What is life insurance?
Life insurance helps support your loved ones by providing a lump sum payment if you pass away or are diagnosed with a terminal illness.
This lump sum may help your loved ones keep up with important payments, like their mortgage, medical bills, school fees, rent or utility costs, giving them financial peace of mind during a difficult time.
Our award-winning partner TAL
TAL is our life insurance partner and one of Australia’s largest life insurers. The insurer of choice for millions of Aussies, TAL has been awarded the 2022 - 2024 Canstar Awards for Outstanding Value in Direct Life Insurance, the 2023 Money magazine Award in Direct Life Insurance Cover of the Year and the 2024 Finder Award for Best Life Insurance.
Get to know TAL's Life Insurance
It’s important to protect your family’s future. Life insurance is one way to make sure your loved ones are looked after even after you’re gone. When you take out a life insurance policy, you can choose a beneficiary to receive a lump sum payment if you pass away or are diagnosed with a terminal illness.
This lump sum can help your loved ones keep up with important payments, like rent, mortgage, medical bills, school fees or utility costs, giving them financial peace of mind during a difficult time.
Key features and benefits
Death benefit
Lump sum payment to the policy owner or nominated beneficiary if you pass away. You can get a quote online for cover ranging from $100,000 to $5 million. For a higher level of cover, call TAL on 1300 346 709.
Child’s Critical Illness benefit
Child’s Critical Illness benefit is included, which covers kids between 2 and 19 (at their next birthday) up to $10,000 if they suffer a specified critical illness event. Additional cover is available on application.
Terminal illness benefit
If you're diagnosed with a terminal illness and have less than 12 months to live, early payment may be available to provide financial support for you and your family.
Future insurability benefit
This built-in benefit lets you increase your cover by up to $200,000 without underwriting if you experience a major life event, such as getting married, having a child or taking out a mortgage.
Terms and conditions apply.
To find out more, visit the TAL website. The information you provide on the TAL website will be subject to TAL’s Privacy Statement and Privacy Policy, available on their website.
Why TAL Life Insurance
Flexible cover options
You can choose from a range of features and benefits to suit your needs.
More than 150 years’ experience
A trusted provider of Life, Total and Permanent Disability, Critical Illness and Income Protection insurance for over 150 years.
24/7 grief counselling
Access for you and your family to a dedicated support service.
$4.7 billion in claims paid in FY 2024/2025*
Helping more Australians with the moments that matter.
TAL rewards you for healthy living
TAL rewards you with lower premiums for looking after your health. Get upfront ongoing discounts of up to 15% on Life, Critical Illness and TPD insurance premiums, with TAL's Health Sense program.
Eligibility criteria and T&Cs apply. Discount calculated and applied by TAL. To find out more, visit the TAL website.
Getting started is simple
1. Explore cover options
Click the link below to explore TAL’s Accelerated Protection range of products.
2. Get a quote in minutes
You can get your indicative, no-obligation quote by entering your personal details, such as: date of birth, gender, occupation, income, smoking status and contact details and hit submit.
The information you provide on the TAL website will be subject to TAL’s Privacy Statement and Privacy Policy, available on their website.
3. Apply and secure your cover
Depending on the information provided in the quote form, you'll be able to either proceed online or continue the application via a callback from a TAL consultant.
Frequently asked questions
Your health plays a significant role in determining your life insurance premiums. If you are in good health, you may qualify for a discount on your premium through TAL Health Sense. If you have pre-existing medical conditions or engage in high-risk activities, your premiums may be higher, or you may not be able to get cover. This will be assessed through the underwriting process.
What other insurance can I include in my Life Insurance plan?
TAL Accelerated Protection has a range of insurances you can include to build cover that’s just right for you.
Total & Permanent Disability (TPD) Insurance
Pays a lump sum enabling options on care and way of life if you become permanently disabled and can’t work.
Critical Illness or Trauma Insurance
Pays a lump sum if you become critically ill. The type of Critical Illness Insurance and any applicable options is stated in your Policy Schedule.
Income Protection Insurance
Provides you with recurring income to help you focus on recovery if you're unable to work due to sickness or injury.
Life insurance help & guides
The Detail
*Claims statistics based on total claims paid under TAL Life Limited and TAL Life Insurance Services Limited insurance products (including funeral insurance) between 1 April 2024 and 31 March 2025.
^A maximum 15% Health Sense discount applies to lump sum premiums for non-smokers meeting the BMI criteria that hold 4 benefit types (Life; Critical Illness; TPD and Income Protection [IP]) and meeting minimum sum insured amounts for all benefit types. Lower discounts will apply for other benefit combinations and smokers. More information is available on request from TAL.
Any financial product advice provided on this page is general in nature and does not take into account your personal circumstances. Before making a decision, please consider the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD). The PDS and TMD can be obtained from TAL's website or by calling 1300 346 709.
Life Insurance is issued by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life). TAL Life is part of the TAL Dai-ichi Life Australia Pty Ltd ABN 97 150 070 483 group of companies (TAL). Bank of Melbourne – A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 (the Bank) refers customers to TAL, but does not guarantee the insurance.
By selecting 'Get started' you will enter a third-party site hosted by TAL. Any personal information you provide to TAL will be collected, used and disclosed in accordance with TAL’s Privacy Statement and Privacy Policy available on their website.
If you purchase Life Insurance with TAL, the Bank will receive a commission of 10% of the premiums (exclusive of GST) for the period you continue to hold a policy.
If you would like help deciding whether life insurance is right for you we recommend speaking to a financial adviser.
Bank of Melbourne's Privacy Statement is available at bankofmelbourne.com.au/privacy/privacy-statement or by calling 13 22 66. It covers:
- How you can access the personal information Bank of Melbourne holds about you and ask for it to be corrected;
- How you can complain about a breach of the Privacy Act 1988 (Cth) or a registered Code by Bank of Melbourne and how Bank of Melbourne will deal with your complaint; and
- How Bank of Melbourne collect, hold, use and disclose your personal information in more detail.
View the Bank of Melbourne Retail and Business Banking Financial Services Guide and Credit Guide (PDF 161KB)