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Employer Super insurance options

Helping to protect your future

IOOF Employer Super gives you access to comprehensive insurance that can be customised to suit your needs or default cover with automatic acceptance limits and no health checks

Features and benefits

  • High maximum benefit levels
  • Cover available to age 75 for death and TPD cover
  • Three month waiting period for TPD benefits
  • No waiting period for 18 medical conditions on TPD benefits
  • Terminal illness benefit
  • Any insurance cover held in the Employer Division may continue in the Personal Division when you leave your employer (if your account balance is above $2,000).

Default cover

Members receive the following default level of cover when they join the Employer Division of IOOF Employer Super:

  • Death and TPD for $3 per week
  • Income protection of $2,000 per month (subject to a maximum replacement value of 75% of pre-disability income) with a 90 day waiting period and two year benefit period.

The default cover applies to all eligible members in the Employer Division, unless their employer has negotiated customised insurance arrangements. Your Member Schedule, sent to you when you first joined IOOF Employer Super, outlines your level of cover.

You can top-up this default cover within 120 days of joining your employer by completing an Insurance Application – Top-up Default form. You can also amend your insurance arrangements at any time by completing an Application for Insurance form.

Find out how much insurance cover you have

Not enough cover? Customise it

If you don't have enough cover, IOOF Employer Super allows you to customise your insurance to suit your circumstances at any time. There are three ways to increase or change your cover, outlined below.

Life events

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 primary home.
  • You can increase your income protection cover if you had a recent salary increase.

To apply for an increase and to check the conditions that apply, please refer to the Product Disclosure Statement and complete the Insurance Application – Life Events and Salary Increase form.

Transfer your existing cover

If you have insurance cover with another super fund or in a retail policy, you may be able to transfer it to your IOOF Employer Super account. This cover will be added on top of any existing cover you hold.

To apply to transfer your insurance and to check the conditions that apply, please refer to the Product Disclosure Statement and the Transferring your Insurance Cover into IOOF Employer Super form.

Customised

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

  • Increase your death only cover
  • Increase your death and TPD cover1
  • Vary your income protection by changing the options2:
    • Wait 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 Product Disclosure Statement and the Application for insurance form.

1 The maximum benefit for TPD and terminal illness cover is $5 million, however death cover has no limit.
2 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.