THE BENEFITS OF INSURANCE IN SUPER

Life Insurance through your Superannuation Account

BUSSQ's insurance cover not only covers you in a general sense, but it is also designed for the building, construction, and civil industries as well. Our flexible insurance options include fixed and unitised Death and Total and Permanent Disablement (TPD) cover and Income Protection cover. We understand the working arrangements that are common in the industry and all insurance options are available for casuals and contractors as well if they meet certain minimum hour conditions.

Generally, eligible members* who are aged 21 and over will receive four units of Death and TPD cover on joining BUSSQ, subject to meeting certain conditions. Eligible members* who are under 21 years receive the Budget Under 21 Cover, unless another level of cover is specifically chosen. Fixed cover, up to the default cover level dollar limits for Death and TPD, is also available if specifically nominated on your application form. Both BUSSQ MySuper and Premium Choice members can apply for additional cover to suit their needs.

_{*To see if you are eligible, please refer to the BUSSQ MySuper PDS and Insurance Handbook and the Insurance in Super Fact sheet.}

The benefits of insurance though your superannuation account include:

Convenience 
Your insurance premiums are automatically deducted from your super account each month instead of your take-home pay, which may help your budget and cash flow. 

Affordable insurance cover 
BUSSQ is able to negotiate affordable life insurance premiums for members, because of the size of its membership base.  If you obtain insurance outside of super, you may be paying higher premiums.

Tax effective premiums
As employer Superannuation Guarantee contributions made to your super account are taxed at 15%, it will be more tax-effective to pay premiums from your super account than from your take home pay, if your take home pay is taxed at a higher, marginal rate. Talk to your accountant or financial adviser about your situation.

Cover without medical examinations
BUSSQ does not require you to have a medical examination prior to obtaining standard insurance cover. 
As long as your BUSSQ registered employer is paying your superannuation contributions on time, and you don’t opt out of cover, you will be automatically covered if you work in a manual occupation or advise us that you wish to have insurance cover with BUSSQ. 

Disability Cover 
BUSSQ provides access to Total and Permanent Disability Cover and Total and Temporary Disability Cover automatically, as long as you meet the criteria for Standard Cover.  

Often if this type of cover is purchased outside superannuation, your occupation and /or your medical history may increase your premiums. BUSSQ’s Standard Insurance cover is generally provided without these additional costs. 

Costs of insurance through super
Please see the Insurance Premium Tables to find out what the Default insurance cover through super costs.

For the full range of cover available and costs, please refer to the Insurance Handbook.