Published: 28 Jun 2018
One of the major benefits of being a Cbus member is that eligible members get access to insurance cover that could be difficult and expensive to access any other way for building and construction workers.
Cbus uses collective buying power to get a great deal on insurance for workers in hazardous industries.
Tragically workplace deaths and permanent disability are still all too common on construction sites. Our members work in an industry that scores among the highest for incidence of injury and workplace fatalities, according to data from Safework Australia.
CBUS insurance cover provides you and your family with a financial safety net.
The Government is proposing to alter the default insurance cover arrangements from July 2019 by:
■■ Requiring new members aged under 25 years to opt in for insurance cover with their super fund.
■■ Excluding default insurance where a person has $6,000 or less in their account, including new starters in the workforce.
■■ Removing insurance cover from inactive accounts once a person hasn’t received contributions for 13 months (unless they choose to keep it).
The Government claims that young people are less likely to need cover and shouldn’t have insurance premiums deducted from their super.
This isn’t the case for Cbus members. Insurance is as important for under 25s and new starters as it is for everyone else on site.
Most of our members typically have dependants, debts and responsibilities from around 21 years of age, three to four years after they start work. For our members aged between 21 and 25, who unfortunately pass away, we find that over 60% of the beneficiaries of their insurance claims are financially dependent on the deceased member.
click on the link below to download the CBUS flyer for more information.