What insurance do I need? - BUSSQ

What insurance do I need?

Insurance can protect you against the risk of the unknown and help you cover out of pocket expenses. Many of us insure things we own - like our home, our car and our possessions. This protects us against unexpected events like theft or damage.

So it makes even more sense to insure your most important asset, YOU!

Your health and your future potential to earn an income is often your biggest asset. What type and amount of insurance you need depends on your lifestyle, whether you have a family and dependents and your financial situation.

Assess your life and your needs and consider the following types of insurance available to you via your BUSSQ super account. 

Total and Permanent Disablement (TPD) Insurance (available via MySuper and Premium Choice via Basic cover)

1. If for 6 months you have not worked in any gainful employment due solely to injury or illness and are:

  • Aged less than 60 years;
  • Gainfully working on the day immediately prior to the event date; and
  • Worked at least the minimum average hours (an average of 15 hours per week).

The definition of TPD will be:

Based on medical or other evidence satisfactory to us, solely because of injury or illness, you:

  • Have ceased working for at least six consecutive months from the event date; and
  • As at the date of disablement you are unlikely ever to return to any gainful employment for which you are reasonably suited by education, training or experience, or would be suited by reasonable retraining.

2. If you don’t meet one of the above criteria, i.e. are over age 60, not gainfully employed or working for less than the minimum average hours, the following TPD definition would apply:

Based on medical or other evidence satisfactory to us, solely because of injury or illness, you:

  • As at the event date, or such later date as we may agree in writing, are totally and irreversibly unable to perform, without the assistance of another adult person or suitable aids, at least two of the activities of daily living; and
  • As at the date of disablement you are unlikely ever to return to any gainful employment for which you are reasonably suited by education, training or experience, or would be suited by reasonable retraining.

Total and Temporary Disablement (TTD) Insurance (available via MySuper and Premium Choice)

Total & Temporary Disablement means you were completely and continuously unable, due to illness or injury, to earn salary or wages in respect of your own occupation and you are not earning salary or wages from any other occupation.

Income Protection (available via Premium Choice only)

The income you earn between now and your retirement may well be your biggest asset. Protecting it can help ensure you cover your living costs whilst unable to work, and continue to put money aside for your retirement.

Income Protection insurance provides a monthly insurance benefit if you are unable to work because of sickness or injury. You must be continuously disabled for a period of 30 or 60 days - this is known as the waiting period. You can select the appropriate waiting period that is suitable for your needs when you apply for Income Protection insurance cover.

Depending on the benefit period you choose, the monthly benefit for your income protection insurance will continue to be paid monthly in arrears up until you cease to be totally and partially disabled up to either:

  • A maximum of two years, or
  • To age 65 (does not apply to casual employees and contractors).

The maximum monthly benefit for Income Protection insurance is 85% of your monthly salary (including 10% super contribution) subject to a maximum of $25,000 per month. The maximum amount that can be paid to you directly is 75% of your monthly salary. Any amount above this - up to the maximum of 85% of your monthly salary - will be paid into your Premium Choice superannuation account for as long as you are in receipt of the Income Protection insurance benefit.

This product is available in BUSSQ’s Premium Choice Product.

Death insurance (available via MySuper and Premium Choice)

Death cover pays a lump sum to the remaining beneficiary/ies to help financially in the event of your death. Whilst it won’t bring you back, having enough death insurance cover can make a huge difference to your family – and remove the need to worry about money.

You can apply for death cover up to $5 million with BUSSQ. 

There are two options for death cover with BUSSQ – you can either select a fixed death cover amount and the premiums will increase each year as you approach life expectancy. Or you can have a fixed premium, and the level of cover will reduce each year. Further details are available in the respective product disclosure statements. 

The amount you need can vary greatly. Generally you could insure yourself to have enough to provide a lump sum to cover any debts, child education costs, a pool of money to replace what you would have earned in life and more. If you need help we can provide you with financial advice at no extra cost*. 

Great reasons to choose BUSSQ

  • BUSSQ offers simple, flexible and low cost insurance options
  • There are no out of pocket costs – as your insurance premiums can be easily deducted from your BUSSQ super account
  • BUSSQ offers insurance flexibility – as we are part of the building, construction and civil industries our insurance reflects the jobs our members do. So you may find BUSSQ will cover you when other funds may not, and
  • Members receive financial advice about insurance at no extra cost* - to assist you get the right level of cover for your needs.

Need more help?

We offer members financial advice about what type and how much insurance they might need at no extra cost*. To speak to a financial planner call us on 1800 MY BUSSQ (1800 692 877).   

*BUSSQ offers personal limited financial advice about super, including choosing insurance, choosing investments and making contributions, at no extra cost as it is included in the fund’s administration fees. BUSSQ also offers more complex financial advice on a fee for service basis through Skylight Financial Solutions see financial advice.

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.