Better standards for insurance in super

Our plan for adopting the Insurance in Superannuation Voluntary Code of Practice

What’s the code and why do we need it?

The Insurance in Superannuation Voluntary Code of Practice was created to help ensure the cover you can get through your super is affordable and suits your needs.

While some funds – like Cbus – are doing well on this front, having a code will help make things more consistent and raise standards across the industry.

Super funds have until 30 June 2021 to fully comply (noting there is a 3 year transition period from 1 July 2018).

What will it mean for you?

We’re always looking to improve the cover you’re offered through your super and how insurance benefits are paid to you. That’s why we’ve been actively involved in developing the code with your best interests in mind.

The code recognises the value of insurance for members and will:

  • make it easier for you to understand automatic life cover and opt out if it’s not right for you
  • help you identify and cancel any insurance policies you don’t need
  • simplify communications about your cover and options
  • ensure timely help and faster processing if you need to make a claim.

We already meet many code requirements

We understand the needs of our members working in the building, construction and allied industries, and have built affordable insurance to suit these unique conditions. This means we already meet the overall intent of the code and many of its requirements.

And from 1 July 2018 when the code started, we’ve been working towards meeting the rest.

We’ll fully comply as soon as we can

Having worked on the code since the beginning, we’re keen to meet all requirements as soon as we can and seeing the rest of the industry do the same.

Progress to date sees that we have fully implemented a half of the Code requirements and are well advanced on simplifying and improving our communications, claims processes, member enquiries and the way in which we provide insurance benefits to members. In 2020 we have delivered significant improvements to our welcome pack for new members and a new Insurance Key Facts Sheet.

Below is a more detailed update on our progress against each of the Code Sections:


Section heading Status
Scope of the Code Near completion
Appropriate and affordable cover Well advanced
Helping members to make informed decisions Well advanced
Supporting vulnerable consumers Well advanced
Handling claims Well advanced
Premium adjustments Well advanced
Promoting our insurance cover Near completion
Changes to cover Well advanced
Refunds Underway
Staff and Service Providers Underway
Making enquiries and complaints Well advanced

Promoting, monitoring and reporting on the Code


The Code requires funds to disclose their initial plans for when they would be complying with all the requirements. The dates initially reported by Cbus were:

  • benefit design and premiums – June 2021
  • when cover stops and restarts (automatic cessation of cover and reinstatement) – June 2021
  • the rest of the code – June 2021.

We are on  track for meeting the timelines and now expect to do so well ahead of plan.

While you don’t need to do anything, it’s important to remember that you can apply to increase, reduce or cancel your insurance cover at any time. If you need some help choosing the best cover for you, call our Advice Team on 1300 361 784.

We’ll continue our work to fully adopt the code and report on how we meet its standards before it takes effect in June 2021.

We’ll keep you posted

Check our website and Cbus News for regular updates as we deliver key components of the code.

If you have any questions in the meantime, you can read the code or contact us.