Insurance options and costs - BUSSQ

Insurance options and costs

BUSSQ offers members a range of insurance options to suit their needs. Our insurance is competitively priced to offer members affordable peace of mind.

BUSSQ MySuper Insurance Cover - Unitised Insurance Cover

Death and Total & Permanent Disablement (TPD)

BUSSQ provides flexible insurance cover for Manual and Non-manual workers, up to $2 million for both Death (including Terminal Illness*) and Total and Permanent Disablement (TPD) cover.

Eligible members who are aged over 21 will receive four units of Death and TPD cover.

Eligible members who are under 21 years usually receive the Budget Under 21 cover. Members can opt to receive the default four units of cover within 60 days of joining. 

Total and Temporary Disablement (TTD)

Manual workers who have at least four units of default TPD cover are also provided with TTD cover. TTD cover is funded through the premiums paid for TPD cover and it is not a separate benefit.

For costs of unitised insurance cover offered by BUSSQ please refer to the insurance cover tables here: 

Under 21 Budget insurance Cover

BUSSQ offers young members who, in most cases only need a small level of Death and Total and Permanent Disablement cover, a budget option.

The default level of Death insurance and Total and Permanent Disablement insurance cover for BUSSQ MySuper members joining under age 21, is a sum insured for Death and TPD of $50,000, for a small premium of $1.11 per week. 

Once you turn 21, you will automatically be transferred to the standard default insurance cover, which is four units of Death ($200,000) Total and Permanent Disablement ($60,000) insurance cover for manual workers.

For full details see our Insurance Handbook. 

BUSSQ Premium Choice Insurance Fixed Insurance Cover or Unitised Insurance Cover

This product is designed for members who want a more tailored choice when it comes to how much insurance they need - in particular, when it comes to Income Protection insurance. Members can choose unitised or fixed Death and TPD cover to suit their needs.

Premium Choice members can increase their Death and TPD cover to $5 million and $3 million respectively. They are also able to transfer insurance cover of up to $1 million from other superannuation funds.

BUSSQ Premium choice has three types of cover:

  • Death only insurance (including Terminal Illness*)
  • Death and Total and Permanent Disablement (TPD) insurance, and
  • Income Protection.

Cost of Insurance Cover with Premium Choice

For full details see our Insurance Handbook. 

 * The Terminal Illness benefit is the lesser of your Death cover amount and $1 million. If your Death cover amount is greater than $1 million, the balance of the benefit is payable on your death. Conditions apply.

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.