TAL Retail Life has introduced a number of customer-focussed industry ‘firsts’ to its award-winning Accelerated Protection life insurance product.
TAL’s system now gives advisers the ability to obtain instant quotes online for existing Accelerated Protection policies, giving the flexibility to accommodate customers’ changing needs without delay.
TAL Retail Life CEO Brett Clark said: “As an industry we have let ourselves down for years. An enormous amount of work has taken place at point of sale making it easier for advisers and customers to get cover. However, very little thought has been given as to how to efficiently manage customers after the initial sale as their needs inevitably change.
“We have introduced online functionality that now enables advisers to efficiently quote and manage existing customer policies in real time. The online capability will make it so much easier for advisers to manage their customers’ polices and adjust insurance cover to suit needs over time.”
In another leading offer, TAL’s flagship life insurance product Accelerated Protection now provides level premiums to the age of 70 for life cover, with premiums guaranteed not to increase until then.
“TAL is the only life insurer in Australia that guarantees its level premium rates for life cover, which means we are able to give customers certainty over the next 20 or 30 years,” Mr Clark said.
With about 15% of Accelerated Protection policies being structured within self-managed superannuation funds (SMSFs), TAL has also introduced a benefit that will reimburse up to $5,000 in legal costs to update the trust deed upon the death of the life insured.
Further enhancements include improved coverage for cancer, and providing a number of improvements to our occupation ratings, providing better rates and improved access to insurance options, particularly for blue collar workers.
Existing Accelerated Protection customers receive all improvements without any rate increase.
Mr Clark continued: “This upgrade demonstrates that Accelerated Protection is much more than a product – it is complete insurance solution. Our focus has been on keeping our products relevant and market-leading so that our customers can sleep easy at night with the peace of mind that they are protecting what’s important to them.”
Association of Financial Advisers CEO Richard Klipin acknowledged that innovation in the life insurance industry is crucial in helping to ensure that consumers get more appropriate levels of cover.
“The industry needs to continually lift the bar through innovation so we achieve better customer outcomes. Good advice from a trusted adviser with innovative products will help us to not only bridge the underinsurance gap but delivery greater flexibility to address changing customer needs.”
