Retail insurance through the Annex IOOF Pursuit platform

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1 your investment & insurance needs Financial adviser use only November 2013 Retail insurance through the Annex IOOF Pursuit platform In or out, it s up to you Life insurance is about protecting the things that matter most to your clients. It's about providing them with the peace of mind that their family will be able to financially survive an unexpected death, illness or injury. We have partnered with TAL to offer you a comprehensive insurance offering on our Annex IOOF Pursuit Platform to ensure you can find the level of insurance that suits your clients. Pursuit members have access to TAL s Retail Product Accelerated Protection as well as the current Pursuit insurance offering. This will provide Pursuit members with a comprehensive range of insurance options to choose from. Regardless of which insurance offer members apply for, administration and payment will be managed through their Pursuit cash account. Why TAL? TAL is a leading life insurance specialist in Australia, protecting the lives of more than 2.5 million Australians. With over 130 years of experience and in-force premiums exceeding $1.2 billion, they are well placed to respond to the needs of your clients. The Pursuit insurance offering is extremely flexible. Members can retain the tax advantages and administrative ease of cover inside super while adding extra benefits outside super. For example, they're able to add critical illness and business expense insurance outside super while keeping their life cover within their super account. 1

2 Product overview Annex IOOF s comprehensive insurance offer provides the flexibility to manage your client s insurance needs; with award winning products available both in super, out of super or a mixture of both. Insurance through Pursuit Term Group policies Accelerated Protection superannuation Accelerated Protection IDPS Type of cover Death Life (death) Life (death) Total & Permanent Disablement (TPD) attached to death cover Income protection (IP) TPD attached to Life IP (Standard) TPD Critical Illness (CI) Insurance IP (Premier, Standard, Optimal) Business Expense Insurance Ownership IOOF Investment Management Limited (IIML) IOOF Investment Management Limited (IIML) Life Insured/Company/Trustee/ Joint/SMSF Minimum premium None $220pa per policy $220pa per policy Commission* Level only, paid monthly Online commission rates Online commission rates up to 33% Upfront: 115%/10% Upfront: 115%/10% Hybrid 1: 85%/20% Hybrid 1: 85%/20% Hybrid 2: 70%/25% Hybrid 2: 70%/25% Level: 37%/32% Level: 37%/32% Renewability Guaranteed renewable Guaranteed renewable Guaranteed renewable Regardless of which insurance offer you choose, administration and payment will be managed through your client s Pursuit cash account. Annual statements and consolidated reporting will keep you up to date on your client s investment and insurance portfolio. Life (Death) overview Insurance through Pursuit Term Group policy Accelerated Protection superannuation Max entry age 70 next birthday Stepped premium 75 next birthday Level premium 60 next birthday Accelerated Protection IDPS Stepped premium 75 next birthday Level premium 60 next birthday Max benefit Death unlimited Any financially justifiable amount Any financially justifiable amount Terminal illness $5m Benefit expiry age Death and terminal illness age next birthday** 100 next birthday** Premium type Stepped Stepped/Level Stepped/Level Included benefits Death benefit Terminal illness benefit Death benefit Terminal illness benefit As per Accelerated Protection in superannuation plus: Ability to transfer in cover Advanced payment benefit Financial planning benefit Ability to increase cover for certain life events Repatriation benefit Inflation protection benefit Accommodation benefit Grief counseling benefit Premium freeze benefit Child s critical illness benefit Guaranteed future insurability benefit Self Managed Super Fund benefit * Any of the above commissions may be paid where permitted by law. ** See Accelerated Protection Product Disclosure Statement 2

3 Annex IOOF Pursuit Retail insurance through the Pursuit platform TPD overview Insurance through Pursuit Term Group policy Accelerated Protection superannuation Max entry age 70 next birthday Stepped premium 62 next birthday Level premium 60 next birthday Accelerated Protection IDPS Stepped premium 62 next birthday Level premium 60 next birthday TPD definitions Any occupation Any occupation Any occupation Loss of limbs Own occupation Own occupation Whole person impairment Activities of daily living (ADL) Activities of daily living (ADL) Activities of daily living (ADL) Superlink Superlink Domestic duties Max benefit $5m $5m* $5m* Benefit expiry age Age 75 Age 75 TPD stand-alone anniversary prior to 65th birthday TPD attached/linked anniversary prior to 100th birthday TPD rider to CI anniversary prior to 65th birthday Premium type Stepped Stepped/Level* Stepped/Level* Included benefits TPD benefit Ability to transfer in cover Ability to increase cover for certain life events TPD benefit Terminal illness benefit Advanced payment benefit Repatriation benefit As per Accelerated Protection in superannuation plus additional benefits: Financial planning benefit Accommodation benefit Inflation protection benefit Grief counseling benefit Premium freeze benefit Child s critical illness benefit Guaranteed future insurability benefit Optional benefits N/A Premium relief option Death buy back option As per Accelerated Protection in superannuation plus additional benefits: Double TPD Business insurance option * See Accelerated Protection Product Disclosure Statement 3

4 Income protection overview Insurance through Pursuit Term Group policy Accelerated Protection superannuation Max entry age 65 next birthday Stepped premium: up to 60 next birthday* Level premium: 55 next birthday* Accelerated Protection IDPS Stepped premium: up to 64 next birthday* Level premium: up to 55 next birthday* IP optimal: up to 64 next birthday* Max benefit 75% of earnings plus up to 10% super, up to $30K per month $30K long term benefit $60K short term benefit $30K long term benefit $60K short term benefit Benefit expiry age Age next birthday IP standard and premier: For benefit periods 1/2/5 years and to age 65 anniversary prior to 65th birthday. For benefit period to age 70 anniversary prior to 70th birthday IP optimal: anniversary prior to 70th birthday Premium type Stepped Stepped/Level IP standard/premier: Stepped/Level IP optimal: Stepped only Waiting periods 30, 60 or 90 days 2, 4, 8, 13, 26, 52 and 104 weeks 2, 4, 8, 13, 26, 52 and 104 weeks Benefit periods 2 years, 5 years or to age 65 1 year, 2 years, 5 years or to age 65 1 year, 2 years, 5 years, to age 65 or to age 70 Indemnity/ agree value Indemnity Agreed Indemnity Agreed Indemnity Included benefits Total and partial disability benefit Recurrent disability benefit Waiver of premium benefit Total and partial disability benefit Recurrent disability benefit Waiver of premium benefit As per Accelerated Protection in superannuation benefits plus 14 additional benefits* Benefit indexation Inflation protection benefit Death benefit (while on claim) Death benefit Rehabilitation benefit Concurrent disability benefit Ability to transfer in cover Elective surgery benefit Ability to increase cover for certain life events Ability to increase IP cover due to salary increase Extended care benefit Bed confinement benefit Family support benefit Housekeeper benefit Optional benefits Superannuation contributions benefit Increasing claims option Accident benefit option As per Accelerated Protection in superannuation benefits plus: Retirement protection option Disability plus option Critical illness option Mental health discount option * See Accelerated Protection Product Disclosure Statement 4

5 Annex IOOF Pursuit Retail insurance through the Pursuit platform How does it work? Group policy Step 1 Your client applies for a superannuation account. Step 2 Get group life and income protection quote using the online quote tool. Step 3 Apply for insurance using online underwriting system, UWPlus. Accelerated Protection Step 1 Your client applies for an investment or superannuation account. Step 2 Use Accelerated Protection s online quote and application system and select: Platform Super Fund trustee as owner for superannuation policies Life Insured as owner for ordinary policies. Step 3 During the application process in the payment details, add your client s account name and number. Your client s premiums will be automatically debited from your client s account. You will have access to all of your client s reporting in the one place. 5

6 How to transition an individual client with no TAL retail insurance to Accelerated Protection via Pursuit? Accelerated Protection transfer terms apply. Use the Accelerated Protection transfer application form if underwritten within the last five years. Otherwise, full application is required. Original policy New policy Form used Commission available External retail (funded via platform) or group Accelerated Protection Short transfer application form Level only External retail (funded via platform) or group Accelerated Protection Full Accelerated Protection application form Upfront & Hybrid 1 (2 year Responsibility Period (RP)) Hybrid 2 & Level External retail non platform Accelerated Protection Full Accelerated Protection application form only short form not available. Upfront & Hybrid 1 (2 year RP) Hybrid 2 & Level Eligibility Term TPD Critical illness Income protection Business expenses Maximum entry age 60 next birthday 60 next birthday 60 next birthday 55 next birthday 55 next birthday Maximum sum insured $3m $2m $1.5m $15K monthly benefit (inclusive of Retirement Protection Option & Disability Plus Option) $15K monthly benefit Last underwritten 5 Years 5 Years 5 Years 5 Years 5 Years Maximum sub-standard terms considered* 100% loading To age % loading To age % loading 50% loading 50% loading Age 56 to 60 standard rates only Age 56 to 60 standard rates only * For medical sub-standard terms, in addition to the medical loading, we will consider additional loadings/exclusions for non-medical risks. A medical exclusion equates to +50% loading. Can an existing group policy be transferred to TAL s group policy? Individual basis use current IOOF Insurance Transfer Form. Bulk transfer available, subject to prior agreement with TAL. 6

7 Annex IOOF Pursuit Retail insurance through the Pursuit platform Can cover from a group policy (either external or within TAL) be transferred to a TAL retail policy via Pursuit? Accelerated Protection transfer terms apply. Use the Accelerated Protection transfer application form if underwritten within the last five years. Otherwise, full application is required. Original policy New policy Form used Commission available TAL Group Accelerated Protection TAL Group Accelerated Protection Full Accelerated Protection application form Short transfer application form Level only Level only Eligibility Term TPD Critical illness Income protection Business expenses Maximum entry age 60 next birthday 60 next birthday 60 next birthday 55 next birthday 55 next birthday Maximum sum insured $3m $2m $1.5m $15K monthly benefit (inclusive of Retirement Protection Option & Disability Plus Option) $15K monthly benefit Last underwritten 5 Years 5 Years 5 Years 5 Years 5 Years Maximum sub-standard terms considered* 100% loading To age % loading To age % loading 50% loading 50% loading Age 56 to 60 standard rates only Age 56 to 60 standard rates only * For medical sub-standard terms, in addition to the medical loading, we will consider additional loadings/exclusions for non-medical risks. A medical exclusion equates to +50% loading. How to apply for Accelerated Protection direct to TAL or via Portfolio Online? Advisers can access the Accelerated Protection online application in two ways: 1 POL will have a link that simply redirects them to the TAL Adviser Centre. 2 Directly via the TAL Adviser Centre. Can you see online whether an Accelerated Protection application has been accepted? All applications go through TAL and information is accessible through the TAL Adviser Centre. 7

8 Annex IOOF Pursuit Retail insurance through the Pursuit platform Who to contact to find out more? Contact TAL for all your Accelerated Protection queries including: registering for Accelerated Protection help with the insurance application process insurance product features (including commissions) insurance processes and procedures Accelerated Protection underwriting assessments. Contact IOOF for all your Pursuit Platform needs including: registering for Pursuit consolidated reporting where to find Accelerated Protection on the Platform group life and income protection offering. TAL (Accelerated Protection) Adviser Service Centre Monday to Friday 8.00am 7.00pm (AEST) E accelerateservice@tal.com.au F GPO Box 5380 Sydney NSW IOOF (Pursuit or Group Life and Income Protection) Adviser Services Monday to Friday 8.00am 6.00pm (AEST) E adviserservices@ioof.com.au F GPO Box 264 Melbourne VIC This document is for financial adviser use only it is not to be distributed to clients. Issued by IOOF Investment Management Limited (IIML) ABN , AFS Licence No IIML s contact details can be found on their web site ( IIML is a company within the IOOF Group of companies (IOOF Group) which consists of IOOF Holdings Limited (ABN ) and its related bodies corporate. IIML is the Trustee of the IOOF Portfolio Service Superannuation Fund ABN and the Service Operator of the Pursuit Select Investment Service. Pursuit Select Personal Superannuation, Pursuit Select Allocated Pension, IOOF Portfolio Service Employer Superannuation and IOOF Portfolio Service Corporate Superannuation are all products within the IOOF Portfolio Service Superannuation Fund (ABN ). The information presented in this document is believed to be correct at the time of publication, however to the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on the information it contains. Insurer: TAL Life Limited (TAL) ABN AFSL Before making any decision about Accelerated Protection, advisers and their clients should consider the Accelerated Protection Product Disclosure Statements and/or Policy Documents. If there is any inconsistency between this document and the Product Disclosure Statement or Policy Document, the terms of the Policy Document will prevail to the extent of the inconsistency. Neither IIML nor TAL are registered tax agents. PLA