TAL Life wins Money's Health and Wellness Cover of the Year award

Health is wealth. A 2020 study has shown that Australians spend $7485 each year on health goods and services. This equates to more than 10% of the average annual salary as an expense and, conversely, represents serious savings for those who are in tip-top shape. Prevention is key.

TAL Life takes the top gong in the 2022 Consumer Finance Awards for its Health Sense and Health Sense Plus programs, both of which are geared towards preventative measures and reward policyholders who are in the habit of getting regular health check-ups.

Rael Solomon, regional managing director of Plan For Life, actuaries and researchers, says TAL scored highly based on a range of factors, including the type of premium discounts it provides, its healthy living rewards and the level of physical and mental health support for policyholders.

Last year the group launched the TAL SpotChecker, a national skin awareness program to help more Australians learn to self-check for possible signs of skin cancer and promote sun-safe practices.

"We've seen first-hand the positive effects that prevention and early detection can have on managing health, and we want to do everything in our power to spread that message," says Priya Chagan, TAL general manager, health services, in the group's annual SpotChecker report.

The group also offers a range of discounts. One incentive is a discount of up to 15% off their accelerated protection life, critical illness and/or TPD insurance premiums if the policyholder's body mass index (BMI) is between a healthy 19 and 28.

TAL Life products can be accessed three ways: directly through the company, through a financial adviser and through a super fund. The group is owned by Dai-ichi Life Group, one of the world's largest insurers with total assets of more than $753 billion.

Last year, the insurer paid $2.7 billion in claims to more than 39,000 customers. It found that the most common reason for accepted claims is mental health conditions, including post-traumatic stress disorder and depression. More than two-thirds of all mental health claims related to loss of income.

Finalists in this category were MetLife for MetLife 360Health, which offers a Q&A feature that allows policyholders to ask medical questions without making an appointment virtually or in person, and MLC Life Insurance for MLC On Track, which offers rewards and discounts for policy holders who meet an annual step target.

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