SMSF insurance

From 7 August 2012, all trustees of a self-managed super fund are required to regularly review the investment strategy of their fund and consider insurance cover for members. While self-managed super is the fastest growing segment of the superannuation industry, it’s also one of the most underinsured.

As part of the IOOF group, we offer you and your clients the IOOF SMSF Insurance product – an easy-to-use, cost-effective insurance solution for a self-managed super fund, whether it’s an SMSF or a small APRA fund.

  • Suitable for SMSF members aged between 16 and 64.
  • Benefit expiry age of 70.
  • Death only cover or death and (linked) total & permanent disablement (TPD) cover.
  • No maximum sum insured for death cover and up to $3 million for TPD cover.
  • Interim accidental death cover (up to $1 million) for up to 90 days during application assessment.
  • Competitive premiums, especially for people aged 50 and over.
  • Easy acceptance up to $1.5million.
  • Transfer of existing cover from other insurers and superannuation funds, up to $2 million.
  • A TPD definition aligned to superannuation legislation.
  • Terminal illness benefit up to the first $2 million of death cover.
  • Issuance, underwritting and administration by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL).
  • One-stop, with application and administration managed by TAL.
  • Annual premium renewal - 1 July is the common renewal date.
  • TPD claim qualification period of 90 days.
  • Built-in inflation protection.
  • A continuation option available up to age 60, within 30 days of leaving the SMSF with no requirement for further evidence of health.
  • No minimum number of clients.
  • Brief application/personal statement for cover up to $1.5 million.
  • Medical tests - including blood tests for cover over $1.5 million - are arranged by TAL.
  • Adviser remuneration of 20.1 per cent of the annual premium plus GST (level).
  • Reduced premiums with the nil adviser remuneration option.

IOOF SMSF Insurance Forms and Documents

Underwriting Requirements Table

Premium Quote Calculator

The below calculator now includes the ability to select Adviser Commission or select a No Adviser Commission option

Brochures

For day-to-day enquiries please contact
TAL Life Limited
Group Life Administration
Phone: 1800 130 869
Fax: (02) 9465 2065
Email: corporateadmin@tal.com.au

Applications should be mailed to
TAL Life Limited
Group Life Administration
GPO Box 5380
Sydney NSW 2001

From asset administration to a complete end-to-end SMSF solution with the choice of a professional trustee – we have an SMSF solution to suit you.

Meet the SMSF services Team

Luke Costa

Business Development Manager, Superannuation

Melbourne office

Greg Williams

Business Development Manager, Superannuation

Adelaide office

Julie Steed

Senior Technical Services Manager

Adelaide office