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Your greatest asset is your ability to earn an income but it is often taken for granted. Have you considered what would happen if you were unable to work due to illness or injury?

Insurance is an important part of your financial planning, as it provides you and your family with financial security should something unexpected happen to you. Having insurance means that if you die or become disabled or injured, money is available to pay debts and meet ongoing expenses.

Holding your insurance within your superannuation account can be both cost-effective and tax-effective:

  • Premiums are generally lower because you're accessing group rates instead of individual rates.
  • Premiums are generally lower because your super fund is able to claim a tax-deduction and may pass this benefit on to you.
  • Premiums come from your super account rather than your salary.
  • You can generally access default cover without the need to prove good health.

Automatic cover1

If you join IOOF Employer Super as part of an employer plan, you will receive a default level of insurance as described below without the need to prove good health and the premiums for this cover will be automatically deducted from your account.

You'll receive default insurance applied to your account when you're age 25 or older and your balance reaches $6,000.

If you'd like to receive default insurance sooner, complete and return the 'Default insurance opt in' form, or log in to your account.

Conditions may apply to any cover provided to you. For more information, refer to the Insurance Guide.

Death and total & permanent disablement (TPD)

The death and TPD benefit is a cash lump sum equal to the total of the super account balance and the insurance benefit. The lump sum insurance benefit is calculated using the following formula:

P   x   Y   x   S

P = percentage factor (15%)
Y = complete years until age 65
S = salary

Insurance benefits are calculated using the salary and age at time of claim.


P = 15%
Age 30
Y = 35
Salary = $56,000
Death and TPD Insurance^ = $294,000

^ For default death & TPD cover, a fixed annual premium of $1.58 per $1,000 applies. Therefore, the annual premium for this is $1.58 x $294,000 divided by $1,000 which equals $464.52 or $38.71 (rounded up) per month.

Income protection

Income protection is available to permanent employees working 15 or more hours per week. Cover provides payment up to 75% of your salary for two years and has a 60-day waiting period.

This benefit is payable:

  • after being off work due to injury or illness for 60 days
  • when temporarily unable to return to pre-disability employment.

A member whose annual salary is $56,000 would receive income protection cover of $3,500 per month (75% of salary) for up to two years. For standard income protection cover, a fixed annual premium (before stamp duty) of $18.49 per $1,000 applies. Therefore, for this example, this equals $776.58 or $64.72 per month (plus applicable stamp duty).

No health assessment required

New employees automatically receive default income replacement as well as formula based death and TPD insurance without the need for health assessment*.

Members' insurance will increase in line with their salary over the course of their employment without the need for health assessment*.

* Up to $1,250,000 death and TPD and $144,000 pa income replacement, members can be insured over these amounts but health assessment will be required.

1 Members who were transferred in from other superannuation plans might have other insurance arrangements and should check the correspondence they received on joining or contact our client services team.

Income protection options

Members can select from two other income protection benefit options – benefit to age 65 or a five year benefit. Members can also select a 30, 60 or 90 day waiting period for any of the three income protection options (two years, five years and to age 65).

Only one type of income protection insurance can be held at any one time.

Health assessment is required and the premium for any non-default income protection insurance (two year benefit with a 60 day waiting period) is debited from the member's account.

Find out more in our information flyers: Understanding income protection and Making an income protection claim.

Insurance rates

Please refer to our insurance rates. To find out if you are eligible to apply for insurance, please refer to our Occupations Ratings Guide.

What happens when you leave your employer

One of the best features of the Bendigo and Adelaide Bank Staff Super Plan is that you keep your insurance even if you change jobs or leave the workforce. Your income protection and death and TPD insurance cover remains in place provided the balance of your super account is more than $2,000. The premiums will be deducted from your super account.

More information?

For further insurance information please contact us on 1800 787 372.