As a result, people entering the transport industry may be ‘stapled’ to funds that may be poor performers or funds that don’t provide protection to transport workers.
It’s the right time of year for you to check if your super fund provides insurance coverage for the job you do.
Your superannuation fund provides an included insurance cover at a relatively low cost which protects you and your family should you lose your life, become totally and permanently disabled or diagnosed with a terminal illness.
However, it is not well known that a number of superannuation fund insurance policies do not cover you if you work in a hazardous occupation. They won’t tell you this either. The list of occupations that are considered hazardous is a long one and it includes drivers, couriers, waste workers, cash in transit, cabin crew, pilots, airport ramp workers and bus drivers to name a few.
TWUSUPER insurance covers every job in transport – no occupation exclusions. In the last financial year TWUSUPER approved $58 million in claims.
This is why the TWU helped establish TWUSUPER in the early 1980s. It’s still important we have a super fund that understands the unique needs of transport workers and a super fund that has your back.
Today TWUSUPER has more than $6 Billion, has provided strong returns in the past financial year 18.98% (Balanced) and 25.72% (High Growth) and has passed the new performance test.
We all know transport is one of the most dangerous industries in Australia.
We won’t say ‘we told you so’ but there are reasons why industry funds like TWUSUPER were created – they understand who you are and what you do. The insurance cover is designed for transport workers, and TWUSUPER is run only to profit members.
If you belong to a different super fund, you should check your super fund to see if your job is covered.
If you want to know more, you can call TWUSUPER on 1800 222 071 or speak to your TWU Official or Delegate about having TWUSUPER visit your yard.