CBUS Income Protection

Cbus super

CBUS is an industry super fund which provides income protection cover to its members, as well as death cover and total and permanent disablement cover. CBUS’s income protection product is only available to members of the fund and is not rated by Canstar, but we’ve rounded some of the key product info below.

What income protection does CBUS offer?  

CBUS offers three types of income protection to its members at the time of writing:

  • Income Protection cover for Sole Traders – provides accident-only cover for eligible sole traders, subject to acceptance by the insurer
  • Income Protection cover for Industry Super (Professional and Non-manual occupations) – cover for industry super members who do not already have income protection cover as part of their employment arrangement. This cover is not provided automatically upon joining CBUS and members must apply for it.
  • Income Continuance Portfolio – for Industry Super (Manual and Electech) and Personal Super – Designed for CBUS members who may already have income protection cover through a personal policy or as part of their employment arrangement – it can help to cover any potential gap between your claim being made and benefits being paid.

What features does CBUS income protection offer to members?

As a provider of income protection through super, CBUS offers the following features:

  • A maximum benefit period of five years
  • A maximum monthly benefit of: 
    • $1,900 a week (19 units) for non-manual professions if you’ve just joined
    • $2,300 (23 units) a week for professionals if you’ve just joined 
    • The lesser of $30,000 a month or 85% of your salary if you’ve been with CBUS for over six months
  • A maximum entry age of 64
  • Choice of either a 30 or 90-day waiting period
  • Phone-based support 
  • Other features, such as the option to vary your cover at any time.

What does CBUS income protection cost?

The cost of your income protection insurance will vary depending on several different factors such as: 

  • Your age and gender
  • Occupation 
  • Your chosen waiting and benefit periods

The tables below display the weekly cost of CBUS income protection on a per-unit basis. Keep in mind that the weekly cost of your income protection cover will be deducted from your CBUS super balance, and not paid out of pocket. 

Age Weekly cost per unit – 30-day waiting period 
Two-year payment period Five-year payment period
Non-manual  Professional Non-manual Professional
15-19 $0.27 $0.24 $0.34 $0.31
20-24 $0.27 $0.24 $0.35 $0.32
25-29 $0.27 $0.24 $0.36 $0.32
30-34 $0.34 $0.31 $0.46 $0.41
35-39 $0.44 $0.40 $0.62 $0.56
40-44 $0.59 $0.53 $0.86 $0.77
45-49 $0.79 $0.71 $1.19 $1.07
50-54 $1.11 $1.00 $1.71 $1.54
55-59 $1.60 $1.44 $2.53 $2.28
60-64 $2.01 $1.81 $3.25 $2.93


Age Weekly cost per unit – 90-day waiting period 
Two-year payment period Five-year payment period
Non-manual  Professional Non-manual Professional
15-19 $0.12 $0.11 $0.16 $0.14
20-24 $0.11 $0.10 $0.15 $0.14
25-29 $0.10 $0.09 $0.15 $0.14
30-34 $0.12 $0.11 $0.18 $0.16
35-39 $0.16 $0.14 $0.25 $0.23
40-44 $0.23 $0.21 $0.35 $0.32
45-49 $0.36 $0.32 $0.57 $0.51
50-54 $0.56 $0.50 $0.92 $0.83
55-59 $0.94 $0.85 $1.58 $1.42
60-64 $1.15 $1.04 $1.95 $1.76

Source: CBUS

For example, say you:

  • Are 45 years-old
  • Fall into the non-manual occupation category 
  • Choose a 30-day waiting period and a two-year payment period
  • Take out nine units of cover

According to CBUS, our cover will cost you $0.79 per unit, per week, which adds up to $7.11 a week, or $369.72 a year. Keep in mind, however, that the cost of your cover would increase over time, but that it would still be deducted from your super balance rather than paid out of pocket. 

In 2019, Canstar Research calculated the average monthly income protection premiums for non-smoking male and female workers aged 27 and 52. Click here to see how the premiums differed, but keep in mind that these figures relate to direct income protection premiums rather than income protection taken out through CBUS or another super fund. 

Considering taking out income protection insurance? While we don’t compare income protection policies only available through super funds such as CBUS, we do compare direct income protection policies, which are policies anyone can apply to take out. 

Compare Direct Life Insurance

Are your CBUS income protection premiums tax deductible? 

While the ATO (Australian Taxation Office) states that you can claim the cost of premiums you pay that cover the loss of your income, this does not extend to premiums that compensate you for physical injury or are taken out through your super fund. Ask your tax accountant or financial adviser for more details on this.

How do I lodge a claim with CBUS? 

Lodging a claim for income protection with CBUS can be a straightforward process if you have the relevant forms on hand. Call CBUS on 1300 361 784 and a dedicated case manager will help to process and progress your claim as quickly as possible.

How to apply for CBUS income protection 

As you need to be a CBUS member before you can apply for CBUS income protection, they will have some of the necessary personal details already. However, you may need to answer questions about things such as your occupation, income, and smoker status.

Eligibility to apply

CBUS’s PDS document states that you must satisfy the following criteria to be eligible for an income protection policy:

  • You must be between 15 and 64 years old
  • You must be a CBUS member
  • You must be an Australian resident
  • You must not work in an excluded occupation (see the PDS for a full list of excluded occupations)
  • You must not have a terminal illness with a life expectancy of 24 months or less from when it was diagnosed

About CBUS

Formed in 1984, CBUS was one of Australia’s first super funds. CBUS is an industry super fund for members of the building, construction, and allied industries, and provides superannuation and income stream accounts to over 761,000 members, as well as having $52.6 billion in funds under management. 

CBUS says it is a significant investor in the Australian economy, particularly in the areas of infrastructure and property assets. 

Written by: Nina Tovey | Last updated: October 18, 2019