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Changes to your Policy terms and conditions

The table below contains a summary of what has changed in relation to Policy terms and conditions, which are effective from 1 July 2023 (unless otherwise stated in the table below). Defined terms are shown in bold and you can refer to the Insurance Guide for more detail or background on these. You can access the Insurance Guide on ioof.com.au/insuranceguide.

Please note that while every effort has been made to ensure that the information contained in this document is accurate, the terms and conditions of the Policy documents issued by the Insurer to the Trustee will prevail to the extent that they are inconsistent with the information contained in this document. 

Life events changes

Details of the changeWhat this means for you 
a) you marry

b) you enter into a de facto relationship [NEW]

c) the birth of your child

d) you adopted a child

e) your dependent child starts secondary school

f) you divorce or cease a de facto relationship [UPDATED]

g) you complete an undergraduate degree at an institution recognised by the Australian Government [NEW]

h) you take out a mortgage with a mortgage provider or lender who holds an Australian Credit Licence on the purchase of your primary place of residence (either alone or jointly with another person)

i) you increase your existing mortgage with a mortgage provider or lender who holds an Australian Credit Licence for the purpose of building or renovating your primary place of residence.		Life Events cover means that you can apply to increase the amount of your death, death and TPD or Income Protection cover without providing medical evidence, as long as you satisfy one of the life circumstances shown opposite and submit your application in the required timeframe – see below for the timeframe for a Life Events application which has also changed.

The Life Events described as “New” or “Updated” in the left column include additional circumstances when you can apply to increase your insurance cover under this feature. 

Timeframe to increase insurance cover under Life Events

Details of the changeWhat this means to you
The applicable time within which an application to increase cover following the occurrence of a Life Event has changed as follows:

a) the option to apply within 30 days of the issue of your annual Benefit Statement has been removed; and

b) the option to submit your application for increased cover to us within 90 days of the occurrence of a Life Event has increased to 120 days of the Life Event occurring.

The relevant Life Events are shown above.		This gives you additional time to increase your insurance cover under Life Events. 

Exclude Voluntary Assisted Dying members from the ‘suicide’ definition

Details of the changeWhat this means for you
The applicable insurance policy will expressly provide that death carried out in accordance with a Voluntary assisted dying law will not be considered as suicide.A claims exclusion will not apply for a death carried out in accordance with Voluntary Assisted Dying legislation under the updated policy.

For default cover, there is an extended Cooling Off Period

Details of the changeWhat this means for you
The Cooling Off Period increases to 30 days.You will have more time to decide whether your cover is right for you.

Income Protection Superannuation Contribution Benefit (SCB) option increase

Details of the changeWhat this means for you
Superannuation Contribution Benefit increases to a maximum of 12%.You can nominate this additional SCB for your retirement savings, so that your Superannuation Guarantee contributions are in line with contributions in the event of an IP claim.

Interim Accident Cover limit for Death & Total and Permanent Disability (TPD) benefits

Details of the changeWhat this means for you
Increased to $3,000,000.The maximum amount of an interim Death & TPD benefit you may be entitled to has increased.

Members unemployed at date of disability

Details of the changeWhat this means for you
Members who are unemployed at the Date of Disability are ineligible to claim for Income Protection benefits.You will not be entitled to receive Income Protection benefits if you are not employed on the date you become disabled if this date is on 1 July 2023 or after.

Income Protection for unemployed members

No benefit is payable if you are unemployed as at your Date of Disablement.  

If you become unemployed and then find employment within six months, cover will continue subject to ongoing premium payments. However, if you do not find employment within six months, your Income Protection cover will cease. If you wish for your cover to be reinstated, you will be required to apply for cover and need to be accepted by the Insurer. If you wish to discuss any of the above or would like more information, please speak with your financial adviser or contact ClientFirst on 1800 913 118 or email insurance@insigniafinancial.com.au.

Important information
This information has been prepared and issued by of IOOF Investment Management Limited (IIML) ABN 53 006 695 021, AFSL 230524 as trustee of the IOOF Portfolio Service Superannuation Fund, ABN 70 815 369 818. It contains general advice only and does not take into account your financial circumstances, needs or objectives. Before making any decisions based on this information sheet, you should assess your own circumstances or seek advice from a financial adviser. We recommend that you read the relevant Product Disclosure Statement (PDS) or Target Market Determination available on our website (www.ioof.com.au) or by calling us on 1800 913 118. IIML is a company within the Insignia Financial Group, which consists of Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate.