IOOF has chosen to retain TAL as its group insurance provider, after an extensive insurance tender program resulted in "significant" premium rate reductions for clients.
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."
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Aug 2018Professional year an opportunity for exiting advisersBy Reporter
- 20 Aug 2018IOOF creates new executive advice roleBy Reporter
- 20 Aug 2018RBA attacks ‘sales’ culture within financial servicesBy Reporter
- 20 Aug 2018Super members ‘readily’ taken advantage of: RCBy Killian Plastow
- 17 Aug 2018Grandfathering is not in consumers’ interests: KellBy Tim Stewart
- 17 Aug 2018Advisers can ‘professionalise’ clients’ philanthropyBy Lucy Dean and Killian Plastow
- view all