Terminal illness benefit

If you are diagnosed with a terminal illness and have a life expectancy of less than 12 months you can apply to the Trustee to be paid a Terminal Illness benefit (TIB).

In order to qualify for a TIB, you must provide to the Trustee of Cbus supporting medical evidence from two treating medical practitioners (one of which must be your specialist) to confirm you are suffering from a condition which in the opinion of the medical practitioner is likely to lead to your death within 12 months from the date you were diagnosed with the terminal illness.

Where Cbus and their insurer are satisfied that you have been diagnosed with a terminal illness they will pay a TIB subject to:

• The date of diagnosis of the terminal illness is on or after the date you cover commenced under the policy.  No terminal illness benefit will be considered where the date of diagnosis is prior to this date, and

• The TIB is lesser of your death benefit or $2million.  If your death benefit is greater than $2million provided you remain a member of the fund and you continue to pay your premiums for your cover, Cbus will pay any residual death benefit balance at your date of death less any TIB that has already been paid to you, and

• If a TIB is paid, all cover under the policy will cease from that date (unless you are eligible to be paid a residual benefit as described above).

From the date a TIB claim has been lodged , you will no longer be eligible for any increase in cover under the policy without the insurer’s prior approval.

To receive a TIB, you must also meet the usual conditions under which a Cbus benefit can be paid in accordance with Cbus’ Trust Deed and as permitted by superannuation law.

Note: You will not be eligible for this benefit if you first joined Cbus and you were eligible to receive or have ever been paid a TIB from any other insurance policy or superannuation fund.

The information in this insurance section provides a brief overview of the insurance types available through Cbus.  It does not include all eligibility conditions for acceptance or payment of insurance benefits.  For more information, we advise that you read the appropriate Product Disclosure Statement located in Tools & Resources.