TAL Income Protection Insurance Upgarde – 2012
TAL Income Protection Insurance has announced a number of changes to occupation ratings for certain professions, including trades people such as Qualified engineers, spray painters, licensed fencing contractors and mining deputies. There have also been positive changes for 4th year apprentice builders, electricians, mechanics and plumbers as well as apprentice chefs and carpenters. This report is part of their final 2011 upgrade and includes a number of enhancements aimed at a range of different professions.
The change in occupation ratings have led cheaper income protection premiums and rates for those who are employed in the above sectors. In addition to the changes in occupation ratings, some professions are eligible for other benefits including longer benefit periods. The benefit period for 4th year apprentices in a number of trades including building, plumbing and carpentry has been increased to 65 years.
Some other occupations have been positively affected by the changes, particularly the medical profession, with increased limits for some newly qualified practitioners under TAL’s “New Professionals” offer. This applies to registrars, medical interns, residents and GPs as well as podiatrists and can provide access to increased monthly benefits for eligible professionals.
As a more general benefit, TAL has made some changes to their medical rules relating to family history, to increase customer access to their products across the spectrum of occupations. These upgrades may hopefully be positive and are in line with TAL’s commitment to become more competitive and commercial in their underwriting approach.