Specialist life insurer TAL is set to launch a first-of-a-kind product that will provide Australians with diabetes access to life insurance as well as help them improve their health outcomes.
TAL’s new diabetes product, the first in a series of specialised protection products the insurer has in the pipeline to help customers manage known chronic conditions, will include premium deductions for customers who demonstrate good management of their health condition by improving certain measures.
“Diabetes is a challenging problem for public health worldwide and the life insurance market for people living with diabetes is underserved,” said Tim Thorne, TAL chief commercial officer for individual life. “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. 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.”
The new product will be delivered in partnership with Kalibre, an international specialist in diabetes insurance, enabling TAL to leverage the company’s unique technology and approach, which has been proven globally.
“We are always looking for new ways to empower people to protect their physical, mental, and financial wellbeing,” said Priya Chagan, TAL chief medical officer and head of physical health. “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.”
