Cbus: ensuring young workers don’t get left behind

Young and less experienced people working onsite are at greater risk of being seriously or fatally injured on the job. They are more likely to have no insurance or insurance that doesn’t cater for higher risk work.

Cbus Super has fought to include insurance that is designed specifically for people working in the building and construction industry and have ensured that young people are not excluded.

Understanding the impact on insurance cover through Cbus Super

Cbus is one of few funds that can provide important default cover for young workers following the approval of a Dangerous Occupations Exemption for our members.

Cbus members working in hazardous industries have gained or maintained default death and Total and Permanent Disability (TPD) insurance cover under a Dangerous Occupation Exemption. This exemption was secured by Cbus in response to law reforms that attempted to restrict the offering of default insurance for young members and members with super balances under $6000.

Over the last three years, 206,218 Cbus members have been covered under the Dangerous Occupation Exception, and $49.4 million insurance claims has been paid to 393 members who otherwise would have lost insurance or not been insured*.

Why default insurance for the building, construction and allied industries is vital

Younger and more inexperienced people working in hazardous industries like building and construction are more at risk of serious injury, therefore, insurance from day one on the job is vital.  That’s why we have designed insurance products that cater for industries we represent, and ensure young people are not excluded.

Real life impacts of having appropriate insurance

When Cbus Workplace Coordinators visit injured members or their grieving families, they see first-hand the financial and emotional impact that insurance pay-outs can have.

Cbus Coordinator Senior Manager Rick Ortega said, “Every single one of these 393 claims tell a devastating story, that would have been so much worse without the Dangerous Occupation Exception.

“These members and their families would have received $0 at a time when their lives have tragically been touched by serious injury or worse. “

Make sure you have the right insurance cover for the work you do

Rick’s message to members is to “make sure you are insured appropriately for the work you do and think about how you or your family cope in the case of tragedy without some back up.”

You can find more information about Cbus insurance at cbussuper.com.au/super/my-insurance-options

⁎ Between 1 April 2020 and 31 March 2023

Insurance is issued under a group policy with our insurer, TAL Life Limited ABN 70 050 109 450 AFSL 237848.

This information is about Cbus. It doesn’t take into account your specific needs, so you should look at your own financial position, objectives and requirements before making any financial decisions.

Read the relevant Cbus Product Disclosure Statement to decide whether Cbus is right for you. Also read the relevant Target Market Determination at cbussuper.com.au/tmd.

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).

This article was publised on 29 June 2023.