POWERED BY MOMENTUM MEDIA
Cbus renews insurance with Hannover Life Re
The big construction and building industry superannuation fund, Cbus, has renewed its insurance contract with Hannover Life Re.
The new three-year contract includes improved total and permanent disablement (TPD) and death cover for members, along with updated TPD definitions.
Cbus executive manager for organisation strategy and service delivery Stephen Spiller said when it came to default arrangements and automatic acceptance arrangements, the fund followed the principle of 'ease of access'.
The renewed contract - which will come into effect on 1 December 2011 - followed a thorough review by independent insurance broker IFS Insurance Broking, according to Spiller.
As part of the new contract, Cbus members on the Manual, Non-Manual and Spouse insurance scales will be able to purchase additional units of TPD and death cover at no extra cost - providing their TPD cover does not exceed their death cover.
"We have not fundamentally altered the manner in which people access the insurance. If [members] don't choose, they get a default arrangement; and if they'd like to take more on, they can access a higher automatic acceptance. They also have the option to switch down to the minimum of one unit if that's the requirement," Spiller said.
In addition, the TPD definitions will be improved to include a reduced waiting period, as well as immediate acceptance for certain medical conditions.
Recommended for you
The insurance company has joined this year’s awards as a principal partner.
The $135 billion fund has transitioned away from TAL Life Insurance following an “extensive tender process”.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
36.96 3 y p.a(%)
3
GAM LSA Private Shares AU I
34.22 3 y p.a(%)
4
VanEck Video Gaming and eSports ETF (AU)
28.89 3 y p.a(%)
5
Plato Global Alpha A
28.83 3 y p.a(%)
