Asteron Trauma Protection

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

Asteron's Recovery Package and Recovery Stand Alone policies are designed to pay a benefit if you:

  • Suffer a listed condition;
  • Undergo a listed surgical procedure; or
  • Become totally and permanently disabled (if you have elected this benefit).

When you apply for a Recovery product, you select the amount you want paid if one of the above occurs. This is known as the Recovery Benefit or the Recovery sum insured. Recovery Package also pays a benefit if you die or become terminally ill.

Built-in benefits

The following benefits are built into Asteron's Recovery products:

Key:
* Available on Recovery Package only
# Available on Recovery Stand Alone
^ Only available if stepped premium option selected
+ Only available if your policy is self-owned (ie. the policy owner is also the insured person)

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.

Recovery Benefit

Asteron will pay the Recovery sum insured when the first of the following occurs:

  • You are diagnosed as suffering one of the 42 defined conditions or undergo one of the surgical procedures listed in the Product Disclosure Statement, or
  • You suffer total and permanent disablement (TPD); or
  • You die or are diagnosed as terminally ill (Recovery Package only).

Partial Recovery Benefit

If you suffer one of the conditions or undergo one of the surgical procedures listed in the Product Disclosure Statement under the Partial Recovery Benefit or Recovery Plus Partial Benefit, Asteron will pay this benefit.

For all conditions other than single loss of limb or eye, Asteron will pay the greater of:

  • $10,000; and
  • 15%, 17.5% and 20% of the Recovery sum insured (whichever is relevant according to your loyalty rewards)

For single loss of limb or eye, Asteron will pay the greater of:
$10,000; and
25% of the Recovery sum insured.

Asteron will pay the Partial Recovery Benefit more than once for coronary artery angioplasty only. The Partial Recovery Benefit will be paid for:

  • The first coronary artery angioplasty to occur after cover for this starts; and
  • Each subsequent coronary artery angioplasty to occur at least 6 months after the previous coronary artery angioplasty.

The Recovery sum insured will be reduced by each payment under the Partial Recovery Benefit and your premiums changed accordingly.

Buy Back Option *

If the Recovery Benefit has been paid prior to the policy anniversary when you are age 65 (other than for death or terminal illness), you can purchase a new Life Cover policy 12 months later (death and terminal illness only) for the amount of the Recovery Benefit payment (excluding any Booster payments under the Recovery Plus Option) without providing further medical information.

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.

Recovery Increase Benefit

This benefit allows you to increase your Recovery 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 Recovery Benefit 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 Recovery Benefit 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 Recovery Stand Alone policy will convert to Recovery Package. 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 Recovery 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 Recovery Benefit at the expiry date; and
  • $200,000.

Life Cover Conversion *

You can convert your Recovery Package policy to a Life Cover policy with Single TPD Payout (if applicable) for the same sum insured at any time provided a Recovery Benefit has not been paid. When you are age 75, if no Recovery Benefit has been paid, the Life Cover conversion will occur automatically on the policy anniversary.

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:

Key:
* Available on Recovery Package only

  • Recovery Plus Option
  • Double Recovery Option*
  • Recovery Reinstatement Option *
  • Child Cover Option
  • Waiver of Premium Option
  • Additional Life Cover* – which includes:
    • Additional TPD Option
    • Needlestick Option
    • Cancer Cover Option

Contact Asteron Insurance

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