Types of cover
Our insurance is tailored for the building, construction and civil industries.
Our insurance cover options
When you become a BUSSQ member, if eligible you'll automatically receive default insurance through your super1.
We don't require a medical exam for default cover as long as your employer is paying your super contributions on time (and you haven't opted out).
Our insurance options are also available to casuals and contractors.
To learn more, read the Insurance in super key factsheet.
Death cover
Death cover provides a benefit for your family or estate in the event of your death. You may choose to have Death cover only, however if you choose to have Total and Permanent Disablement (TPD) cover with BUSSQ you must have at least the same amount of Death cover. Your Death cover amount will be reduced by any Terminal Illness or TPD benefit you may be paid.
Terminal Illness cover
If you are insured for Death only or Death and TPD cover, you are automatically covered for Terminal Illness. You may qualify for a Terminal Illness benefit if you suffer from an illness or injury which in the opinion of two medical practitioners (one of whom the insurer may select and require to be a specialist physician) is likely to lead to your death, despite reasonable medical treatment, within 12 months of the date of written certification.
1. Read the BUSSQ Insurance Handbook for eligibility criteria and more information on our insurance offering.
Change or cancel your insurance cover
You can apply to change or cancel your insurance cover at any time.
How much insurance do you need?
How much cover you need changes and it’s important to review your insurance at different stages of life to make sure it still suits your needs.
Our Insurance needs calculator can help you get your head around how much cover you might need.
Total and Permanent Disablement (TPD) cover
If you have TPD cover, you may be eligible for a TPD benefit. To receive an insured Total and Permanent Disablement (TPD) benefit, you must satisfy the definition of TPD. If a TPD benefit is payable to you, you will receive your insured benefit together with the balance of your superannuation account. If approved, your Death cover amount will be reduced by any terminal illness or TPD benefit you may be paid.
Total and Temporary Disablement (TTD) cover
To receive an insured Total & Temporary Disablement (TTD) benefit you must be completely and continuously unable, due to illness or injury, to earn salary or wages in respect of your own occupation and not earning salary or wages from any other occupation.
TTD cover is only available to manual workers aged between 21 to 55 who have at least four units of default TPD cover. It provides a payment of the lesser of $350 per week or 100% of salary, payable monthly in arrears, after a six month Waiting Period has passed. You can receive this payment for a maximum of 12 months while you remain totally and temporarily disabled. Generally, any TTD paid to you may be reduced from your Death or TPD benefit.
Income Protection Cover
Income Protection provides a monthly insurance benefit if you are unable to work because of illness or injury, either temporarily or permanently and the insurer accepts your claim. BUSSQ's flexible options enable you to choose the Waiting Period and Benefit Period that suit you at the time of applying.
Other types of cover
Under 21 Death and TPD Cover
BUSSQ offers young members a budget insurance option which has a reduced level of cover. The default level of Death insurance and TPD insurance cover for members joining under age 21, is a sum insured of $50,000.
You can choose to have the higher default cover if you like, however you must advise us of this choice within 60 days of joining BUSSQ.
Life Events Cover
We understand your need for insurance changes as your circumstances change. With Life Events Cover, you can increase your insurance cover for certain specific life events, without needing to provide evidence of good health.
Transfer your insurance from another super fund
If you have super accounts outside of BUSSQ that include insurance cover, you may be able to transfer the cover to your BUSSQ account.
BUSSQ accepts transfers of insurance cover from other superannuation funds.
Insurance with BUSSQ
Holding insurance within your super fund could be beneficial for you. BUSSQ offers several types of insurance to help you feel protected.
Watch the video to learn more.
