Cbus increases insurance premiums

Cbus will increase insurance fees for death and total and permanent disability (TPD) cover from July 5.

Those aged between 15 and 25 will see their fees remain the same, but those in older age brackets will be paying slightly more each week.

For members working in a manual job and aged between 25 and 34, the weekly cost of death cover will rise by $0.05 per week to $1.11, while TPD will rise by $0.08 per week to $1.73.

Those between the ages of 35 and 49 will see the cost of death cover rise $0.07 to $1.52, and TPD will rise $0.12 to $2.51.

Members aged 50 and over will see death cover rise $0.10 to $2.20 and TPD up $0.15 to $3.04.

The changes are slightly less for those who work in non-manual jobs. For a member aged 25 to 34, death cover will rise by $0.03 to $0.63 per week and TPD will be up $0.04 to $0.75.

Members aged between 35 to 49 will see death cover rise $0.05 to $1.53 per week, and TPD up $0.07 to $1.53.

Those aged 50 and above will see the cost of death cover rise $0.09 to $1.82, and TPD up $0.09 to %1.91.

Premiums for members in the electech category will remain the same.

Cbus said the change comes after an annual review of fees and discussions with TAL Life, which is the fund's group insurance provider.

"Each year we negotiate carefully with our insurer to get you the best value cover we can," Cbus said to members.