Asteron Total Permanent Disability Insurance

Information verified correct on October 25th, 2016

Get financial security for the unforeseen with Asteron TPD Insurance

When a person suffers from a total and permanent disability, it can be very stressful and overwhelming, both emotionally and financially, including their family. The thought of being unable to work for a short period of time is already stressful, but what if you are no longer able to work ever again because of your disability? Will you have enough savings put away to cover any loss in income? All the stress adds up when you have a family that relies on you.

TPD Insurance from Asteron provides comprehensive coverage in the event that you are totally and permanently disabled and unlikely to return to work ever again. It pays a lump sum benefit to cover any financial commitments that you and your family will have to meet, despite of your condition. These may include medical expenses, rehabilitation programs, equipment needed for the rehabilitation period, and the ongoing nursing care.

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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Built-in BenefitsIncluded?
Total Permanent and Disablement (TPD) Benefit
  • Yes
Single Loss of Limb or Eye Benefit
  • Yes
Limited Death Benefit
  • Yes
Financial Planning Benefit
  • Yes
Premium and Cover Suspension Benefit
  • Yes
Premium Freeze Option
  • Yes
Continuation of Cover
  • Yes
Conversion Benefit
  • Yes
Optional BenefitsIncluded?
Business Security Option
  • Yes
Child Cover
  • Yes
Waiver of Premium Option
  • Yes

What does the Asteron TPD policy cover?

Asteron represents life. Thus, the Asteron TPD Insurance was designed with life in mind – for you and your family to enjoy life even in the face of setbacks.

That’s why aside from the basic features such as a 24-hour worldwide cover, spouse and child cover, and provisions for your retirement, Asteron TPD Insurance has the following benefits and features:

  • Automatic Increase Benefits: This feature was designed to keep your benefits protected against inflation. With the Automatic Increase Benefit, your sum insured increases every year until your policy ends. The sum insured is increased by the greater of 5% and the indexation factor. You have the option to either accept or decline it within 30 days of the policy anniversary.
  • Financial Planning Benefit: This allows you to receive financial advice from an accredited financial adviser on how to utilise your payments. In addition, you will be reimbursed for the financial advice you received for a maximum of up to $2,500.
  • Medical Free Increases: What if certain changes in your lifestyle necessitate you to increase your cover? The Medical Free Increases allows you to increase your cover without providing additional medical information under the following circumstances:
  • You get married
  • Birth or adoption of a child
  • Annual salary increase by $5,000
  • Increase of value to a business where the business owns the policy and you are the key person
  • You become a carer for the first time
  • Increased financial interest by $25,000 in a business where you are a working partner
  • Premium Freeze Option

This option allows you to freeze your premium for a period of time if you are paying under a stepped basis.

  • Limited Death Benefit: This benefit pays a maximum of up to $20,000 when the insured person dies and no TPD Benefit or Recovery Benefit is payable.
  • Lifestyle Conversion Benefit: What if you decide to convert part of your policy so you can use it for other purposes? The Lifestyle Conversion Benefit allows you to convert your Death Benefit under such circumstances:
  • You got married
  • You and your spouse started a domestic relationship which began within the previous months and is ongoing for 12 months
  • You and your spouse have given birth or adopted a child

The Lifestyle Conversion Benefit applies if you are under 40 years old and no TPD or Recovery Benefit has been made.

Asteron TPD Insurance has other benefits which you have the option to include or not in your cover:

  • Child Cover Option: This is a $10,000 premium-free cover for each of your kids in the event of a serious injury or illness.
  • Cancer Cover Option: This cover will pay you a benefit if you are diagnosed or being treated of cancer or an early stage of prostatic cancer.
  • Waiver of Premium Option: If you are 59 years old and above, you can include this option which allows you to continue your cover while you are disabled and unable to work for 6 consecutive months. By getting this option, you will be refunded the premiums made within the 6 months you’ve been disabled and will continue as long as you are disabled.

Asteron TPD Insurance can provide you and your family something to fall back on when you are rendered unable to work because of a serious injury or illness. With more than a century of experience and reputation of providing insurance in Australia, you can never be wrong in getting one.

What are the benefits of having TPD cover in place?

The debate on whether to get TPD Insurance or not is still on. Why would you get a policy, and how would it really benefit you. Furthermore, you might ask how big the possibility is of you being injured or disabled.

According to the Australian Bureau of Statistics (ABS): Disability, Ageing, and Carers, there are at least 516,700 Australians between the ages of 15 to 65 who are profoundly or severely disabled because of illness, injury, or accidents.

In addition, there are other reasons why you may want to consider TPD Insurance:

  • You have other expenses.
  • You need capital to live and pay off your debts in the event of disability.
  • You need to prepare for your retirement.
  • You want your family to maintain the same lifestyle even if unlikely events, such as injuries and illnesses, occur.
  • You have a business.

Asteron TPD Insurance exclusions to be aware of

The TPD Benefit will not be paid if total and permanent disability is caused by an intentional or deliberate self-inflicted act. In addition, no Death Benefit will be paid if it is caused by an intentional self-inflicted act within 13 months of:

  • The cover commencement date;
  • An increase to the sum insured; or
  • The most recent reinstatement of the cover

Who is eligible for Asteron TPD Insurance?

The eligible entry ages for Asteron TPD Cover vary depending on the premium structure you select:

  • Stepped premiums: Entry age ranges from 18 to 62 years of age
  • Level premiums: Entry age ranges from 18 to 60 years of age
  • Cover under the policy expires at the policy anniversary following your 100th birthday

Obtain a quote for TPD Insurance from Asteron

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