Life insurer TAL will remain as the group insurance provider for diversified financial services provider, IOOF, continuing a 15 year partnership between the two groups.
The renewed arrangement follows a review of IOOF’s insurance needs by Rice Warner, which was chosen to lead the tender programme.
IOOF stated the review program and renewed group life arrangements have led to rate reductions for clients with both Death and Death and Total and Permanent Disability (TPD) cover, as well as Income Protection Cover.
The reduced rates will take effect from 1 July with IOOF, Head of Product, Chris Weldon stating the rate reductions would be applied without making any changes to TPD definitions.
Weldon also stated that IOOF had chosen to continue with TAL for group insurance due to the latter’s track record in paying out claims which was at an average of $3.79 million in claims every working day.
TAL General Manager, Group, Jenny Oliver said the renewed arrangement was a “…testament to the passion and dedication of the people at TAL to provide outstanding service to support IOOF.”
“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,” Oliver said.
