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Life insurer TAL is planning to make it easier for Australians to access cover with simplified underwriting.

The changes have significantly reduced medical test requirements for new Life, Total and Permanent Disability and Income Protection insurance applications.

As a result, nearly 45% fewer new customers will need to undertake a mandatory medical test when they apply for cover through an adviser or directly from TAL. Similar changes were made in July for Australians purchasing additional insurance through their super fund. On average, these test results take more than a week

Other changes include:

  • Life and TPD: Customers aged 49 and younger can now apply for up to A$2m in cover without mandatory medical tests (increased from A$1.5m);
  • Income Protection: Customers aged 44 and younger can now apply for up to A$15,000 per month cover without mandatory medical tests (increased from A$12,500 per month), and
  • Reduced testing: TAL has removed some mandatory tests for larger sums insured to further simplify underwriting.

TAL General Manager, Performance, Portfolio Management and Underwriting, Liesje Jansen van Rensburg, said: “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.

“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.”

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Gavin Teichner, TAL Chief Executive – Individual Life, said the changes reflected TAL’s focus on being a good partner and supporter of financial advisers, as well as helping more Australians access the value of protection that life insurance provides.

He explained: “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.

“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.”