TYPES OF COVER
BUSSQ offers insurance cover designed for the building, construction and civil industries, which means we cover occupations that may not be covered by other insurers.
We understand the working arrangements that are common in the industry, and all insurance options are available for casuals and contractors if they meet certain minimum hours conditions.
Our insurance options include:
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 elect 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.
Total and Permanent Disablement (TPD) Cover
To receive an insured Total and Permanent Disablement (TPD) benefit, you must satisfy the relevant 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 you are not earning salary or wages from any other occupation.
TPD cover is only available to manual workers aged 21 and over who have four units of default TPD cover. It provides a payment of the lesser of $350 per week or 100% of salary, 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. The amount paid to you as a TTD benefit is then deducted from your TPD payment if you satisfy the relevant definition of TPD.
Premium Choice Income Protection Cover
Income Protection provides a monthly insurance benefit if you are unable to work because of sickness 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.
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 BUSSQ MySuper 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. As a result, we help to ensure that for members of our Premium Choice product, your insurance keeps you covered. With Life Events Cover, you can increase your insurance cover for certain specific life events, without providing any medical evidence.
Increasing or reducing your cover
You are able to increase or decrease your insurance cover at any time, however maximums and minimum levels of cover do apply. You can increase or decrease your cover by logging into your online account. To increase your cover you may need to provide medical information and be underwritten.
For more information see the Insurance Handbook.
To talk to a BUSSQ Insurance Specialist about your needs, call us on 1800 692 877 or fill out the form below.