IOOF has enhanced its platform insurance offering in partnership with TAL Life, which will provide improvements to group life and income protection for personal superannuation members.
General manager of distribution Renato Mota said members in IOOF’s key target markets will be better off under the changes, particularly in the areas of death and total and permanent disability (TPD) coverage. In these areas, both the entry and expiry age has been extended to 75.
IOOF has also introduced new features and benefits, such as life events cover which will allow members to increase their death and TPD or income protection cover in the event of their marriage, the birth of a child, divorce or taking out a mortgage.
The changes will be applicable to new members or existing members who open new cover on or after 15 July, 2011. Where members had insurance prior cover to this date, the changes will be applicable from 1 December, 2011.
