Construction industry superannuation fund Cbus has negotiated a 25% premium reduction on its group life insurance policy provided by TAL.

Premiums for death and total and permanent disability (TPD) cover will fall to $2.68 a week.

The amount of TPD cover for younger members will increase as part of the deal.

Cbus CEO David Atkin says the reduction delivers “insurance that meets our members’ needs on a cost, coverage and accessibility basis. Our members work in some of the toughest conditions of any industry, which is why being able to access affordable insurance through super is important to them.

“We have worked with TAL to modify the insurance provided and we have listened to our younger members.

“These changes recognise the different needs of our members at different stages in their lives, with a focus on ensuring they’ve got the cover they need while maximising their retirement outcomes.”

Mr Atkin says the claims process and outcomes for members are equally critical to Cbus.

“Our philosophy is that legitimate claims should be paid. Over the longer term, about 80% of our TPD claims have paid.”

Mr Atkin says the fund and TAL are working on ways to improve communication and administrative processes in claims.