Tradies should check insurance protection
Cbus Super is calling on local tradies to check their insurance coverage after a record year of payouts for death and disability.
The leading fund for blue-collar workers paid out almost $300 million in insurance claims (up $40 million from the year before) over the last financial year but warns that new laws introduced last year are leaving many workers in hazardous industries without essential cover.
Cbus CEO Justin Arter said the record was driven by an increase in members making total and permanent disability claims.
“The last twelve months have seen an increase in members claiming on their disability insurance due to accident or injury,” Mr Arter said.
“More and more people are struggling financially in the current environment and injury and illness magnifies the financial risk.
“For workers in hazardous industries insurance through your super can be the difference between a worker losing their home or not when tragedy strikes.
“It can mean the difference between providing a basic or comprehensive rehabilitation from injury.”
Mr Arter said recent legislative changes meant that Cbus was one of the few funds offering automatic insurance to young or low account balance people in hazardous or high-risk jobs through their super.
“More and more we are seeing apprentices and young people on construction sites without any level of insurance cover,” he said.
“That is why we are suggesting people check if they have the right insurance cover and whether it covers hazardous or dangerous occupations.
“People are often shocked when they find out they aren’t covered, or are unlikely to be covered.”
The Cbus Super group insurance policy is one of the largest in Australia and globally. Over the 3 years to June 2022 Cbus had a 97% acceptance rate for TPD claims.
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This information is about Cbus and doesn’t take into account your specific needs. You should look at your own financial position, objectives and requirements before making any financial decisions. Refer to Cbus Product Disclosure Statement, Target Market Determination, Insurance Handbook and Financial Services Guide for more information.
Cbus is the leading Industry Super Fund representing those that help shape Australia. As one of Australia’s largest super funds, we provide superannuation and income stream accounts to more than 850,000 members and we manage more than $70 billion of our members’ money (as at 30 June 2022). Our members include workers and retirees, their families and employers. As of April 2022, Media Super is now a division of Cbus, offering Media Super products. For more than 30 years Media Super has been the industry super fund for Print, Media, Entertainment and Arts, and broader creative industries.
Issued 22 August 2022, United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for the Construction and Building Unions Superannuation Fund ABN 75 493 363 262 (Cbus and /or Cbus Super). Insurance is issued under a group policy with our insurer, TAL Life Limited ABN 70 050 109 450, AFSL 237848