Asteron Life Insurance

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Asteron life insurance products are all offered under their Lifeguard Plan.

Guarantee of Upgrade

From time to time Asteron may make improvements to their Lifeguard products which are offered to you with no resulting increase in premium. Where these offers are made and you are suffering a pre-existing condition at the time that the improvement is applied to your policy it will not apply when assessing any claim affected by that pre-existing condition. In the event of a claim, you can be assessed against the terms of the policy before any upgrade on the policy, if, in your opinion, the improvements are less favourable.

Worldwide Cover

Cover is provided worldwide, 24 hours a day. Once your policy has been issued, Asteron will not cancel your policy because of a change in your health, occupation or pastimes, or in the event you move home, travel or become unemployed.

Overview

Life Cover pays a lump sum if you die or become terminally ill. When you apply for Life Cover, you select the amount you want paid if you die or become terminally ill. This is known as the sum insured.

Built-in benefits

The following benefits are built into the Asteron Life Cover Plan:

Life Cover Death Benefit

If you die, Asteron will pay the sum insured for the Life Cover Death Benefit.

Terminal Illness Benefit

If you become terminally ill, Asteron will pay the Life Cover Death Benefit.

Loyalty Benefits

Asteron believe in rewarding you for continuing to hold your insurance with them by increasing the value of some of the in-built benefits within your policy. The value of the benefit will be based on the amount of time the policy was held prior to the claim event. If you are the insured person on multiple policies, Asteron will use the commencement date of your first policy as the start date for all your loyalty rewards.

Loyalty Funeral Benefit

If you are paying premiums on a level to age 70 basis, Asteron will provide the life insured with a funeral benefit of $15,000, which will continue regardless of any changes which may be made to your policy after you qualify for the benefit.

To qualify for this benefit your sum insured must remain continuously in force and not reduce below $200,000 anytime during the first 10 years after policy commencement. Premiums must be paid on a level to age 70 basis continuously during this period.

Further, the following conditions apply:

  • The benefit will be payable to your estate and is not transferrable, and
  • This benefit is payable once only for the life of the policy.

Once you have qualified for this benefit you will be issued with a separate policy for the $15,000 Funeral benefit.

Waiver of Premium due to Serious Disablement

If you are aged 65 or under and you suffer a sickness or injury that results in you being constantly and permanently unable to perform at least 2 of the numbered activities of daily living without the physical assistance of someone else, Asteron will waive the premiums under the policy until the earlier of:

  • 2 years premiums have been waived, or
  • The date cover ends under the policy

Premium Rates Guarantee

If you select Life Cover under a level premium structure, Asteron guarantee not to increase the level premium rates that apply to your Life Cover premium until 1 January 2015. While premium rates are guaranteed for this period, your premium will still increase if your sum insured increases. For example, due to an:

  • Increase in the policy fee due to inflation
  • Increase in the sum insured under the Automatic Increase Benefit or Special Events Increase Benefit.

Automatic Increase Benefit

The Automatic Increase Benefit is designed to help keep cover protected against inflation. This means that your sum insured will increase each year until the policy ends.

Asteron will increase the sum insured by the greater of 5% and the indexation factor, and your premium will reflect the new sum insured. You can choose not to accept the increase by notifying Asteron in writing within 30 days of the policy anniversary.

Funeral Advancement Benefit

This benefit allows prompt payment of an advance of the sum insured to help with funeral expenses and other immediate costs, upon receipt of the death certificate, a medical certificate confirming cause of death, or other evidence satisfactory to Asteron, together with an initial claim form.

Asteron will pay $10,000, $12,500 or $20,000 depending on the length of time you have held the policy with them.

Financial Planning Benefit

This benefit allows the recipients of a benefit to receive financial advice on how best to utilise their payment. In addition to the sum insured paid, Asteron will also reimburse $1,500, $2,000 or $2,500 per policy depending on the length of time you have held the policy with them for financial planning advice received within 12 months of an accepted claim for a:

  • Death Benefit
  • Terminal Illness Benefit
  • TPD Benefit
  • Recovery Benefit
  • Full payment under the Cancer Cover Option
  • Benefit under the Needlestick Option

The advice must be provided by an accredited financial adviser, and the reimbursement requested within 12 months of the claim payment being received. This benefit is only payable once per policy.

Special Events Increase Benefit

The Special Events Increase Benefit allows you to increase your Life Cover Death Benefit without needing to provide further medical evidence when certain changes in your circumstances occur such as marriage, the birth or adoption of a child, increases in annual salary of at least $5,000 or you become a carer for the first time, etc.

Premium Freeze Option

If you are paying premiums on a stepped basis you can notify Asteron in writing to freeze the premium on your policy at any time. Your future premiums will continue at a set amount and your sum insured will be adjusted at each anniversary according to your premium (this excludes policy fees and government charges).

You can notify us in writing to end the premium freeze at any time. The premium freeze will then end on the next policy anniversary.

Nominated Beneficiaries

If your policy is self-owned you can nominate beneficiaries (such as your spouse or children) to receive any benefits (other than the Funeral Advancement Benefit) payable if you die. You can nominate individuals, charities or companies to receive any benefits paid in the event of your death, and can make up to 10 nominations per policy.

Premium and Cover Suspension Benefit

If the policy has been continuously in force since inception and premiums have been paid for at least the previous 12 consecutive months, you can apply to suspend premiums and cover under your policy if you are:

  • Unemployed
  • On sabbatical, maternity, paternity or long term leave from work, or
  • Experiencing financial hardship due to your household income for the last 3 months reducing by 30% or more (as compared to the household income over the preceding 3 month period)

Cover and premiums will be suspended for a maximum of 12 months from the time the application is accepted. Cover can only be reinstated upon application and after Asteron have received the next premium. If the policy owner does not apply to reinstate the cover within 12 months, the policy will be cancelled.

Benefits at an additional cost

The following benefits are available at an additional premium cost:

  • Total and Permanent Disablement (TPD) Option
  • Cancer Cover Option
  • Child Cover Option
  • Waiver of Premium Option
  • Needlestick option
  • Healthy Plus Option

Contact Asteron Insurance

Call: 1800 221 727
Asteron Website: www.asteron.com.au