Construction industry super fund Cbus has announced it will take up the voluntary insurance in superannuation code of practice.
In a statement, Cbus group executive brand, advocacy, marketing and product Robbie Campo said adopting the code meant the fund would continue to provide coverage to members “while establishing best practice guidance around expectations of group insurance provision”.
“Our members work in some of the toughest and riskiest conditions of any industry, which is why being able to access affordable insurance through superannuation is important and valuable to them,” she said.
Ms Campo said the code helped ensure coverage was provided to members without putting undue stress on their account balance.
“We believe the ode strikes the right balance between ensuring members receive adequate insurance cover while not paying unnecessary fees that eat into their retirement savings,” she said.
Cbus was a part of the Insurance In Superannuation Working Group that created the voluntary code.
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