IOOF launches SMSF insurance initiative

IOOF has partnered with Zurich Australia Limited to launch a new product targeted at self-managed superannuation fund (SMSF) clients.

The product, IOOF SMSF Insurance, is being marketed as an "easy to use, cost-effective insurance solution for SMSF clients".

According to IOOF the product will, amongst other things, offer

• Unlimited death cover and up to $3 million Total and Permanent Disablement (TPD) cover; and
• Highly competitive premiums, especially for the over 50s — easy acceptance up to $1 million.

Commenting on the new product, IOOF general manager, distribution, Renato Mota said it reflected the company's commitment to the independent adviser market.

Following a change last year, SMSF trustees are required to regularly review the investment strategy of their fund and consider insurance cover for members — which Mota said presented an opportunity for advisers.

"There is an industry-wide issue of under-insurance in SMSFs and we believe our solution plays an important role in addressing this challenge," he said.

SMSF Essentials