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Asteron Life has been offering insurance to Australians for over 175 years and has grown to become one of the largest life insurance companies in Australia. Asteron offers Trauma, TPD, Life Cover and Income Protection cover with three Income Protection Covers to Choose from:
Maximum monthly benefit | $60,000 (Up to 75% of your monthly income) |
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Age of entry | 18 - 62 for income protection |
Type of policies offered by Asteron Income Protection |
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How much can I expect to pay? | For an annual income of $75,000:
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How do I apply? | With an adviser over the phone |
Based on Asteron Life Complete Income Protection insurance. Age of entry varies with the type of premium you choose. Costs are an estimate based on a male, non-smoking office worker and was taken out on April 2019 using Finder's quote engine. Cost is subject to change at anytime.
Pros | Cons |
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Based on Asteron Life Complete Income Protection insurance. Information last checked on April 2019. Always consult the Product Disclosure Statement (PDS).
Based on Asteron Life Complete Income Protection insurance.Information last checked on April 2019. Always consult the Product Disclosure Statement (PDS).
Note: The following is based on the Life Insurer Asteron Life & Superannuation Limited. Asteron Life & Superannuation Limited is the insurer behind brands like Asteron Income Protection.
Claims data | Asteron | Industry Average |
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Average claim time (months) | 1.40 | 1.60 |
Claim disputes (per 100,000 lives insured) | 110.1 | 129.9 |
We looked at APRA data for claims over 2017-2018. The statistics above reflect 'income protection' claims.
An adviser can help you find cover from trusted life insurance brands.
Asteron Life Income Protection Cover provides compensation when you’re unable to work. In essence, it replaces the income you’d ordinarily earn if you weren’t incapacitated because of illness or injury. The built-in features of this policy include:
Benefit type | Income Protection Plus Cover | Income Protection Cover | Income Protection - Accident Only Cover |
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Totally Disable Benefit | Yes | Yes | Yes |
Partially Disabled Benefit | Yes | Yes | Yes |
Death Benefit | 6 times | 3 times | 3 times |
Increasing Claim | o | o | o |
Recurring Disability | Yes | Yes | Yes |
Premium Waiver Benefit | Yes | Yes | Yes |
Premium and Cover Suspension Benefit | Yes | Yes | Yes |
Pregnancy Premium Waiver | Yes | Yes | Yes |
Concurrent Disability | Yes | Yes | Yes |
Waiting Period Conversion | Yes | Yes | Yes |
Temporary Extended Waiting Period | Yes | Yes | Yes |
Elective Surgery Benefit | Yes | Yes | No |
AIDS Cover | Yes | Yes | No |
Specific Injury Benefit | Yes | o | No |
Crisis Benefit | Yes | o | No |
Overseas Assist Benefit | Yes | o | No |
Accommodation Benefit | Yes | o | No |
Bed Confinement Benefit | Yes | o | No |
Family Assist Benefit | Yes | o | No |
Transportation Benefit | Yes | o | No |
Childcare Reimbursement Benefit | Yes | o | No |
Unemployment Benefit | Yes | o | No |
Day 1 Accident Option | o | o | o |
Child Cover | o | o | No |
Booster Option | o | o | No |
SuperSaver Option | o | o | No |
Split Income Protection Option | o | o | No |
o Optional additional benefits that can be applied for at an additional cost.
Besides the built-in benefits that come standard with the life income policy, you also have access to additional options. Not only do they upgrade your policy, but they also help tailor it to suit your specific needs. These include:
The amount you pay in premiums and the level of cover you are granted are calculated based on the level of risk you represent. Factors like your physical health, whether or not you smoke, age, gender and occupation are taken into account. Depending on your insurance needs and your budget, you can choose the premium structure that suits you best.
If you need to claim from your income protection policy, here’s what you need to do to get the process started.
The minimum entry ages for life income protection is as follow:
There are certain circumstances in which the policy won’t pay out. It’s important to be aware of these general exclusions before signing to purchase the policy. You will not be eligible for benefits in the event of the following:
Still unsure about a few things? Some other questions you might have about your policy...
If you are interested in receiving a quote for Asteron Income Protection, you can make a secure enquiry via the enquiry form located above. An insurance consultant will contact you to discuss you to provide you with a quote based on your details and discuss any policy features you are not sure of. If you are still interested in taking out cover, a consultant will help you submit your policy application.
Receive a secure quote for Asteron Income Protection from an adviser
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