TAL reduces need for mandatory health testing for clients

TAL has announced changes to its underwriting limits for new life, total and permanent disability (TPD), and income protection (IP) insurance applications.

For those purchasing life or TPD cover, customers aged 49 and under can now apply for up to $2 million in cover without the need for mandatory medical tests, an increase from $1.5 million.

Customers aged 44 and under purchasing income protection can now apply for cover up to $15,000 per month, up from $12,500, without mandatory medical tests.

TAL said it has also removed some mandatory tests for larger sums insured to “further simplify underwriting”.

TAL chief executive - individual life Gavin Teichner, who only recently took over the position as of 1 October, said these changes reflect TAL’s commitment to improving access to insurance for Australians and supporting financial advisers.

“Making it easier and faster for advisers to do business with us is crucial to ensuring risk advice is sustainable, and more Australians can access the guidance and advice they need,” Teichner said.

“Being the best life insurance partner for advisers means improving the end-to-end customer experience from faster underwriting and onboarding to offering relevant and valued products and services.

“It also means making it easier for advisers to quote and write risk and engage with their clients around life insurance. Most importantly, we continue to focus on how we price risk so that it is fair and sustainable for all TAL customers, for life.”

TAL general manager, performance, portfolio management and underwriting, Liesje Jansen van Rensburg said this will help make the unwriting process more efficient for advisers and clients alike.

“TAL’s ambition is to make underwriting as quick and simple as possible. A more streamlined underwriting process saves our customers and advisers time and makes it easier to do business with us,” Jansen van Rensburg said.

“We’re using data and insights, combined with expertise from TAL’s Health Services team, to make underwriting more efficient. These changes mean we’ll continue to ask the right questions to appropriately manage risk, price our products fairly, and ensure we’re here to support all our customers and partners over the long term.”

Similar changes were also introduced in July of this year for customers purchasing additional insurance through their super funds.