for a customer and any difference in premiums between comparable products will differ from the figures stated in this document and will depend on a range of factors including, but not limited to, a customer’s individual circumstances and selected covers.
This information has been prepared for use by advisers only. It is not intended to be provided to nor relied on by clients. It is general in nature only and does not take into account a client’s personal financial situation, needs or objectives. Prior to making any decision about any of the products or features detailed in this article, clients should obtain and read the Accelerated Protection Product Disclosure Statement available at www.tal.com.au. The Target Market Determination for Accelerated Protection is also available at this web address. If there is any inconsistency between this document and the relevant Product Disclosure Statement (PDS) or Policy Document, the terms of the PDS and Policy Document will prevail to the extent of the inconsistency. This information is current at 24 November 2022 and is subject to change.