TAL continues underwriting changes to simplify application process

Australian life insurer, TAL, has again adjusted its underwriting limits to simplify the medical test requirements for new insurance applications on certain products.

Following on from its initial changes made in July for customers applying for additional insurance through their super fund, TAL has now applied the reduced medical test requirements to customers applying for new Life, Total and Permanent Disability and Income Protection insurance through an adviser or directly from TAL.

“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,” TAL General Manager, Performance, Portfolio Management and Underwriting, Liesje 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.”

The new changes made include:

• Life and TPD: Customers aged 49 years and under can now apply for up to $2 million in cover without mandatory medical tests. This was increased from $1.5 million.
• Income Protection: Customers aged 44 years and under can now apply for up to $15,000 per month cover without mandatory medical tests. This was increased from $12,500 per month.
• Reduced testing: TAL has also removed some mandatory tests for larger sums insured to further ease underwriting.

“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,” Gavin Teichner, Chief Executive – Individual Life at TAL, 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.”