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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.

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

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 started on 1 July 2018 and comes into full effect by 30 June 2021, sets out standards that 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.

We have committed to a transition plan for adoption of the Code with the following expected dates of completion.

Transition plan

Expected completion date

Actions to ensure compliance with the Code

31 December 2018

  • We have measured our automatic insurance cover and found it to be appropriate and affordable for our members. Please note, in instances where an acceptable segment of premiums exceed the Code’s 1% of members’ salaries threshold, we may apply a tolerance of up to 1.25% of that segment’s members’ salaries (subject to conditions).
  • We may adjust the level of insurance cover or other factors impacting cost (such as terms and conditions or definitions) to ensure our automatic insurance cover is affordable and remains in our members' best interests. We may also apply discretion in certain circumstances for those that may not be able to obtain insurance cover elsewhere (such as high-risk occupations).
  • We have assessed our automatic insurance cover where the nominated premium changes with a member’s age and gender to better suit likely insurance needs. Where we know the characteristics of a subset of members - for example as part of an employer plan - we will work with the employer and/or a consultant to provide insurance benefits more likely to meet members' needs.

31 December 2019

  • We will draft a high-level insurance strategy describing the basic level of automatic insurance cover along with the ability for employers and advisers to create a level of cover to suit an employer plan’s staff. It will also outline the ability for a member to choose insurance in addition to, or instead of, the automatic insurance provided.
  • We will allow for a member to reinstate their cover within 60 calendar days from the date cover ceases.
  • We will document and publish our basis and measures for determining an affordable level of cover. This will be done by conducting an insurance needs analysis over members’ working lifetimes, using Australian Bureau of Statistics salaries and an automatic insurance level selected to best meet members’ needs within the Code’s premium limit of 1% salary.

31 December 2020

  • We expect to be fully compliant with all remaining aspects of the following Code requirements:
    • staff and service providers
    • helping members to make informed decisions
    • changes to cover.

30 June 2021

  • We will not automatically include a member in a division of our fund that is of higher risk than the rest of our membership (due to occupation), without relevant evidence that a higher occupational risk exists.
  • We will be compliant with the Code requirement ‘Communicating to you about your lack of contributions’. This may result in a member’s insurance cover being cancelled.
  • We expect to be fully compliant with all remaining aspects of the following Code requirements:
    • supporting vulnerable consumers
    • handling claims
    • promoting our insurance cover
    • making enquiries and complaints.