Asteron Total and Permanent Disablement Insurance

Asteron Logo

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

Total and Permanent Disablement (TPD) Stand Alone Cover is designed to pay a lump sum if you become totally and permanently disabled. When you apply for TPD Cover, you select the amount you want paid if you become totally and permanently disabled. This is known as the sum insured.

Built-in benefits

The following benefits are built into the Asteron TPD Cover (Stand Alone) Plan:

Total and Permanent Disablement (TPD) Benefit

The TPD benefit provides cover if a sickness or injury results in you being totally and permanently disabled. If you are totally and permanently disabled based on the TPD definition that applies to you, Asteron will pay the TPD sum insured.

There are 3 types of TPD definitions you can apply for according to your individual needs. The type of cover provided by each definition is different as is the cost. The types of definitions are:

  • Own occupation TPD;
  • Any occupation TPD; or
  • Modified TPD

If the Own or Any occupation TPD definition applies to your TPD benefit it will convert to the Modified TPD definition at age 65.

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.

Single Loss of Limb or Eye Benefit (Partial TPD)

If you suffer single loss of limb or eye and then survive at least 14 days, Asteron will advance the TPD sum insured by an amount equal to 25% of the TPD sum insured, subject to a minimum of $10,000 and a maximum of $500,000.

This benefit is payable only once and the TPD sum insured will be reduced by the amount paid.

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.

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.

Permanent Disability Increase Benefit

This benefit allows you to increase your TPD sum insured without needing to provide further medical evidence when certain changes in your circumstances occur. Limits apply. A minimum of $25,000 per event and maximum of $200,000 per event applies.

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.

Limited Death Benefit

If you die and no TPD Benefit or Recovery Benefit (if applicable) is payable, Asteron will pay a Limited Death Benefit of either $10,000, $12,500 or $20,000 depending on the length of time you have held the policy with them.

Lifestyle Conversion Benefit

If you are aged 40 or under, you can convert to a policy including a death benefit when certain life events occur provided you are not entitled to make a claim and a TPD Benefit or Recovery Benefit (as applicable) has not been paid. The eligible life events to exercise the Lifestyle Conversion Benefit are:

  • You get married; or
  • You have commenced a domestic relationship with a spouse which continues for 12 months and began within the previous 18 months; or
  • You or your spouse gives birth to or adopts a child.

You must apply for the conversion by providing written notice within 60 days of one of the above life events occurring, or 30 days either side of the policy anniversary when the event occurred within the previous 12 months.

A TPD Stand Alone policy will convert to Life Cover with Single TPD Payout. The new policy can have a sum insured up to the same amount as the original policy less the total Death Benefit sum insured for all in force Lifeguard policies at the time of conversion where you are the life insured. Any exclusions or loadings that applied to the original policy may also apply to the new policy. For the first 12 consecutive months after the new policy starts no Terminal Illness Benefit will be paid and any Death Benefit is only payable in the event of your accidental death.

Future Cover Benefit

If Asteron have not paid a TPD Benefit before the expiry date, the policy will automatically convert to a Life Cover policy with Single TPD Payout and the modified TPD definition will apply. The sum insured for the Life Cover policy under this Future Cover Benefit will be the lesser of:

  • The sum insured for the TPD Benefit at the expiry date; and
  • $200,000.

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:

  • Cancer Cover Option
  • Child Cover Option
  • Needlestick option
  • Waiver of Premium Option

Contact Asteron Insurance

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