LGIAsuper has awarded its life insurance contract to TAL, one of Australia’s leading life insurance specialists.
The new arrangement marks the end of a seven-year partnership with OnePath, which has serviced LGIAsuper and its members since 2012. The decision follows a competitive bid process with the new contract taking effect from 1 July 2019.
CEO Kate Farrar said members will continue to benefit from sustainable products and competitive insurance premiums.
A: LGIAsuper has awarded its life insurance contract to TAL. The new arrangement marks the end of a seven-year partnership with OnePath. The decision follows a competitive bid process with the new contract taking effect from 1 July 2019.
A: TAL is one of Australia's leading life insurance specialists*. The organisation has been protecting people for almost 150 years and, today, insures almost 4 million Australians. TAL offers life insurance through the following channels: direct to the customer; through a financial adviser; and via group and workplace superannuation schemes. TAL is part of the Dai-ichi Life Group, one of the world’s largest insurance groups. More information about TAL can be found here: www.tal.com.au.
*Based on inforce premiums for risk only life insurance policies, NMG Consulting (2018).
A: We went to market as part of our commitment to providing the best possible cover for our members. In choosing TAL, we carefully reviewed a range of criteria, particularly costs to members and product offerings of each tenderer. The new contract will assist us to deliver better coverage, more convenient member services and an enhanced customer experience.
A: No. Existing cover will continue as is. The transition will have very little impact on members’ accounts in the short term but there are excellent opportunities to improve our insurance offering once the new insurer is in place.
A: No. The change in life insurance provider comes at no additional costs for members. The premiums you pay will not change.
A: No. Members do not need to do anything. Existing cover will continue as is.
A: If you have an active claim with OnePath or lodge a claim before 1 July 2019, OnePath will continue to manage your claim to completion.
A: Most LGIAsuper members automatically receive death and disability insurance as part of their default insurance cover. However, the insurance benefits you automatically receive depend on your age, when you joined LGIAsuper and how you’re employed. To see what cover you have please login to Member online at memberonline.lgiasuper.com.au or follow the prompts to register.