Today TAL has announced Changes in the Premium Rates and TAL Super Tax Rebate

Premium rate changes effective today

This update sees both premium rate decreases and increases, depending on cover type and applicant demographic, and is the first time TAL changed premium rates for new business since October 2010.

Overall, Life insurance and Total and Permanent Disability insurance premium rates are generally decreasing by up to 10% in most demographic segments and by up to 15% in some Critical Illness insurance segments.

Income Protection rates are generally increasing by 7-10%, these increases being a necessary step in ensuring product sustainability given our industry’s increasing claims costs and evolving consumer landscape.

TAL Super Tax Rebate

New customers joining TAL from 30 January 2014, with policies owned through the TAL Superannuation and Insurance Fund (TSIF) and paying their first and subsequent insurance premiums with a rollover, need only pay 85% of the premium amount.

The TAL Super Tax Rebate, representing the 15% tax deduction on insurance premiums, will be paid to the customer’s policy by the TSIF. This rebate applies immediately from year one, with commission payable on 100% of the premium.