TAL launching new product

Life insurer TAL is set to launch a new specialised product which it says is the first of its kind in Australia.

The product is designed to protect people with diabetes and will include offers of life insurance premium reductions for customers who demonstrate that they are managing their health condition.

The product builds on the already existing TAL Health Sense proposition, which is designed to encourage healthy activites amongst customers.

TAL chief commercial officer, individual life, Tim Thorne said: "Diabetes is a challenging problem for public health worldwide and the life insurance market for people living with diabetes is underserved.

"While some people with diabetes can currently access life insurance, the increased risks associated with diabetes mean that it is difficult for many people to get cover and it can be a long process."

He added that TAL hopes the product will mean more Australians who have diabetes can access life insurance cover.

"TAL's specialised protection product will enable a larger number of people with diabetes to access the cover they need to protect themselves and their families when they need it most. Our offering will also reduce the time it takes for people to apply for and access cover," Thorne said.

"TAL has made a significant investment in redesigning the customer proposition for this product and integrating this into our existing infrastructure to provide a seamless adviser and customer experience."

TAL chief medical officer and head of physical health Dr. Priya Chagan said: "At TAL, health is at the heart of what we do. We are always looking for new ways to empower people to protect their physical, mental and financial wellbeing.

"Diabetes is one of Australia's fastest growing chronic conditions, so to have a product that will enable people with diabetes to live their best life, is really exciting and valuable."

TAL indicated it has more specialised products aimed at customers with particular health conditions in the pipeline.

Read more: Dr. Priya ChaganTim Thorne
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