Types of cover
Our insurance cover options
Our insurance is tailored for the building, construction and civil industries. BUSSQ offers the following types of insurance cover to eligible members.
Death cover
Death cover provides a benefit for your dependants and/or your legal personal representative on behalf of your estate in the event of your death. You may choose to have Death cover only. However, if you choose to have 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 have Death 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) certify in writing is likely to lead to your death, despite reasonable medical treatment, within 24 months of the date of written certification.
Change or cancel cover
Life's full of changes, so it's good to know 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
TPD cover provides lump sum benefit payment if you become totally and permanently disabled. There are conditions that must be met to receive a TPD benefit, which include satisfying the definition of TPD outlined in our Insurance Handbook. If your claim is accepted and a TPD benefit is payable to you, you will have access to your insured benefit together with the balance of your superannuation account. If approved and you continue to retain funds in your BUSSQ account, your Death cover amount will be reduced by any TPD benefit you may be paid.
Income Protection cover
Income Protection provides you with 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.
Default cover
When you join BUSSQ, you'll generally receive Default Death and TPD insurance cover unless you tell us you don't want cover or that you are self-employed or not employed. Our insurance options are also available to casuals and contractors.
See our Insurance in super key factsheet for an overview of our Default insurance and our Insurance Handbook for the Default cover eligibility conditions.
Budget Under 21 cover
BUSSQ offers eligible members a budget level of Default cover when they are under 21.
If you're under 21 and joined as a manual worker, you will receive $50,000 of Death and TPD cover. If you are under 21 and have told us you're a non-manual worker you will not automatically receive this budget level of Default cover, however you can opt in to receive it.
If you are under 21 you can also apply for a higher level of cover without having to provide health and other information by contacting us within four months of your Welcome Letter issue date.
See the Insurance Handbook for more information.
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.
For more information about our insurance cover options and eligibility criteria, see the Insurance Handbook.
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.
