Protecting Life We are here when it matters TAL is passionate about helping Australians Paying more than $2 million in claims every working day Protecting over 2.5 million Australians
A reputation built on paying claims TAL has built a strong reputation for paying claims. We pay more than $2 million in claims every working day, and with $1.3 billion in in-force premiums, we have the financial strength to deliver when you need it most. Reasons to get covered with TAL In 2011, TAL paid more than $565 million in claims benefits to our customers. Type of Claim Total Amount % of all claims Life Insurance $300,455,795 50% Income Protection Insurance and Business Expense Insurance $145,640,940 40% Critical Illness Insurance $43,797,674 Total and Permanent Disability Insurance $75,308,289 8% TOTAL $565,202,699 100% Breakdown of claims across all TAL insurance products 40% 8% Life Insurance Income Protection Insurance Critical Illness Insurance Total and Permanent Disability Insurance 50% Protecting your way of life Nothing in life is guaranteed, including good health. Our claims statistics and examples highlight that regardless of age, profession or gender, obtaining insurance cover is important. No-one likes to contemplate that they will ever really need Life Insurance. However, it s critical to ask the hard question: what would happen to you and your family in the unfortunate event of illness, injury or death? Life Insurance offers a financial safeguard to protect what you care about. When things go wrong, it helps you to meet your financial commitments and protects you, your family and your lifestyle from hardship. TAL Claims Statistics 2011 Page 2
Life Insurance If you were to pass away or be diagnosed with a terminal illness, Life Insurance cover offers you and your family financial relief in the form of a lump-sum cash payment. This payment can be critical to meeting your expenses like mortgage repayments, school fees, medical bills and lifestyle costs. During 2011, Life Insurance claims represented 50% of all TAL claims. In total, TAL paid more than $300 million in Life Insurance benefits to our customers. The most common TAL Life Insurance claims conditions in 2011 35% 1% 10% 20% 3 Accident/Injury Respiratory Liver Disease Life Insured on 21 Life Insured on 100 Examples of Life Insurance claims paid by TAL Occupation Age Gender Cause Benefit paid Accountant 50 F $1,430,532 Builder 55 M Heart Disease $1,323,000 Farmer 72 M Lung $665,109 Pharmacist 58 F Liver Failure $1,575,000 Electrician 48 M Heart Attack $800,000 Engineer 50 M Complication from Heart Disease $1,041,364 Carpenter 22 M Kidney Disease $52,043 Policeman 35 M Motor Vehicle Accident $1,000,000 Solicitor 66 M Pulmonary Fibrosis $2,100,000 Nurse 54 F Heart Attack $840,325 TAL Claims Statistics 2011 Page 3
Income Protection Insurance Your ability to earn an income is your greatest financial asset. Income Protection Insurance cover pays a replacement income if you can t work because you are sick or injured. It helps you maintain you and your family s standard of living, including investments such as your home. During 2011, Income Protection claims represented 40% of all TAL claims. In total, TAL paid more than $145 million in Income Protection benefits to our customers. The most common TAL Income Protection claims conditions in 2011 18% 6% 7% 1 41% Musculoskeletal Mental Health Accident/Injury 20 70 16% Examples of Income Protection Insurance claims paid by TAL Occupation Age Gender Cause Benefit paid (per month) Farmer 43 M Lung Disease $13,077 Medical Specialist 45 F Foot Fracture $8,461 Medical Practitioner 46 M Viral Fatigue $10,684 Maintenance Worker 40 M Arm Injury $7,517 Optometrist 54 M Knee Injury $8,457 Stonemason 33 M Leukaemia $10,718 Accountant 58 F Breast $9,963 Lawyer 53 F Depression $8,215 Bricklayer 28 M Lower Back Injury $4,176 Manager / Executive 29 M Brain Injury $6,753 TAL Claims Statistics 2011 Page 4
Critical Illness Insurance Critical Illness Insurance cover pays a lump-sum on diagnosis of any of our specified medical conditions such as, Heart Attack and Stroke. During 2011, Critical Illness claims represented of TAL claims. In total, TAL paid more than $43 million in Critical Illness benefits to our customers. The most common TAL Critical Illness claims conditions in 2011 4% 29% 63% Musculoskeletal Neurological Disorders 31 67 Examples of Critical Illness Insurance claims paid by TAL Occupation Age Gender Cause Benefit paid Teacher 49 F Breast $566,488 Real Estate Agent 51 M Heart Attack $1,987,883 Financial Adviser 31 M Bowel $231,525 Medical Practitioner 46 M Stroke $948,150 Manager / Executive 47 M Prostate $630,000 Medical Specialist 46 F Breast $1,551,328 Bookkeeper 52 F Thyroid $781,385 Property Developer 51 M Lung $1,037,784 Carpenter 57 M Heart Disease $722,901 Manager / Executive 32 M Bowel $250,000 TAL Claims Statistics 2011 Page 5
Total and Permanent Disability Insurance Total and Permanent Disability (TPD) Insurance cover pays a lump-sum if you are seriously disabled through accident, injury or illness, and are incapacitated to such an extent that you can never work again. During 2011, TPD claims represented 8% of all TAL claims. In total, TAL paid more than $75 million in TPD benefits to our customers. The most common TAL Total and Permanent Disability claims conditions in 2011 36% 1 7% 9% 27% 9% Musculoskeletal Mental Health Hearing/Deafness 33 64 Examples of Total and Permanent Disability Insurance claims paid by TAL Occupation Age Gender Cause Benefit paid Insurance Worker 40 M Paralysis of both arms and both legs $1,729,132 Manager / Executive 42 M Depression $842,758 Administration Manager 42 F Paralysis $1,653,750 Builder 33 M Bowel $1,050,000 School Principal 46 M Heart Disease $232,627 Manager / Executive 34 M Stroke $593,296 Teacher 56 F Arthritis and Rheumatism $107,018 Nurse 50 F Breast $173,809 Pilot 56 M Blindness $787,500 Policewoman 51 F Depression/Anxiety $100,000 TAL Claims Statistics 2011 Page 6
Experience you can count on TAL s claims process is designed to be simple and responsive to assess claims quickly. We offer the right outcome in the fastest possible time with a focus on providing compassionate, timely and knowledgeable support. Should you ever need to make a claim, we offer an end-to-end service designed to help you through the entire claims experience and beyond with: a dedicated Case Manager who understands your claim, regular communication and updates, prompt and fair claim assessment, and access to additional support services like rehabilitation or grief counselling. Our customer focused Claims Team is made up of skilled claims professionals. Their experience equips them to understand and empathise with the emotional and physical challenges involved in a claim. They are committed to delivering the best outcome when it counts the most. Want to know more about getting covered by TAL? For more information on insurance policies offered by TAL, please contact your financial adviser or the TAL Customer Service team on 1300 209 088. TAL Life Limited 80 Alfred Street, Milsons Point NSW 2061 Phone 1300 209 088 Fax 1300 351 133 www.tal.com.au TAL Life Limited ABN 70 050 109 450 AFSL 237848 Important information The figures shown represent actual claims paid by TAL from 01 January 2011 to 31 December 2011 across all TAL products. The information contained in this flyer is current as at January 2012 but may be subject to change. This flyer does not take into account a potential policy owner s objectives, financial situation or needs. Before making a decision based on the contents of this flyer, a potential policy owner should consider the appropriateness of this information having regard to their objectives, financial situation and needs or, speak with their financial adviser. TALR0693/0212 All claims submitted to TAL are assessed against the policy terms and conditions. A benefit is only payable in accordance with the policy and nothing contained in this guide is intended to alter the terms and conditions of any policy. This information is not intended as a substitute for financial advice. This is general information only. Please consult the policy document for the full explanation of our claims processes and conditions. TAL Claims Statistics 2011 Page 7