IOOF Super

1. )  you marry
2. )  you enter into a de facto relationship [NEW]
3. )  the birth of your child
4. )  you adopted a child 
5. )  your dependent child starts secondary school
6. )  you divorce or cease a de facto relationship [UPDATED]
7. )  you complete an undergraduate degree at an institution recognised by the Australian Government [NEW]
8. )  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)
9. )  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. 

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

1. )  the option to apply within 30 days of the issue of your annual Benefit Statement has been removed; and
2. )  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. 

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.

The Cooling Off Period increases to 30 days.

You will have more time to decide whether your cover is right 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.

Increased to $3,000,000.

The maximum amount of an interim Death & TPD benefit you may be entitled to has increased.

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.