Inactive accounts for insurance purposes
An account is inactive if it hasn’t received any contributions or rollovers for a continuous period of 16 months or more. If your Cbus account is classified as “inactive” then from 1 July 2019 onwards, any insurance cover you have will cease.
Unless you opt-in to retain your insurance cover, existing Death and TPD cover may stop if, in the past 16 months:
- Your account hasn’t received any contributions, or
- You haven’t rolled over and consolidated another account into Cbus.
This will happen regardless of your account balance, which is a change particularly for Cbus Industry super members, who used to have a $1,200 lower limit. Full details can be found in your Cbus Insurance Guide.
Depending on your membership category, in some circumstances, some or all of your cover may restart if contributions start again.
Consider what insurance cover is right for you and how insurance premiums can affect your account balance. You must opt-in if you want to keep your insurance during a period of inactivity. You can make a contribution or a rollover to remain active.
Cbus Death and TPD insurance is designed for workers in the building and construction industries, including those working with heights and in hazardous environments.
Eligible members receive automatic Death cover until age 70.
In 2018/2019 Cbus paid out over $246 million in insured benefits.