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Insurance
Your insurance cover BUSS(Q) provides flexible insurance cover for Manual and Non-Manual workers, up to the pension reasonable benefit limit (currently up to $2,000,000) for both Death and Total and Permanent Disablement (TPD). Cover is also provided for Total and Temporary Disablement (TTD) cover. BUSS(Q)'s Insurer is ING Life. Insurance cover is offered on a unitised basis, which means that you can increase or decrease your cover to suit your personal circumstances, by simply adjusting the number of units, (medical evidence may be required if increasing the number of units). Insurance premiums are calculated on the number of units of insurance you have selected and have deducted from your account at the end of each month. Having account based premiums means that, if you are between jobs or out of the industry, BUSS(Q) will continue to provide you with insurance while continuing to deduct insurance premiums from your account. TPD cover may be provided for up to twelve months after your last employer contribution, with Death cover continuing until you advise us otherwise. The continuation of insurance cover is subject to a minimum account balance of $1,000 after the first 12 months. Insurance cover is provided on the basis of a Manual worker unless you advise otherwise (on your Membership Application). If you do not perform physical work in your occupation and you spend at least 50% of your working time in an office environment, you are eligible for Non-Manual insurance benefits. Cover commences when an 'on time' contribution has been received for you from your employer. 'On time' means that an employer payment has been received within four months of the end of the month for which payment was due, eg February contributions received by 30 June. If payment is late, TPD and TTD cover will not be provided until a Personal Health Statement has been accepted by ING or from the date a subsequent 'on time' contribution is received. Any increase in cover starts on the day your application for cover is accepted and BUSS(Q) advises you in writing that your cover has been accepted. What will my benefit be?
The benefit payable on Death or TPD is made up of the following: - Your BUSS(Q) account balance PLUS
- The insured amount you have chosen and have been accepted for.
Total and Permanent Disablement
DEFINITION - You can claim your insured Total and Permanent Disablement benefit if you were insured and: - ING is satisfied on medical or other evidence that you had been absent from employment for six consecutive months because of sickness or injury, and are so disabled that you are unlikely to ever engage in your own occupation or any occupation for which you are reasonably suited by education training or experience,
- You suffer the total and permanent loss if the use of two hands or two feet or one hand and one foot; or the sight of both eyes or one hand and the sight in one eye or one foot and the sight in one eye (where 'hand' means the whole hand below the wrist and 'foot' means the whole foot below the ankle.)
A non-insured Total and Permanent Disablement benefit is termed a permanent incapacity benefit, which is your account balance. BUSS(Q) may pay a permanent incapacity benefit if you meet the definition of permanent incapacity under the Superannuation Industry (Supervision) Regulations. On payment of a Total and Permanent Disablement benefit you may choose to remain in BUSS(Q) and continue cover for any residual death cover. A minimum account balance of $5,000 is required. Please contact BUSS(Q) on FREECALL 1800 657 216 for full details. Total and Temporary Disablement
DEFINITION - You can claim a Total and Temporary Disablement benefit if you were insured and had to cease working with your BUSS(Q) employer because you were completely and continuously unable by reason of illness or injury to earn remuneration in respect of your own occupation and you were not earning remuneration from any other occupation. A six month waiting period applies, throughout which, you have had to have been Total and Temporarily Disabled. Benefits commence after the six-month waiting period and continue for a maximum of 12 months subject to medical confirmation that you are unable to work full-time in your own occupation and are not engaged in any other occupation and you remain totally disabled. If you have at least six units of TPD cover and you are accepted for a Total and Temporary Disablement benefit, it will be the lessor of $350 per week or a 100% of salary. Insurance Cover for Manual and Non-manual workers
The level of cover provided by each unit of cover may reduce as you get older. We encourage members to regularly review their level of insurance cover to ensuire that they have sufficient levels of insurance cover to protect their financial security. Manual workers will automatically receive the default level of cover upon joining the Fund. The new default level of cover for Manual workers from 1st October, 07 is equal to 4 units of Death and 4 units of TPD cover. Manual workers also receive Total and Temporary Disablement (TTD) cover when they join the Fund. Click here for Manual Workers Please note: TTD benefit, for Manual workers, is the lesser of $350.00 per week or 100% of salary, regardless of the number of TDP units granted, but subject to the minumum of 4 units. If you do not perform physical work in your occupation and you spend at least 50% of your working time in an office environment, you can apply to receive the default level of cover under the Non-manual insurance table, upon joining the Fund. The new default level of cover for Non-manual workers from 1st October 07 is equal to 4 units of Death and 4 units of TPD cover. Click here for Non-Manual Workers Budget Insurance package for members under 21 The default cover for members joining under 21 is $50,000 of Death and TPD, for a small premium of 87 cents per week. This means that you will get more cover for less than one standard unit of cover. Click here for table When you turn 21 you will automatically be switched across to the standard default insurance cover which is four units of Death cover ($200,000) and four units of TPD cover ($60,000). When you joing BUSS(Q), as well as at any other time, you have the option to increase or decrease the number of units to suit your needs. Full details of the BUSS(Q) insurance offer is availalbe in the Employer Sponsored Product Disclosure Statement. This PDS should be read before making any decisions regarding the suitability of this insurance offer for your individual needs. FORMS Application to Increase Cover Application to Decrease Cover
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