Don’t lose your insurance cover

Did you receive a letter from IOOF recently about insurance within your super? If so, you need to act now if you want to keep your insurance.

The Government has introduced new laws designed to protect low super balances from being eroded by unwanted insurance, regardless of which super fund you are with.

If your super account includes default insurance, but your account balance has not reached $6,000 at any time since 1 November 2019, your cover will be cancelled on 1 April 2020 unless you ‘opt in’.

If you want to keep your insurance within your IOOF super account, you can do this by:

  • completing the election form and returning it to IOOF, or
  • logging into your account (www.ioofonline.com.au) and selecting opt-in under the insurance page, or
  • increasing your super account balance to at least $6,000 by making additional contributions or transferring money in from another super fund.

Why is insurance important?

We all know that insurance is our rainy-day cover for when things go wrong, but so often we think ‘that will never happen to me’. The bad news is that the statistics show it could very well happen to you.

That’s why it’s important to protect your most important asset - you. To learn more about insurance, visit Money Insights Central.

For more information, visit www.ioof.com.au/insurance-changes or speak with a financial adviser. Alternatively, speak to ClientFirst on 1800 913 118.

This is general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this document, you should assess your own circumstances or seek advice from a financial adviser. You should obtain and consider a copy of the Product Disclosure Statement available from us or your financial adviser, before you acquire a financial product.