BUSSQ ups insurance cover, costs

BUSSQ has increased the amount of default death and TPD insurance cover for eligible members aged 21 to 40, also increasing fees to match.

The fund said insurance remains a core part of its commitment to help members protect themselves and their families, as many of the fund's members work in higher-risk occupations.

Effective August 1, manual workers received a 162.5% increase in TPD cover and a 25% increase in death cover for a weekly fee increase of $2.96. Non-manual workers received a 163.75% increase in cover for both death and TPD for an additional $1.31 per week.

For a manual worker, prior to August 1, a member with death cover to the amount of $200,000 was paying $384.80 per year. From August 1, that same member has default cover of $250,000 for $481 per year - an increase of $96.20 annually.

Prior to August 1, a manual worker with TPD cover of $60,000 was paying $230.88 per year. From August 1 that same member has default cover of $157,500 for $288.60 per year - and increase of $57.72.

"BUSSQ understands that people who work in building, construction and civil industries face unique risks throughout their working lives. Our insurance offering is designed to provide members with confidence that they have protection in place when they need it most, while making insurance accessible," BUSSQ chief executive Damian Wills said.

"Should members need to make a claim, we also have an in-house insurance claims team, which can ease the stress during one of the most difficult times for a member or their family."

BUSSQ said members can also access personal financial advice relating to insurance from its in-house team at no extra cost.

BUSSQ added its default insurance cover levels have remained the same for many years.