Life insurer TAL has launched new income protection products that aim to give customers access to affordable cover over the long term.
There were two long-term options which would provide benefits to age 65, and a short-term option that applied an ‘own occupation’ definition for one, two, or five year periods. TAL said this would remove any uncertainty around ongoing eligibility for benefits over those shorter benefit periods.
TAL Group chief executive and managing director, Brett Clark, said: “TAL has been highly engaged with the industry discussion around the need for reforming income protection products and the launch of these redesigned products is an important next step in ensuring we continue to meet the needs of all of our customers, while also staying true to the principles of value, fairness and sustainability.
“Income protection insurance is a critical tool used by Australians to protect their most important asset – their ability to earn an income – and it is essential that, as an industry, we get these products right for them.”