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As of 31 August 2020, Asteron does not offer new life and income protection policies. You can compare other life insurance options available on finder here.
Asteron Life income protection: Our verdict
It's one of the few insurers to offer unemployment benefits — it waives premiums in the event of involuntary unemployment.
Policies purchased through a financial advisor have a 96.5% claims acceptance rate, the highest of 11 brands tracked on MoneySmart, the Australian government's consumer site.
It's good if you're after a cheaper policy - our research suggests Asteron is at the lower end in terms of price for a 35 year old male.
It comes with a super save option that lets you insure up to 80% of your income — that's 5% more than most insurers. However, you need to pay extra for it.
There is a policy fee on top of the premium you pay.
Key points of Asteron Life income protection options
Income Protection Plus Cover. Asteron's most comprehensive cover option.
Income Protection Cover. Cover available for a whole range of applicants and also available through superannuation.
Income Protection Accident Only Cover. Basic protection that only covers accidental injuries.
Standard inclusions
Key standard features of Asteron Life income policies
When you take out a Life insurance policy, you also have the option to add on the following:
24-hour worldwide cover
Three-tier total disability
Partially disabled benefit
Death benefit
Recurring disability
Benefits against blood-born diseases like HIV, hepatitis B and C for medical professional occupation classes
Partial payments for when you're earning reduced income
Elective Surgery benefit
Premiums waived for six months for women who are pregnant
Built-in claims indexation, making sure your benefit increases in line with inflation
Flexible cover that you can increase without further medical checks if your situation changes (pregnancy or applying for a mortgage)
Note: Be sure to check the Product Disclosure Statement (PDS) for terms and conditions.
Additional add ons
Additional options
Booster Option. This kicks up your Income Protection payments by a third the first three months when you file a claim.
Day 1 Accident Option. In the case of a serious accident, this option ensures that you receive the total monthly benefit during the waiting period.
SuperSaver Option. This option allows you to insure up to 80% of your income.
Child Cover. This insures your child against certain medical conditions like cancer meningitis.
Still wondering if Asteron is right for you? Here are the main pros and cons summarised:
Pros
It offers unemployment benefits.
It has a high claims acceptance rate.
Its comes with lots of options.
Cons
You need to pay extra for the super save option.
It can cost more to pay premiums monthly.
How do I make a Asteron Life income protection claim?
To make an Asteron life income protection claim, you need to:
Provide an initial claims form. Both you and your treating doctor have sections to complete.
Include supporting documentation. You'll be asked to supply copies of medical reports and investigations conducted. You may also be asked to supply financial documents and/or tax returns.
What are some of the key exclusions of Asteron Life income protection?
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:
war or an act of war
self-inflicted harm
voluntary participation in criminal activity
pregnancy, miscarriage or childbirth except in the case of your disability persisting for more than 90 days
incarceration
Read the PDS for more information on the general exclusions that apply to your policy.
Compare other direct life insurance policies below
Why you can trust Finder's income protection experts
We're free
You pay the same as buying directly from the insurer. We make money from referral fees when you choose a policy, but you don't pay any extra.
We're experts
Our team of income protection experts have researched and rated dozens of policies as part of our Finder Awards and published 80+ guides.
We're independent
Unlike other comparison sites, we're not owned by an insurer. Our opinions are our own and all guides must meet our editorial standards.
We're here to help
Since 2016, we've helped thousands of Australians find income protection by explaining your cover options, simply and clearly.
Gary Ross Hunter is an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, news.com.au, The Telegraph, Explore Travel and Escape. Gary holds a Kaplan Tier 1 General Insurance (General Advice) certification and a Kaplan Tier 1 Generic Knowledge certification which meets the requirements of ASIC Regulatory Guide 146 (RG146).
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