Compare MySuper and Premium Choice Super inclusions - BUSSQ

Compare MySuper and Premium Choice Super inclusions

There are different levels of cover within each product which are outlined below:

 

My SuperMy-Super-Logo-FA Premium ChoicePremium-Choice-Logo-FA 2
 Basic Unitised Cover

Death and Total & Permanent Disablement (TPD) - BUSSQ provides flexible insurance cover for Manual and Non-manual workers, up to $2 million for both Death (including Terminal Illness) and Total and Permanent Disablement (TPD) cover. 

Eligible members who are aged over 21 will receive four units of Death and TPD cover. 

Eligible members who are under 21 years usually receive the Budget Under 21 cover.

Total and Temporary Disablement (TTD) - cover is also provided. Manual workers who have at least four units of TPD cover are also provided with TTD cover. TTD cover is funded through the premiums paid for TPD cover and is not a separate benefit.
 
 Premium Fixed or Unitised Cover

Death and Total & Permanent Disablement (TPD) - Members can apply for up to $5 million in Death cover or up to $3 million in TPD cover.

Income protection - Members can also apply to have income protection cover with a maximum monthly benefit of 85% of their monthly salary (including up to a 10% super contribution) subject to a maximum of $25,000 per month. Members also get to choose the benefit payment period – two years or up to age 65. A maximum 2 year benefit payment period applies to casual employees and contractors.
Eligibility Criteria 

You may be eligible for default cover when you join BUSSQ without you needing to provide medical information, if you are a MySuper member and:
Are an Australian citizen, a permanent Australian resident or a lawful non-Australian citizen
Are aged between 15 and 64 for TPD cover and between
15 and 69 for Death cover
Are employed by an employer who is making
contributions to your BUSSQ account
Are not self-employed
Have not declined or elected not to be covered for benefits provided under any insurance policy as a member of BUSSQ
In relation to TPD cover: are not eligible to receive and have not received a lump sum benefit for total and
permanent disablement under any insurance policy (whether as a member of BUSSQ or otherwise)
Have not previously received default cover in the same BUSSQ account, and
Have not previously been paid or been eligible to receive and have not lodged a claim for a terminal illness benefit from or with any insurer or superannuation fund and you are not otherwise suffering a terminal illness.
 
Income Protection

You are eligible to apply for Income Protection if you are a member of BUSSQ and:
Aged between 15 and 64
Not engaged in an occupation which excludes you from receiving insurance
Gainfully employed and meet the Minimum Hour Requirement, both at the date you apply for this cover and the date of disablement.
Are an Australian citizen, a permanent Australian resident or a lawful non-Australian citizen
Does not work in an excluded occupation; and is either:

i a permanent employee who as worked at least 15 hours per week on a permanent basis for six consecutive months in the period immediately prior to applying for cover, or if you have not been working for at least 15 hours per week on a permanent basis in the period immediately prior to applying for cover, but have worked an average of 15 hours per week since the date you commenced working;

ii self-employed and have worked at least 15 hours per week for six consecutive months in the period immediately prior to applying for cover, or if you have not been working for at least 15 hours per week in the period immediately prior to applying for cover, and you have worked an average of 15 hours per week since the date you commenced working; or

iii a casual employee or contractor who has worked an average of at least 30 hours per week over the 24
consecutive month period immediately prior to applying for cover, provided you can provide evidence satisfactory to the insurer at the time of application.


See changes to insurance effective 1 March 2017 

Please note: In the event of a dispute, the insurance policy document will override the relevant Product Disclosure Statement and the information contained within this website.