In a statement, the company said it engaged independent research and consulting company Rice Warner to lead the tender program.
IOOF head of product Chris Weldon said he is pleased to announce that significant rate reductions are being applied without any changes to total and permanent disability definitions.
The rate reductions relate to clients with both death and death and TPD cover, as well as income protection cover. The changes will take effect as of 1 July.
“We continually strive to provide improvements and competitive products, and this outcome is just one example of our ongoing commitment to deliver the industry’s leading solutions for advisers and their clients,” he said.
“We’re confident in the choice to partner with TAL for group insurance as they continue to provide a competitive insurance offering with a strong track record in paying out claims.”
Jenny Oliver, TAL general manager, group insurance, said she was delighted TAL had been reappointed.
“We’ve had a successful and valued partnership with IOOF for over 15 years. It is a privilege that we can continue to protect the choices, options and freedoms of IOOF members and their families,” she said.
“This reappointment is testament to the passion and dedication of the people at TAL to provide outstanding service to support IOOF.”
