The deal, effective as of 1 November 2015, will see no increase in premiums for the industry fund’s 720,000 members.
Cbus chief executive David Atkin said: “We are very pleased that the competitive process has resulted in no increase in premiums in a continuing tight insurance market, while maintaining our commitment to members of providing accessibility, and fair and reasonable claim assessment terms.”
“Beyond that, the process has seen us deliver on our strategy of expanding the fund’s offerings for all employees in the construction and building industry through the introduction of a professional scale of cover.
“TAL’s systems and services are already primed for innovation, service and technological agility and we are excited about the enabling operational platform they will provide,” Mr Atkin said.
TAL chief executive and managing director Brett Clark said: “Working together with Cbus for the benefit of their members is fundamental to how we deliver a sustainable and valued member-centric life insurance offer.”
