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Asteron Life income protection review

A market-leading claims acceptance rate and unemployment benefits are among the reasons to choose Asteron Life income protection.

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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.

Read a more detailed review on:

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Income protection

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.

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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.

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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

Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: Finder Life Insurance Award winner for the last 5 years in a row. Good value for money, simple application process and a high claims acceptance rate.
Medibank Life Insurance
$2,500,000
70
$2,500,000
Data not available
Data not available
Data not available
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Get a 10% discount if you're already a Medibank Health Insurance member.
TAL Accelerated Protection Life Insurance
No set limit
73
Not stated
Data not available
1 months
$249,285 million
Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).

⭐ Current offer: Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. Offer T&Cs on insurer website apply.
ahm Life Insurance
$1,500,000
55
$1,500,000
Data not available
Data not available
Data not available
Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests needed.
RACWA Life Insurance
$25,000,000
74
$25,000,000
96.90%
1.1 months
$24,483 million
Our verdict: RAC’s maximum death cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance. RAC is also WA-based but services all of Australia.
AAMI Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: There’s flexibility with AAMI as you can add another adult to your cover, with a competitive limit of $1.5 million. Easy application process with no medical exams.

⭐ Current offer: Take out a new AAMI Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Suncorp Life Insurance
$1,500,000
65
$1,500,000
Data not available
3.1 months
$37,768 million
Our verdict: Competitive maximum cover limit of $1.5 million. Suncorp lets you change your cover amount by up to $100,000 after a big life event, such as having a baby.

⭐ Current offer: Take out a new Suncorp Life Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Real Family Life Cover
$1,000,000
64
$1,000,000
88.90%
2.4 months
$53,238 million
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.
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