IOOF @dvisor Mag
Dealing With IOOF

Hassle free transfer of your client’s insurance cover into their IOOF platform product

IOOF Product Development

Historically, your clients may have been reluctant to change superannuation funds, even if the new fund will be a better option for them because they do not want to lose out on their existing insurance benefits.

We are pleased to announce that this may be a thing of the past. IOOF platforms Pursuit, IOOF Portfolio Service, LifeTrack and individuum can now accept insurance transfers! This means that choosing the most suitable superannuation fund for your client has just become easier.

If your client holds insurance cover in another superannuation fund or directly with a life insurer in their own name, you can now easily transfer that cover to their IOOF platform product. Simply complete the Application for transfer of insurance form and we will do the rest.

Please click here to access the Application for transfer of insurance form for more details on how to transfer your client’s insurance cover into their IOOF platform product.

What type of cover can be transferred?

  • Death Only or Death and TPD cover up to a maximum of $2 million.
  • Income Protection cover up to a maximum of $20,000 per month.

How to complete the transfer

If you are transferring multiple clients, you could choose to use IOOF’s transition service to do the work for you.

For individual transfers, simply follow these steps:

  1. Complete the IOOF Application for transfer of insurance form.
  2. Provide details of your client’s current cover.
  3. Include information about any loadings, exclusions or special conditions applicable to that cover. These same conditions will apply to any cover under the transfer arrangement.
  4. Provide a photocopy of the insurer/fund confirmation in relation to any loadings, special conditions or exclusions that apply to the current cover.

If IOOF and the insurer are satisfied all information is provided, you will receive notification of the acceptance or rejection in just one week.

Need more information?

If you require more information about the transition service and/or insurance transfer, simply contact your IOOF Business Development Manager or call Adviser Services on 1800 659 634.