Analysing Asteron Life Insurance

Whether you’re comparing life insurance companies for the first time or you regularly review your policy to ensure the coverage is still appropriate to your lifestyle, we can help you determine which company can be trusted to provide you with value for money.

If you’re searching for affordable life cover that will protect family's financial future, a good place to start is with the most well-known companies, specifically the ones with a solid financial history.

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Asteron Life Insurance has been a specialist life insurance company for more than 180 years, and for the last decade they’ve had the strong financial backing of one of Australia’s largest insurance groups, Suncorp Group Limited. Asteron Life paid $379 million in claims in 2016 and proudly provides a range of features and benefits that will support you and your family when you need it most.

Asteron Life Insurance products:

Who is Asteron Life?

Asteron Life is a life insurance company that changes and grows to meet the developing needs of the Australian population. As a proud member of the Suncorp group, they have the backing of a top 20 ASX-listed company with $97 billion in assets and close to 9 million customers. All their policy dealings are overseen by an independent committee, who ensures the highest quality customer service.

Asteron wrote their very first policy in 1833 in Australia and since 2007 have been owned by Suncorp Group Limited, one of Australia's largest insurance groups registered under section 21 of the Life Insurance Act 1995. In 2011 Asteron was rebranded as Asteron Life.

All Asteron Life Cover policies come with a Guaranteed Future Insurability benefit. Meaning, you are able to increase your cover without having to provide additional medical information. This benefit can be used at any time when you’re life has undergone changes. For example, when you get married, become a parent or get a substantial salary increase.

This benefit is renewed annually until your policy expires. All that is required from you is that you continue to pay your premiums.

Asteron Life Complete products

Asteron sees life insurance as being about ‘celebrating life’ instead of worrying about the doom and gloom of ‘worst case scenarios’. With their well-trained claims team, who assess most claims within 24 hours, and the backing of Suncorp their life insurance products seem promising.

However, as with all insurance company reviews, it is important that you carefully read their product disclosure statement. The Asteron Life PDS will help you gain clarity on the specifics of each product including added benefits, waiting periods and possible exclusions.

To assist you in your journey of discovery, we review the Asteron Life Complete insurance product range, including Asteron income protection.

Life Cover

Life cover pays out a one-off lump sum to your nominated beneficiary(s) in the event of your death or diagnosis of a terminal illness. This lump sum can be used to pay the mortgage, provide for your children's education and help your family maintain the lifestyle they’ve grown accustomed to.

Asteron Life Complete Life Cover can be purchased as a standalone policy or linked with TPD or Trauma or Trauma Plus.

Exclusions: The standard exclusion of death occurring due to suicide within the first 13 months of your policy commencing applies. Meaning, no claim will be paid if the life insured died as a result of taking their own life.

Trauma Cover

A lump sum of up to $2 million is paid out if you’re diagnosed with any of the 40 serious medical conditions (as listed and defined in the Asteron Life Complete PDS). This lump sum helps you and your family cope with additional medical expenses, home modifications or can be used to provide support in case you are not able to work and earn a salary.

The Trauma Booster Option will double the payment for Partial Trauma Benefit, and ‘boost’ your benefit by an additional 25% for certain trauma events.

Asteron Life Complete also offers you the optional extra of a Business Security Option. If you are a business owner, and a specified business event occurs, you can increase your trauma cover amount once a year without the need for additional medical information.

Exclusions: You are not covered for any traumas or medical events that existed before your policy started. No claim will be paid if the event was caused directly or indirectly by an international self-inflicted act.

Total and Permanent Disablement (TPD) Cover

If you become totally or permanently disabled, as defined in the PDS, Asteron will help relieve some of your financial burdens by paying out a lump sum to help with home modifications, medical bills and any other ongoing expenses.

Asteron Life Complete TPD Cover offers white-collar occupations the opportunity to extend their cover to age 70.

Exclusions: A TPD benefit will not be paid if the disability was directly or indirectly caused by an international self-inflicted act.

Income Protection Cover

Asteron income protection is specifically designed to replace 75% of your monthly income, up to $60,000, if you're unable to work for a set period of time because of an injury or illness. This benefit acts as a replacement salary to pay the bills so you can focus on recuperation and getting back to work.

Take note income protection insurance is only available if you work at least 20 hours per week. You can choose from the following waiting periods: 14 days, 30, 60, 90 days, 1 year or 2 years.

You can generally select a benefit period of 2 years, 5 years or to your age 65 or 70, except for Accident Only cover. However, a benefit period extending beyond your age 60 will be dependent on your occupational class.

3 types of Income Protection Cover

Income Protection Plus Income Protection Cover Accident Only Cover
Most comprehensive income protection option. Protection for anyone. Basic income protection only covering accidental injuries.
6 times your monthly benefit should you die or become terminally ill. 3 times monthly benefit if you die or become terminally ill. 3 times monthly benefit if you die or become terminally ill.
Childcare fees are reimbursed if you’re totally disabled and require childcare assistance. You can add the Childcare Reimbursement benefit for an additional fee. Not available.
If you become involuntarily unemployed your premiums are waived for up to 6 months. You can add the Unemployment benefit for an additional cost. Not available.

Exclusions: An income protection benefit will likely not be paid if directly or indirectly caused by:

  • An intentional self-inflicted act.
  • Pregnancy, miscarriage or childbirth unless you are continuously disabled for longer than 90 days.
  • War or an act of war.
  • Your voluntary participation in any criminal activity.

Business Expenses Cover

This applies to you if you own and/or run a business. If you are unable to see to your business commitments for a while, due to illness, Asteron ensures you will be paid a monthly benefit until things return to normal.

Take note: business expenses cover is only available if you work at least 30 hours per week. Waiting periods are 14 days, 30, 60, or 90 days. All benefit periods are for 12 months.

List of Asteron life insurance benefits

  • 24 hour worldwide cover.
  • $10,000 in cover for each of your children should they become seriously ill or injured.
  • Financial planning benefit: You’ll be reimbursed up to $2,500 for the cost of getting financial planning advice from an accredited financial adviser.
  • Funeral advancement benefit: Your loved ones may receive an advance of up to $20,000, from your cover lump sum, to help pay for your final expenses.
  • Loyalty funeral benefit: When your premiums are paid for 10 consecutive years on a level basis (to age 70) then Asteron life cover will pay an additional $15,000 if you die.
  • Grief support counselling: Asteron Insurance will help pay for grief counselling for you and your family after a claim has been paid.
  • Waiver of premium: You won’t have to pay your premiums for up to two years if you suffer from a sickness or injury that results in your inability to perform at least 2 activities of daily living.
  • Premium freeze: When paying your premium on a stepped basis you can ask to have your premiums frozen on your life cover, TPD or trauma cover at any time, so your premiums will continue at a set amount. However, take note that your cover will usually decrease accordingly.

The above product, benefits and exclusions should be carefully considered before purchasing a policy. Make sure to read the PDS for in-depth information about the fund, the discounts offered and the benefits you’ll be entitled to. 

Compare Asteron Life Policies

What is Asteron Healthy Life Discount?

Asteron Healthy Life Discount is their way of rewarding customers for looking after their health. If you have a Body Mass Index (BMI) of 28 and below, normal blood pressure and cholesterol, and have been a non-smoker for at least 5 years you can save up to 25% on your insurance premiums depending which Healthy Life options you choose.

Healthy Life Option (HLO)

HLO provides eligible customers on stepped premiums the opportunity to reduce their Life Cover and/or new TPD Cover premiums by 10%. However, this does not apply to those who applied or were issued cover on or before 9 April 2017. Also, your Life and TPD Cover should not have any loadings or exclusions.

Healthy Plus Option (HPO)

When you take a yearly QuickCheck, MBA blood test and fill in a lifestyle questionnaire, you could qualify for 20% off your Life Cover premiums. However, should you choose not to provide that annual health check, your discount will reduce by 1% every year, up to a guaranteed minimum of 10% for the duration of your policy. Fortunately, you can reapply for the full discount anytime up to the age of 55.

Frequently Asked Questions

Who owns Asteron?

Asteron is a wholly-owned subsidiary of its parent company, the Suncorp Group. Suncorp is a Top 25 ASX-listed company with about AUD $95 billion in assets, 15 000 employees and approximately 9 million customers. Operating in both Australia and New Zealand.

How much does an Asteron Life Complete policy cost?

The cost of your policy depends on several factors, for example, your gender, age, cover amount, smoking status and general health.

As of December 2017, a 35-year-old non-smoking male taking out $500,000 worth of cover can expect to pay a monthly premium of about $30.17 for an Asteron Life Complete policy when purchased through a financial adviser or comparative website.

Before choosing a policy type and coverage amount be sure to first consider:

  • Affordability: What are you presently able to pay in premiums and is this sustainable in the long-term?
  • Your dependants: Deciding who will be relying on the cover will also help determine how much cover you need.
  • Debts: Whether you have any outstanding debts, loans or a mortgage to pay.
  • Assets: Do you have existing savings and investments for your dependants to rely on should you pass away?

Once you have done a basic calculation of your needs and current position, start comparing policies.

How do I make a claim?

STEP 1: Notify Asteron of your claim, either through your financial advisor or by contacting them directly. Request the relevant claim forms.

STEP 2: Fill in the claim forms and any additional supporting documentation, for example, your medical history and income, if required.

STEP 3: Return the filled in forms and documentation, as well as proof of the event or condition resulting in the claim, proof of age, proof of payment when a claim is for reimbursement and the original PDS and policy schedule.

STEP 4: A case manager will assess your claim and will contact you regarding the outcome.

STEP 5: Your benefit will be paid if your claim is successful.

Always do your homework and carefully compare and review policies before making a final decision. While Asteron Life is continuously improving the quality of their service, striving to provide customers with the best policy options, it does not mean they’re the right life company for you.

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Published: December 14, 2017
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Ask an Expert?

2 Comments

  • Kayelee Mawer |

    I would like to know if there is a time limit on payouts. My son’s father passed away in August last year, and he is still waiting to hear back about the payout on his policy. Does he need legal involvement? Does the policy expire on payout time?
    Regards Kayelee Mawer

    • SPECIALIST
      Anneke Aswegen |

      Hi Kayelee,

      I’m sorry to hear about your frustration. Generally, there is no time limit on payouts. However, a possible reason for the delay could be that the claim forms had not been completed correctly or the insurer is awaiting the supporting documentation.

      The person responsible for the claims application could either be the policy beneficiary, policy owner or executor of the state. So, the first step might be to liaise with the claims officer to ensure all forms and documentation has been correctly submitted and received.

      Secondly, if you do find that you need help, you can seek assistance from a specialist broker or adviser who handles claims, or you can go through the company’s complaints process. If that fails, you could consider legal action, although legal fees can be extremely expensive, so before pursuing that avenue you should consider exhausting all of the above options first.

      If you need a specialist adviser to help with your claim, please complete the above form so we might point you in the right direction.

      Kind regards
      Anneke