Confident in your insurance cover?

A Rice Warner report1 found that the median level of life cover met just 61 per cent of basic living needs of an Australian family.

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Even more concerning is that the median level of total & permanent disability (TPD) cover met just 13 per cent of their basic living needs while income protection cover only met 16 per cent of their needs.

That’s why it’s important you understand how much insurance cover you have and, depending on your circumstances, how much cover you need to ensure you and your family are sufficiently protected in case something happens to you.

How much insurance cover do you have?

To find out how much insurance cover you have, check a recent benefit statement or log into your account by clicking on the ‘Login’ button at the top of this page.

How much do you need?

The amount of insurance cover you need depends on your individual circumstances. Factors that should be considered include:

  • your age
  • how much debt you have
  • your income
  • how many dependent children you have.

It will also differ depending on your specific circumstances, such as your health or pastimes.

Life insurance calculator

Find out how much you really need to safeguard you and your family by using our insurance cover calculator. Simply log into your account, go to the insurance tab and click on ‘launch calculator’.

If you believe you’re not sufficiently covered, there’s a number of ways you can increase your insurance. However, before making any changes to your cover we recommend you seek advice from a financial adviser. They can take you through the different types of cover and the level you need depending on your circumstances to give you peace of mind.

If you don’t have an adviser, we can put you in touch with one.

Topping up your cover

As a new member

You can apply to top-up your default cover within 120 days of joining your employer by completing an ‘Insurance application – top-up default’ form. Eligibility questions apply.

When your circumstances change

You can customise your insurance to suit your circumstances at any time. You can apply for an increase in your cover if one of the following life events occurs:

  • You marry or divorce
  • The birth or adoption of your child
  • Your dependent child starts secondary school
  • You take out a mortgage to purchase or renovate your home.
  • You can also apply to increase your income protection cover if you have a salary increase.

To apply, complete the ‘Insurance application – life events and salary increase’ form.

Transfer your existing cover

If you have insurance cover with another super fund or insurance policy, you may be able to transfer it to your account. For death only and death and TPD, this cover will be added on top of any existing cover you hold. For income protection, the amount transferred will replace any existing cover you already have with us. Please refer to the IOOF Insurance Guide (IOF.03) for maximum limits that apply.

To apply to transfer your insurance complete the ‘Application for transfer of insurance’ form.

Customised cover

You can tailor your insurance by modifying your existing cover or by adding new insurance at any time.

  • Increase your death only cover.
  • Increase your death and TPD cover2
  • Vary your income protection by changing the options3 - waiting period of 30, 60 or 90 days, benefit period of two years, five years, or to age 65.

To apply for an increase and to check the conditions that apply, please refer to the ‘IOOF insurance guide (IOF.03)’.

Access the IOOF insurance guide (IOF.03), PDS, and insurance forms

Seek advice

Everybody’s circumstances are different. If you’re worried about protecting your family, seek advice from a financial adviser. They can help you navigate the complex world of insurance and help you understand the type and level of cover you need.

1 Rice Warner Underinsurance in Australia report 2015.
2 The maximum benefit for TPD and terminal illness cover is $5 million, however, death cover has no limit.
3 The maximum benefit for income protection is 75 per cent of your declared earned income (plus up to 10 per cent of your declared earned income as a super contribution), not exceeding $30,000 per month.