Insurance in super

Give your family and yourself peace of mind

Access insurance cover with competitive rates, product definitions and features through IOOF’s range of super products

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 when looking at the statistics, it might just happen and many aren't prepared.

  • One in five families will be financially impacted by the death of a parent, a serious accident or illness that renders a parent unable to work1.
  • 66% of those with life insurance don’t know how much they are covered for2.
  • There is an underinsurance gap of $1.1 trillion for working Australians2.

At IOOF, we have you covered. Our super products allow you to choose from a range of insurance options, helping ensure you and your family are covered should the worst happen.

What insurance is available?

What cover is right for you?

Using super to pay for insurance is a great way to benefit from your super right now, but it’s important to determine the optimal types and level of cover for you.

If you have too little cover, you or your family could suffer financial distress in a time of need. If your cover is too high, your premiums may erode your super balance reducing the amount of money you’ll have in retirement.

Learn more about how to choose the right cover

Your financial adviser can help

Your financial adviser can help you assess your insurance needs, including an appropriate level of cover and whether retail insurance is right for you.

Find a financial adviser

Insurance in Superannuation Voluntary Code of Practice

The Insurance in Superannuation Voluntary Code of Practice (the Code), which comes into effect from 1 July 2018, sets out standards that will provide greater understanding, clearer accountability and consistency of delivery across the superannuation industry.

As trustee of your super fund, IOOF Investment Management Limited (IIML) will comply with the Code to the extent that it agrees that compliance with each item of the Code is in the best interests of all of our members, or of all members within a particular class or segment of the membership.

1 Source: Lifewise underinsurance report 2010.
2 Source: FSC MetLife Research: Apathy to Action, 2014.