The $7 billion construction and building industry super fund Cbus will launch a new investment and insurance product for its members with account balances over $50,000 this week.

The first is a standard blended multi-manager portfolio, the second provides access to 19 underlying products currently used by Cbus, and the third allows the consumer to invest in a basket of ASX 100 stocks. According to Sandy Grant, Cbus chief, the product has been designed for Cbus members who want more personal control over their superannuation investments, and who also want more sophisticated insurance options. The insurance component offers a complete suite of life and disability insurance, and income protection. Members will also have access to a secure website, which includes market commentary and product information. “Around 23 per cent of assets in DIY funds are held in cash because people run out of time and energy before they get to do the investing. We’re doing the work for them at the fraction of the cost of what it costs to run a DIY fund,” Grant said. Cbus will initially promote the product to members with account balances over $50,000, but will gradually offer the product to its wider membership base. Cbus’s default option has returned over 10 per cent per annum for the last 21 years, Grant said.