Continuity during a time of uncertainty

Following Australia’s success in flattening the curve, the country has started to emerge from lockdown, although the current outbreak in Victoria shows this is going to be a long haul. 

We recognise that during the COVID-19 pandemic many sectors of the economy have been affected, and as a result, each of our super fund partners and their members will have been impacted to different extents. 

Paying claims continues to be our priority

TAL recognises the important role we play in supporting members during these times of continued uncertainty, and we understand COVID-19 presents particular challenges for members who are battling illness or injury, and need to claim. We will continue to assess claims on a case-by-case basis, and in accordance with the relevant policy terms, but we recognise that the nature of COVID-19 will result in situations where there is no precedent.

We have worked with the Financial Services Council to develop the COVID-19 TPD industry claims initiative. It’s designed to ensure members who lose their job, are stood down or have reduced working hours due to COVID-19 are not negatively impacted if they make a TPD claim. For an illness or injury occurring between 11 March and 27 September 2020, we will assess the claim based on the member’s working arrangements at 11 March 2020, the date COVID-19 was declared a pandemic. To provide further support during this time, TAL is pleased to be able to extend this commitment from 27 September to 1 January 2021.

We have also been considering the impact of COVID-19 on other claims scenarios, and their interaction with policy terms, conditions and benefits. This includes the impacts of unemployment or reduced working hours, self-isolation, and Government stimulus payments, including JobKeeper.

Going further to support this Australian life

COVID-19 has severely impacted the health and wellbeing of our nation, including a loss in financial security, missing out on being physically and socially active, through to complications of lockdowns on mental health. TAL is there to help Australians through some of life’s biggest challenges, and in response to the pandemic we're going further to protect This Australian Life through a new initiative that’s designed to support mental health.

In times like these, Australians are looking to organisations that make them feel secure, and insights have validated we can make the biggest contribution in supporting member health and wellness. The first wave of the Early Release Scheme (ERS) clearly shows how severely your members have been impacted by COVID-19, and from 1 July we are offering access to targeted wellbeing counselling for members considered most at risk.

The new service is provided by Assure Programs, a leading Australian mental health organisation, and can be accessed through Headlight, TAL’s preventative mental health initiative. We have also developed online content and tools aimed at empowering members’ wellbeing and their careers.

Update on regulatory matters

In light of COVID-19, timelines on industry regulations have also been affected.

The implementation date of FSC Standard No. 26 – Consent for accessing health information is changing. The FSC’s Standards Oversight and Development Committee has approved the decision to defer Standard No. 26, as a result, TAL will continue to tentatively defer our own implementation date of the standard to 1 November 2020.

Regarding ASIC’s ‘Holes in the safety net: A review of TPD insurance claims (REP 633), ASIC has recently asked insurers how issues raised in the report are being addressed. From a TAL perspective, we have developed alternatives to navigate current restrictive TPD definitions such as “ADLs” (Activities of Daily Living) to address the shortcomings identified by ASIC (including allowing for mental illness). We're also reviewing opportunities across member communications to explain when an ADL definition may apply. Your TAL Client Manager will assist you with considering the merits of any changes to your TPD offer.

We’re here to help

TAL will continue to monitor COVID-19 developments closely and will engage with you if any changes are proposed. If you have any questions please reach out to your Client Manager.